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Mounds View EDA May 23, 2005 <br />Regular Meeting Page 2 <br /> <br />6. CONSENT AGENDA 44 <br /> 45 <br />A. Set a Special Meeting of the EDA for June 20, 2005 at 6:00 p.m. at the 46 <br />Mounds View Community Center, 5394 Edgewood Drive. 47 <br />B. Schedule an Executive Session immediately following this meeting to discuss 48 <br />and consider the sale of real property commonly known as The Bridges Golf 49 <br />Course, and a buyout offer of the billboard signs (Verbal Report). 50 <br /> 51 <br />MOTION/SECOND: Flaherty/Marty. To Approve the Consent Agenda as presented. 52 <br /> 53 <br /> Ayes – 4 Nays – 0 Motion carried. 54 <br /> 55 <br />Duane McCarty asked the Commission what State Statute applies to the Executive Session 56 <br />scheduled for this evening. 57 <br /> 58 <br />City Attorney Riggs stated that Minnesota State Statute 13d, Subdivision 3.C.3 59 <br /> 60 <br />Duane McCarty asked if the value of the property has been determined and if the Executive 61 <br />Session is to specifically discuss the appraisal value. 62 <br /> 63 <br />President Marty stated that the property values have not yet been determined. 64 <br /> 65 <br />City Administrator Ulrich clarified that the purpose of the Executive Session is to discuss the 66 <br />general specifics of the property purchase. 67 <br /> 68 <br />City Attorney Riggs further explained that the purpose for the Executive Session is to deal with 69 <br />the terms of the offer. He stated that Council has to determine if the offer is acceptable or if there 70 <br />is a need to counter the offer. 71 <br /> 72 <br />7. EDA BUSINESS 73 <br /> 74 <br />A. 6:05 pm. Continuation of the May 9, 2005 Public Hearing for the Purpose of 75 <br />Considering the Proposed Sale of Land comprising The Bridges of Mounds 76 <br />View Golf Course to Medtronic, Inc. 77 <br /> 78 <br />Stacy Kvilvang, Ehlers & Associates provided the Commission with an overview of the Tax 79 <br />Increment Financing process noting that it provides the ability to capture and use the increased 80 <br />local property tax revenues from new development within a defined geographic area. She 81 <br />provided examples of the eligible uses and reviewed the building blocks of TIF. She reviewed 82 <br />the process used to determine the base value of a property noting that they are in discussion with 83 <br />the County Assessor in an effort to determine the accurate value of the property. 84 <br /> 85