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Mounds View EDA January 24, 2005 <br />Regular Meeting Page 3 <br /> <br />Economic Development Coordinator Backman stated that a good chunk of his dollars are from 88 <br />the insurance side of things, and that he deals with a variety of worlds in terms of that. He stated 89 <br />that this is a bit different than the Planning Commission in that those members need to be a 90 <br />Mounds View resident. He stated that a lot of people that run businesses in Mounds View don’t 91 <br />live in Mounds View. 92 <br /> 93 <br />Vice President Stigney stated that most businesses in Mounds View are trying to make a profit, 94 <br />so they would be more interested in business development. He stated that Mr. Jaker’s 95 <br />willingness to serve is wonderful. He stated that if Coordinator Backman felt that Mr. Jaker 96 <br />would be a good fit for this position, then he didn’t have a problem with it. 97 <br /> 98 <br />Economic Development Coordinator Backman stated that he had full confidence in Mr. Jaker. 99 <br /> 100 <br />President Marty stated that he was impressed by Mr. Jaker’s application, resume, and 101 <br />background. 102 <br /> 103 <br /> Ayes-4 Nays-0 Motion carried. 104 <br /> 105 <br />6. EDA BUSINESS 106 <br /> 107 <br />A. Resolution 05-EDA-202 Authorizing Payment of Pay-As-You-Go Developer 108 <br />Payments to Red Cent Management, L.L.C; Heartland-Mounds View 109 <br />Common Bond; Bridges Leasing Company; and Kenmark Partnership, 110 <br />L.L.C. 111 <br /> 112 <br />Economic Development Coordinator Backman stated that twice per year there are payments that 113 <br />go to various projects, and these are developer payments for TIF projects. He stated that they are 114 <br />typically paid the 1st of February and the 1st of August annually. He stated that two of these 115 <br />payments are the final payments, so they will be down to two projects after this payment. 116 <br /> 117 <br />Vice President Stigney noted that for Sep Manufacturing, it’s listed as $8,123.39, yet in the Just 118 <br />and Correct Claims on page 21 he sees Kenmark at $3,886.24, and he asked why there was that 119 <br />discrepancy. 120 <br /> 121 <br />Finance Director Hanson stated that that was part principle and part interest, and that the interest 122 <br />is on the next page. 123 <br /> 124 <br />Commissioner Flaherty asked how much longer it would be on Heartland-Mounds View and the 125 <br />Century Bank. 126 <br /> 127 <br />Economic Development Coordinator Backman stated that in terms of Silver Lake Point, that goes 128 <br />until the year 2012. He stated that in terms of Bridges Leasing, that would go until February of 129