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Mounds View EDA January 24, 2005 Regular Meeting Page 4 2006. He stated that the good news is that certainly frees up TIF dollars for other projects that 130 they can use, so from a TIF financial standpoint, they were pretty strong on that. 131 132 MOTION/SECOND. Gunn/Stigney. To approve Resolution 05-EDA-202 Authorizing Payment 133 of Pay-As-You-Go Developer Payments to Red Cent Management, L.L.C; Heartland-Mounds 134 View Common Bond; Bridges Leasing Company; and Kenmark Partnership, L.L.C. 135 136 Ayes-4 Nays-0 Motion carried. 137 138 7. REPORTS 139 140 A. Discussion regarding the Hardee’s Restaurant Redevelopment and Caribou 141 Coffee (Backman) – verbal report. 142 143 Economic Development Coordinator Backman stated that the volunteer representatives on the 144 Economic Development Commission had ranked various projects in order of importance, and 145 that they had ranked the Medtronic Corporate Campus as number one. Number two is the 146 Skyline Motel Acquisition and Redevelopment. Number three is the Pack Building 147 Redevelopment. Number four is the Hardee’s Restaurant Redevelopment and Caribou Coffee. 148 He provided the Commission with a full list of the other projects. 149 150 Economic Development Coordinator Backman stated that Hardee's is no longer having an 151 interest in their location, and there has been a buy-out that was accomplished during the last 152 week of December. He stated that there has a settlement regarding termination of Hardee’s lease. 153 He stated that the western half of the building will be leased by Caribou Coffee. He stated that it 154 would take a total of $376,000 to bring the building up to the standard they would want to have. 155 He stated if you subtract out the Hardee’s buyout amount of $226,000 and you look at the pay 156 back period, they are calculating that to be about six years. He stated that Caribou Coffee would 157 like to have a payback period of three years. He stated that the cost difference or gap is 158 $109,000. He stated he had brought this topic up to the EDC last Friday, and they had adopted a 159 motion unanimously to move ahead and pursue all options, including potentially TIF and other 160 types of assistance, but there was no dollar amount. 161 162 Vice President Stigney stated it sounded to him like Caribou wanted to come in, but they want 163 some assistance. He asked why they couldn’t work with their own money. 164 165 Economic Development Coordinator Backman stated that without assistance, he thinks they 166 would end up with very little enhancement to the building and the site. 167 168 Vice President Stigney asked who was to say whether they wouldn’t do more things without 169 assistance. 170 171