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Mounds View EDA April 25, 2005 Regular Meeting Page 4 within the site. 129 • Question: What are the sources of funding? 130 o City Clerk/Administrator Ulrich indicated that the likely sources for funding would 131 include the current tax increment pool; tax increments generated by the site in terms 132 of fees; and capital funds from the Enterprise Funds. He stated that there would not 133 be any interruptions to the businesses located along County Road J during the 134 construction. He stated that the Franchise fee, which is estimated to be $80,000, is 135 approved annually by the City Council adding that there is no guarantee that it would 136 continue for the 25-year timeframe. 137 • Question: Costs to provide Police and Fire services to the property. 138 o Answer: City Clerk/Administrator Ulrich stated that in reviewing the spreadsheets 139 the initial costs to provide service would be approximately $30,000 with an additional 140 $50,000 in administrative costs, over time, to service approximately 3000 employees. 141 He noted that Medtronic has an onsite security force, which would help reduce costs. 142 143 • Question: How much has been spent so far exploring and researching this project. 144 o Answer: City Clerk/Administrator Ulrich stated that the City has spent $21,000. He 145 stated that 60-percent of the cost relates to the development of the project and land 146 surveys and 40-percent is specifically for Medtronic to run the numbers for the 147 project. 148 • Question: What is the status on the Billboards? 149 o City Clerk/Administrator Ulrich stated that they are currently in negotiation for the 150 best deal for the City in terms of the least cost. He noted that of the 72 acres from 151 MnDOT, 40 acres is currently transferable and they have title for the land. He stated 152 that over the last couple of years the City has been reviewing options to enhance the 153 City. He stated that one of the issues has been the golf course because of the situation 154 it was in prior to the revenue it gained from the billboards. He stated that at this time, 155 in reviewing the Medtronic proposal, the City is emphasizing this. He assured the 156 Community that the City is not pursuing anything else at this time due to the ongoing 157 negotiations. 158 159 City Clerk/Administrator Ulrich stated that there has been some discussion about the possibilities 160 of Phases 2 and 3 of the Medtronic project being developing in Blaine. He noted that Medtronic 161 has indicated that it is their desire to also develop the Phase 2 and Phase 3 campuses in Mounds 162 View, as there would not be a tax increment back to the developer if developed in Blaine. He 163 stated that there would be a significant park dedication of $600,000 proposed for the project that 164 would be donated by Medtronic to the Park Dedication Fund. He indicated that $160,000 of the 165 funds would be used for the former Cisco property. He stated that the Concepts are available to 166 the public for review noting that it includes both the walking trails and the environmental park. 167 168 City Clerk/Administrator Ulrich stated that this hearing is one of several that will be held on this 169 issue. He emphasized that a decision has not yet been made. He stated that Staff is keeping the 170