05-23-2005 - Laserfiche WebLink

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Mounds View EDA May 9, 2005 Regular Meeting Page 5 benefit to the City of Mounds View. 172 173 Commissioner Flaherty asked how they arrived at the $79 million projected in property taxes. 174 175 Mr. McCombs explained that this is part of the model they have been using, with the City and 176 with Ehlers, to determine the approximate number for tax dollars. He further explained that it is 177 based on the assessed property value over a period of time. 178 179 Commissioner Thomas noted that Ehlers review provided good detail. She stated that she would 180 like to see something available on Medtronic by the next meeting. 181 182 President Marty referenced the Anoka County assessment agreement and asked if the agreement 183 was for a finite period of time. 184 185 Mr. McCombs stated that they agreed to the assessment over the next three tax periods and 186 reviewed with the Commission. 187 188 President Marty referenced Mr. Mahle’s presentation stating that the slide reviewing the dollar 189 breakdown noting that one slide shows that $.66 goes to the City, County and Schools and 190 another slide shows $.63 and asked which is the correct number. 191 192 Mr. McCombs explained that they are working with Ehlers and the correct number, which was 193 received from Stacie Kvilvang just prior to the meeting, is $.63. He further explained that they 194 were not able to update the slide prior to the meeting to reflect the correct number. 195 196 President Marty stated that Ehlers would be attending a future meeting to explain the different 197 types of TIF and how it breaks down. He thanked Medtronic for their presentation and opened 198 the floor for comments. 199 200 Duane McCarty, 8060 Long Lake Road, stated hats off to Medtronic for all the good they do for 201 the communities they live in. He acknowledged that they run a business too and provided the 202 Council with a good historical background. He referenced the presentation made by Ehlers 203 Associates at the last meeting noting that the City would realize, with TIF, $4.7 million in total 204 taxes generated over a 26-year timeframe. He expressed concerns stating that Medtronic’s 205 contribution would be locked in a TIF fund for the length of the TIF District and until the project 206 is certified. He requested a projection of the land value for the golf course. He acknowledged 207 that the City is in the process of contemplating the value of the property noting that their arrival 208 on a number for the actual assessed value should be held proprietary at this time. He stated that 209 he worked on some figures using $7,228,000 as the base property value for tax purposes. He 210 explained that in using a conservative 3-percent gain from 2006 to 2033 the City would see a 3-211 percent increase and by 2033 the value of the land would be approximately $6.3 million. He 212 stated that 3-percent is very conservative noting that for purpose of comparison he used the 3-213