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Mounds View EDA February 25, 2008 <br />Regular Meeting Page 4 <br /> <br />Interim Executive Director Ericson noted that the city approved the Business Subsidy Policy that 129 <br />outlines what the City is looking for and when assistance will be provided, and when it will not. 130 <br />He then said that the goals of the EDA could be tied in, but they are already in document format 131 <br />in the Business Subsidy Policy. 132 <br /> 133 <br />Commissioner Flaherty noted that these are programs that are in existence, however, that does 134 <br />not mean that you are entitled to them or qualify for them. 135 <br /> 136 <br />Vice President Stigney indicated he would like to add that TRF is not currently being 137 <br />recommended by the EDA in 2008. 138 <br /> 139 <br />Mayor Marty noted that the 2% rate is to be approved annually, so he would suggest looking into 140 <br />current rates with the Finance Director. 141 <br /> 142 <br />Interim Executive Director Ericson said that the 2% rate would not put the City or the EDA in 143 <br />any type of jeopardy or risk. He then said that he has found that this amounts to a savings of 144 <br />about $500 per year for the applicant. So he does not think that will be enough to really incent 145 <br />anyone to go through that process. 146 <br /> 147 <br />Council Member Mueller said that she would like to see this approved with minor modifications. 148 <br /> 149 <br />Vice President Stigney said that as far as intended purposes for these programs he thinks that 150 <br />should be specified. He then said that the big boxes can use their own dollars and not free taxes 151 <br />for up to 20 years. He further said that he would not support tax abatements. 152 <br /> 153 <br />Economic Development Specialist Steinmetz indicated that she would take the toolbox back and 154 <br />make revisions as requested and bring it to the next meeting for consideration. She then said that 155 <br />since this is an internal document that is dated, it will not be misused. 156 <br /> 157 <br />The Motion to approve was withdrawn. 158 <br /> 159 <br />MOTION/SECOND: Marty/Stigney. To Postpone action on the toolbox to a Future Meeting. 160 <br /> 161 <br />Commissioner Flaherty asked if this is a binding document. 162 <br /> 163 <br />Attorney Riggs indicated that it is not, and everything would run through the EDA. 164 <br /> 165 <br /> Ayes – 5 Nays – 0 Motion carried. 166 <br /> 167 <br />8. REPORTS 168 <br /> 169 <br /> A. Twin Cities North Chamber Gala: Saturday, March 1, 2008 170