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Mounds View EDA April 25, 2005 Regular Meeting Page 6 must be kept in a reserve account until paid. She provided the Commission with an overview of 213 the operating revenue and expenses noting that they are under budget by approximately 214 $3500.00. She stated that one item not accounted for or considered is the major capital 215 improvements that would be needed over time. She explained that City Council would have to 216 make decisions on the financing for these improvements as they come up in the future. She 217 stated that at the end of the term, 2033, it shows a projected $6.4 million would be retained in 218 earnings. She stated that while weighing the pros and cons of the future they have discussed 219 what would happen to the property when it goes from an exempt status to a taxable status noting 220 that the County Assessor would be required to obtain a current market value of the property. She 221 stated that the base value breakdown, tax generated back to city, shows a base property value 222 $7.2 million. She explained that this value comes from Ramsey County records and provided the 223 Commission with an overview of the total base tax generated and the breakdown to the City 224 General Fund, School Funds and Other Tax Jurisdictions. 225 226 President Marty opened the public hearing at 6:42 p.m. 227 228 President Marty stated that the Commission would try to answer questions tonight, if not, 229 answers would be provided at the next meeting. 230 231 Jerry Linke stated that for someone to say that he is anti-business and anti-development is far 232 from wrong. He commended City Clerk/Administrator Ulrich for the good job on his 233 clarifications and asked for a copy of his report. He acknowledged that the City has a very tough 234 decision to make noting that currently they have nothing to go on to make that decision. He 235 urged the Commission to review other Communities to see how they have addressed these 236 concerns. He stated that the City of Fridley did an Economic Feasibility Study to determine the 237 benefits of having Medtronic in their area and found there were no benefits for the Community. 238 He asked why they are placing TIF on a company that has more money in their slush fund than 239 the City does for it’s own operating expenses. He noted that the current TIF districts are all for a 240 fifteen year timeframe because most buildings would require remodeling at the end of a fifteen 241 year period. He referenced the billboards and proposals and asked if there is a way that the 242 Community could find out the proposed numbers being discussed. He referenced the statement 243 that Blaine would not give Medtronic TIF for Phases 2 and 3 and asked if the $167,000 is what is 244 generated for a year in taxes or does this occur later. 245 246 City Clerk/Administrator Ulrich explained that the numbers are based on the base value of the 247 land being frozen from tax exempt to taxable property. He stated that it would net the City 248 approximately $167,000. 249 250 Barbara Haake, 3024 County Road I, thanked the Commission and Ehlers Associates for the 251 opening presentation. She stated that she appreciates hearing the facts and figures noting that she 252 is currently neutral on the issue. She stated that she is waiting to get all the facts before making a 253 full statement about the project and acknowledged receiving emails from Sherry and Roger. She 254