Laserfiche WebLink
Mounds View EDA April 11, 2005 <br />Regular Meeting Page 8 <br /> <br />stated that normally when there is a property that is taxable and it goes to tax to a TIF situation, 298 <br />there is base, and it goes up from there. He stated in this case it’s zero right now, so there will be 299 <br />$8 million that will have a base value, and that will generate about $150,000-$160,000 a year in 300 <br />taxes for various jurisdictions, but there are other things beyond that, but that is an example of 301 <br />one element. 302 <br /> 303 <br />Mr. Amundson asked if that $160,000 is already in the $4 million net to the City, and 304 <br />Coordinator Backman stated that that was correct. 305 <br /> 306 <br />Mr. Amundson asked if the net was $4 million of benefit to the City, and Coordinator Backman 307 <br />stated that that was correct for that piece. 308 <br /> 309 <br />Mr. Amundson gave some written comments to the Commission from Barb Haake. 310 <br /> 311 <br />Gary Nordness, 55 Dierdel Circle, North Oaks, stated he was in favor of Medtronic. He stated he 312 <br />was very familiar with tax increment financing. He stated that from other areas that he’s worked 313 <br />with TIF before, traditionally there is some additional tax value on the appreciation of the 314 <br />structure. He stated that if it is, they are going to go from a zero tax base to a significant tax 315 <br />base, and they will be utilizing the property to its highest and best use. He stated they would be 316 <br />bringing in one of the most renown companies in the world, and he didn’t know why they 317 <br />wouldn’t do it. 318 <br /> 319 <br />Vice President Stigney closed the public hearing. 320 <br /> 321 <br />MOTION/SECOND. Gunn/Flaherty. To continue the public hearing to the next EDA meeting 322 <br />on April 25, 2005. 323 <br /> 324 <br /> Ayes-4 Nays-0 Motion carried. 325 <br /> 326 <br />8. REPORTS 327 <br /> 328 <br />None. 329 <br /> 330 <br />9. NEXT EDA MEETING: Monday, April 25, 2005. 331 <br /> 332 <br />10. ADJOURNMENT 333 <br /> 334 <br />Vice President Stigney adjourned the meeting at 6:55 p.m. 335 <br /> 336 <br />Respectfully submitted, 337 <br /> 338 <br />Recorded and transcribed by: 339