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Mounds View EDA May 23, 2005 Regular Meeting Page 4 Mounds View. She asked the Commission not to consider TIF and asked what kind of taxes 128 would the City of Mounds View receive if the property, valued close to $85 million, were not 129 under TIF. She expressed frustration stating that she has requested copies of the options 130 available on several occasions and has yet to receive the information. 131 132 Ms. Kvilvang explained that she does not have the numbers adding that they would work with 133 the Assessor to see what the value is and run the numbers through TIF. 134 135 President Marty stated that they should probably get a few quotes from realtors in addition to the 136 numbers from the Assessor. He stated that it would be interesting to see how it would be 137 marketed from a realtor’s perspective. 138 139 Duane McCarty, 8060 Long Lake Road, referenced 469.175 – Establishing and Changing TIF 140 plans, Subdivision 3, states that a County Auditor shall not certify until a tax increment financing 141 plan for the proposed project has been approved by the municipality in which it is located in. He 142 clarified his understanding is that the Auditor cannot certify until the land has been approved. He 143 stated that the residents are very frustrated with the whole process. He reviewed future estimate 144 values and projected depreciation of cash accounts with the Commission noting that the numbers 145 are based on information from the City Finance Department and the Ramsey County Abstract 146 Value for 2005. He noted that the current numbers are more conservative than the numbers used 147 in 1988 and expressed concerns that the City is taking a very conservative 3-percent gain over a 148 30-year term. He stated that they would find that the conservative real estate value appreciation 149 is $16.5 million at the end of the term and the ending cash account would be approximately $6.7 150 million, with a total value, over a period of time, would be approximately $20 million. He stated 151 that Ms. Haake made a good point and asked the Commission to clarify the numbers that they are 152 dealing with and where they are coming from. He suggested that the City utilize appraisal 153 companies and get two or three appraisals to get a better idea of what they are dealing with. He 154 noted that the airport would increase land value considerably adding that the City is not dealing 155 with solid numbers here. He stated that he, along with other Residents, is getting weary as they 156 are not getting any answers to the questions asked. He stated that the Community expected more 157 from the City of Mounds View. 158 159 President Marty acknowledged Mr. McCarty’s concerns and agreed that the Commission and the 160 Residents have not been able to fully discuss all of the issues and their concerns. He explained 161 that there has not been enough time to fully discuss the issues with the EDA meetings scheduled 162 to take place before the City Council meetings. He agreed that the process has been very slow 163 adding that a special meeting has been scheduled for Monday, June 20, 2005 at 6:00 p.m. to 164 discuss the issues. He stated that the meeting would be held at the Banquet Center and would 165 have the same format as the Town Hall meeting. He stated that it is their hope to have more 166 information available that would help to answer a lot of the questions raised by the Community. 167 He stated that he too has several questions noting that he discovered this weekend that this 168 District is set up as an Economic Development District with an eight-year term. He stated that in 169