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Mounds View EDA December 12, 2005 <br />Regular Meeting Page 5 <br /> <br /> 171 <br />Duane McCarty, 8060 Long Lake Road, stated he hopes there will be an informational meeting in 172 <br />advance of the public hearing as was done last summer. He stated the offer from Medtronic to 173 <br />take over all public utility cost is generous but the City’s portion is covered through the Phase 1 174 <br />TIF District and pools of other Districts so that does not really “save” any money over the 175 <br />original plan. 176 <br /> 177 <br />Mr. McCarty stated he doubts staff has the answers tonight but he would like to know how much 178 <br />this will add to TIF captured market value/tax capacities. He would also like to know how much 179 <br />will be added to District 5 if it comes in as a subdistrict. Mr. McCarty asked how much it will 180 <br />impact in terms of percentage the total market value/tax increments as opposed to market value. 181 <br />As far as the offer goes for Phase 2, he stated he cannot make a decision. However at first blush 182 <br />he is not impressed and it may or may not be worthwhile. He asked if Medtronic would also 183 <br />provide the numbers to the City if Phase 2 was not allowed a TIF package, and if that can be 184 <br />done considering the original plan included three phases. 185 <br /> 186 <br />Mr. McCarty stated he knows what it would add if Phase 2 is non-TIF, it would add $41,000 to 187 <br />the kitty which will bring tax collections from $33,000 to $84,000 a year. 188 <br /> 189 <br />In response to President Marty, Mr. McCarty stated he is talking about evaluation, not the size of 190 <br />the project. 191 <br /> 192 <br />Director Ericson stated the City can notice and hold additional sessions advertised as a public 193 <br />meeting or disclosure of the project and everything it entails. 194 <br /> 195 <br />President Marty asked Ehlers to run those numbers and stated his support to hold an 196 <br />informational meeting in January. 197 <br /> 198 <br />MOTION/SECOND: Thomas/Gunn. To Approve Resolution 05-EDA-211, Requesting the City 199 <br />Council of the City of Mounds View Call for a Public Hearing on the Proposed Adoption of a 200 <br />Modification to the Project Plan for the Mounds View Economic Development Project and the 201 <br />Proposed Modification to the Tax Increment Financing Plan for Tax Increment Financing District 202 <br />No. 5. 203 <br /> 204 <br /> Ayes –5 Nays – 0 Motion carried. 205 <br /> 206 <br />8. REPORTS 207 <br /> 208 <br />None. 209 <br /> 210 <br />9. NEXT EDA MEETING: Monday, January 9, 2006 at 6:30 p.m. 211 <br /> 212