02-14-2005 - Laserfiche WebLink

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Mounds View EDA January 24, 2005 Regular Meeting Page 5 Economic Development Coordinator Backman stated that he had seen another location in 172 Vadnais Heights that was a converted Hardee’s restaurant, and it still looks like a Hardee’s 173 restaurant. 174 175 Vice President Stigney stated he had some reservations, and he asked how it was going to be paid 176 back; whether it was going to be a pay-as-you -go or a tax abatement or a grant. 177 178 Economic Development Coordinator Backman stated they hadn’t gotten down to specifics, but 179 they have discussed a low interest loan as one option, and there could possibly be a combination 180 of abatement or a small grant in there. He stated they hadn’t settled on what the development 181 agreement would look like, but they have been having discussions, and they are interested in 182 some assistance. 183 184 Commissioner Gunn asked whether TIF dollars were supposed to be used for helping new 185 businesses. 186 187 Economic Development Coordinator Backman indicated that they were. 188 189 Commissioner Flaherty stated he had a problem with going back to the people and asking them 190 for $109,000 when they just had a tax levy that was double digits. He stated that this is an empty 191 building sitting in a prime location, and they need to do something with it. He stated he thought 192 they needed to take all avenues they can to see what they can do as far as alleviating any tax 193 burden on the taxpayers. 194 195 Economic Development Coordinator Backman stated that they are not talking about General 196 Fund dollars, but TIF dollars, and that TIF monies are separate and accounted for in a different 197 way. He stated that in terms of TIF funds, there is a good fund balance. 198 199 Vice President Stigney stated that he would be more inclined if they were going to borrow it from 200 the City and pay it back. 201 202 President Marty stated that a three-year pay back period had been brought up, and he thought this 203 should be brought back to the EDA after they had talked to Caribou Coffee more, and possibly 204 look at using TIF funds with a three-year payback period. He stated that by giving some 205 assistance with pay-as-you-go with a three-year payback period, they would open the door to get 206 some redevelopment and upgrade and similar upgrade in Mounds View Square. 207 208 Commissioner Gunn stated that she agreed. 209 210 Bill Werner, 2765 Sherwood Road, stated that he was there when Pasture Enterprises opened that 211 operation, and one of the things that they had promised was that the north end of the property 212 was going to be attractive to the residents on the north side, and they never did a thing with it, 213