Laserfiche WebLink
Mounds View EDA January 14, 2008 <br />Regular Meeting Page 3 <br /> <br />that has allowed them to expand and they expect to continue adding business through 2008. He 88 <br />then thanked the City for the support they have received and noted that this is a great City to do 89 <br />business in. 90 <br /> 91 <br />MOTION/SECOND: Marty/Mueller. To Waive the Reading and Approve Resolution 08-EDA-92 <br />240 Approving a One-Time Payment to SYSCO Food Services of Minnesota in the Amount of 93 <br />$250,000 Plus Accrued Interest per the Tax Increment Revenue Note Certified in April 2007 94 <br /> 95 <br />Vice President Stigney asked whether this was really necessary to expand the TIF district for the 96 <br />extra three years. He then said that he will vote in favor of the resolution but he is sorry that this 97 <br />ever happened as he was opposed to granting assistance for SYSCO in the first place. 98 <br /> 99 <br /> Ayes – 5 Nays – 0 Motion carried. 100 <br /> 101 <br /> A. Resolution 08-EDA-239 Approving a Redevelopment Grant Application 102 <br /> and Expenditure of Tax Increment Funds for Costs Associated with the 103 <br /> Acquisition and Redevelopment of 2400 County Road H2 104 <br /> 105 <br />Economic Development Specialist Steinmetz explained that the EDA requested dialogue with the 106 <br />Developer to put together a project on all three parcels. Michael Tobin representing Master 107 <br />Development is in attendance to answer questions. 108 <br /> 109 <br />Economic Development Specialist Steinmetz indicated that in December the EDA agreed to hold 110 <br />a public hearing to consider providing up to $100,000 to assist with redevelopment of 2400 111 <br />County Road H2. Since then, Staff has drafted a grant application to the Minnesota Department 112 <br />of Economic Development to request grant funds to further assist with this project. 113 <br /> 114 <br />Economic Development Specialist Steinmetz indicated that the EDA has invested $675,000 115 <br />toward this project including the acquisition of the Premium Stop site, demolition, clearing of the 116 <br />site and other activities. 117 <br /> 118 <br />Economic Development Specialist Steinmetz reported that 2400 County Road H2, the Robert’s 119 <br />site, has become available through foreclosure. 120 <br /> 121 <br />Commissioner Mueller asked the amount of the requested DEED grant. 122 <br /> 123 <br />Economic Development Specialist Steinmetz indicated that the amount of the grant request 124 <br />presently would be $495,000, which is the identified funding gap in putting together a project for 125 <br />all three parcels. 126 <br /> 127 <br />128