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Mounds View EDA June 12, 2006 Regular Meeting Page 3 re-routed. He said there is an informational meeting for County Road J Reconstruction project 88 tomorrow from 8:00 – 9:00 a.m. at Top Tool Company on 84th in Blaine. He stated the meting 89 will update businesses in the area. He explained that he personally called businesses on the 90 Mounds View side. He said Ramsey County will be updating Blaine and Mounds View 91 regarding scheduling for traffic. He noted it will affect hundreds of people with their commuting 92 for employment and around residential streets. 93 94 Coordinator Backman explained another idea, about which he has talked to several City staff and 95 Council members. He said with the Medtronic project the Council has established a Levy 96 Reduction Fund that is worth $5.4 million along with other moneys including those from a 97 Dedicated Fund. He said the money does not get physically moved until the end of the year and 98 is estimated to be $217,000. 99 100 Coordinator Backman said interest rates have been going up and it appears that it is positive for 101 the City. He stated he guesses the total generated will be over $300,000. In addition to the 102 Property Levy Fund, he stated dollars have been allocated to roads, sewer, and other projects. He 103 proposed an idea to contribute moneys to the housing stock for residents to improve their homes. 104 He stated he thinks it is cost efficient and accomplishes a few things. 105 106 Coordinator Backman explained that first, there are people on fixed incomes who have paid off 107 their homes, but may not have the income to improve their homes. He said if Mounds View is 108 compared with other cities, for example Roseville, other cities have several programs and 109 Mounds View has only one option. He said that during discussions with City Administrator 110 Ulrich, they agreed to procure guidelines from the Roseville programs and, if they are good 111 programs, will take them under consideration. 112 113 Coordinator Backman stated such programs may not necessarily be tied to income. He said he 114 would like a fund not tied to CDBG funds or TIF funding. He suggested a revolving fund that 115 could be used for various purposes that do not rely on TIF funding. He asked the EDA to 116 consider such action. 117 118 Commissioner Flaherty asked that other avenues are looked at. He said there is a homeowners 119 improvement fund in place and asked about the history. Community Development Director 120 Ericson replied that Mounds View has not ever supported its own housing improvement or 121 revolving loan program. He stated they have used limited available funding. He said they have 122 worked with Ramsey County for funding, but it is tied to a certain income. Director Ericson said 123 it would be something new to consider. 124 125 Councilmember Flaherty said it is something to consider, but the Levy Reduction Fund is sacred 126 and to tap into the fund, it must be something worthwhile. 127 128 Coordinator Backman clarified that it would be the interest dollars beyond what is required to 129