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Mounds View EDA October 27, 2008 <br />Regular Meeting Page 2 <br /> <br />parcels in the District. 45 <br /> 46 <br />Commissioner Mueller said that the additional funds can be used for the Streets and Utilities 47 <br />Program and removal of the parcels would impact the funding for that project. 48 <br /> 49 <br />Commissioner Flaherty agreed with Commissioner Mueller and said that there are three TIF 50 <br />Districts and the funds are captured for City-wide improvement. He then said that he would like 51 <br />to leave the parcels in the District. 52 <br /> 53 <br />Vice President Stigney said that he feels that TIF should be used for its intended purpose to move 54 <br />development forward that would not go without assistance. He then said that he feels the District 55 <br />should end at this time. 56 <br /> 57 <br />President Marty said that normally he is in agreement with Councilmember Stigney on this but, 58 <br />he would like the District to continue at this point and said that leaving these parcels in the TIF 59 <br />Districts is a difference of $1,694,770 that the City would have access to for improvements for 60 <br />our streets and infrastructure. 61 <br /> 62 <br />Direction from the Council was to NOT proceed with any parcel de-certifications at this time. 63 <br /> 64 <br />B. Resolution 08-EDA-248, Authorizing a Modification to the October 2001 65 <br />Development Assistance Agreement with MoundsVista, Inc. 66 <br /> 67 <br />Economic Development Specialist Steinmetz reviewed Resolution 08-EDA-248 modifying the 68 <br />Development Assistance Agreement with MoundsVista, Inc. She then said that the bonds were 69 <br />$850,000 plus interest at 7.75% and the amount of TIF was $1.2 Million. 70 <br /> 71 <br />Vice President Stigney asked what happens if MoundsVista cannot establish the TIF amount 72 <br />listed. 73 <br /> 74 <br />Economic Development Specialist Steinmetz indicated that MoundsVista would need to pay off 75 <br />the bonds to the bond holders and the second option would be that MoundsVista would guarantee 76 <br />any shortfall. The City would have no financial responsibility for this. 77 <br /> 78 <br />MOTION/SECOND: Stigney/Mueller. To Approve Resolution 08-EDA-248, Authorizing a 79 <br />Modification to the October 2001 Development Assistance Agreement with MoundsVista, Inc. as 80 <br />amended to clarify financial obligations. 81 <br /> 82 <br />Commissioner Mueller asked whether the assessor would be doing another assessment to ensure 83 <br />the valuations. She then said that the original Resolution from 2001 did not list all five and she 84 <br />would like that corrected. The Authority agreed. 85 <br /> 86