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Mounds View EDA May 22, 2006 <br />Regular Meeting Page 7 <br /> <br /> 256 <br />8. REPORTS 257 <br /> 258 <br />Economic Development Coordinator Backman presented an update on the Medtronic program by 259 <br />distributing representative photographs of the project site. He advised of the construction 260 <br />activity and that the structure is now up to the fourth floor. The central building will begin in 261 <br />June. 262 <br /> 263 <br />Economic Development Director Backman provided a financial recap of the Medtronic project 264 <br />including details on the payments made prior to closing, cash at closing, and payments made 265 <br />following closing. He advised the City has received just under $13 million in the last nine 266 <br />months. Payments made prior to closing equaled $396,438 and $625,000 will be coming in the 267 <br />next several month. 268 <br /> 269 <br />Community Development Backman presented the obligations of the City to pay off the golf 270 <br />course bonds, internal loans, and reimbursement for administrative expenses totaling $4.5 271 <br />million. The net proceeds is about $9 million and if you take out restricted funds and uses, there 272 <br />remains discretionary funds of $5.4 million. 273 <br /> 274 <br />Economic Development Backman referenced the footnotes and explained that discretionary 275 <br />funds are the levy reduction fund previously discussed by Vice President Stigney. 276 <br /> 277 <br />9. NEXT EDA MEETING: Monday, June 12, 2006 at 6:30 p.m. 278 <br /> 279 <br />10. ADJOURNMENT 280 <br /> 281 <br />President Marty adjourned the meeting at 7:17 p.m. 282 <br /> 283 <br />Respectfully submitted, 284 <br /> 285 <br /> 286 <br />Recorded and transcribed by: 287 <br />Carla Wirth 288 <br />TimeSaver Off Site Secretarial, Inc. 289 <br /> 290