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Mounds View EDA April 11, 2005 <br />Regular Meeting Page 7 <br /> <br />redevelopment. He stated that when she is correcting figures, he understands what she is doing, 256 <br />but that’s a different question altogether. He asked if she had a comment that was germane to the 257 <br />Medtronic development. 258 <br /> 259 <br />Ms. Berg stated that she would like to see the City do a cost benefit analysis of the two projects 260 <br />because she has not seen them. 261 <br /> 262 <br />Vice President Stigney stated that they haven’t either, and it’s in the process, and they will all see 263 <br />if before they take any action. He stated that wanted to bring people up to date on the status of 264 <br />where they are on the proposed Medtronic development, and they don’t have all the answers in. 265 <br />He stated when they are here, they’ll probably do a continuation to April 25th, by that time they’ll 266 <br />have more information available. 267 <br /> 268 <br />Jerry Kahn, 2833 Crestway Drive, stated that he supports the golf course. He stated that once 269 <br />that land is gone, he is not aware of any other developable land in Mounds View available for a 270 <br />golf course. He stated that the City of Mounds View needs it for their families and children. 271 <br /> 272 <br />Brian Amundson, 3448 Woodale Drive, asked if someone could clarify how much of the 273 <br />property the City or the EDA is seeking to put into TIF, if any of it. 274 <br /> 275 <br />Economic Development Coordinator Backman stated that 72 acres would be in the TIF district. 276 <br /> 277 <br />Mr. Amundson asked if that was the entire property, and Coordinator Backman stated that it was. 278 <br /> 279 <br />Mr. Amundson stated that that will add 23 percent of the total property that is currently in TIF. 280 <br /> 281 <br />Economic Development Coordinator Backman stated it might change it 2 percent. He stated that 282 <br />you have to bear in mind that they are talking about the value as well, and that value right now is 283 <br />about $8 million for base value. He stated that in addition, last summer they decertified 80 284 <br />parcels, so they are in the process of putting some of the parcels back onto the tax rolls. 285 <br /> 286 <br />Mr. Amundson asked if the projected tax base value of $2 million is net to the city over five 287 <br />years. 288 <br /> 289 <br />Economic Development Coordinator Backman stated it would be approximately $4 million over 290 <br />25 years, $2 million net present value. 291 <br /> 292 <br />Mr. Amundson asked if from a financial standpoint when calculating the benefit of Medtronics 293 <br />moving into the City it was $4 million. 294 <br /> 295 <br />Economic Development Coordinator Backman stated there is much more than that. He stated 296 <br />they are talking again the base value, so right now there is nothing, and it’s tax exempt. He 297