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01-14-2008
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01-14-2008
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1/29/2025 9:14:35 AM
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MV Commission Documents
Commission Name
Economic Development Authority
Commission Doc Type
Agenda Packets
MEETINGDATE
1/14/2008
Commission Doc Number (Ord & Res)
0
Supplemental fields
Date
1/14/2008
EDA Document Type
Council Packets
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Item No. 7B <br />Meeting Date: January 14, 2008 <br />Type of Business: EDA <br />Administrator Review: _____ <br /> City of Mounds View Staff Report <br />To: Mounds View Economic Development Authority <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Consider Resolution 08-EDA-240 Approving a One-Time <br />Payment to SYSCO Food Services of Minnesota in the <br />Amount of $250,000 Plus Accrued Interest per the Tax <br />Increment Revenue Note Issued in April 2007 <br /> <br />Background: <br /> <br />SYSCO has been a member of Mounds View’s business community for nearly twenty <br />years. In 1989, their lot was created in addition to an outlot that was deeded to the City. <br />Today, SYSCO’s lot is 30.5 acres in size, which includes three acres of the outlot that <br />the City transferred back to SYSCO to accommodate SYSCO’s <br />2006 parking lot expansion. <br /> <br />In February of 2006, the EDA entered into the attached development agreement with <br />SYSCO for the expansion of the parking lot, which also included the relocation of a <br />storm water retention pond. The site plan for the parking lot expansion and photos of <br />the completed project are attached for the EDA’s reference. The development <br />agreement included the issuance of the attached $250,000 Tax Increment Revenue <br />Note to be paid to SYSCO over the course of two years at 5% interest with bi-annual <br />payments beginning in August of 2008. The 5% interest began to accrue the date the <br />Note was issued, which was April 1, 2007. <br /> <br />The development agreement also included a requirement that SYSCO create 40 new <br />jobs at a minimum of $18.00 per hour by the “Benefit Date” (December 2008), which is <br />two years after the project was completed. SYSCO is well on their way of meeting their <br />job creation goals as displayed in the attached job creation status report. <br /> <br />Discussion: <br /> <br />Staff is recommending that the EDA consider the attached resolution approving a one- <br />time payment, plus accrued interest from April 1, 2007 to January 15, 2008, of the <br />previously approved Tax Increment Revenue Note to SYSCO instead of issuing multiple <br />developer payments over time. This would save the EDA approximately $33,000 in <br />interest. The resolution also requires SYSCO to repay a portion of the increment based <br />on jobs created ($6,250 per job) only if they do not meet their job creation goals. Staff <br />is confident that SYSCO will meet their goals due to the timeliness of the jobs they have <br />created thus far.
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