06-13-2005 - Laserfiche WebLink

Home Browse Search

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