07-25-2005 - Laserfiche WebLink

Home Browse Search

Mounds View EDA June 27, 2005 Regular Meeting Page 12 come before this city like this great of an opportunity for the City. He stated that they are looking 466 at changing a tax-exempt property that has never paid taxes and never will pay taxes to the city, 467 county or school district because it is tax exempt. He stated that they are going to review this in 468 comparison to what Medtronic will pay both long-term and short-term. He noted the question 469 was raised as to what would happen when it closes out noting that Medtronic would be paying 470 over $1 million per year to the city and you want to let it go for a losing proposition of a golf 471 course. He stated that they would also get $83,000 in franchise fees each year and start with 472 $43,000 to $60,000 in tax base each year that would also increase each year during the life of the 473 TIF District. He noted the $856,000 in park dedication fees, $100,000 to the school district, $1 474 million to MnDOT plus the $865,000 in cash to the City. He noted that 63-percent of the people 475 polled have said get rid of the golf course because it is subsidizing. He stated that the billboards 476 are subsidizing it because if they weren’t paying the billboard money into the golf course it 477 would go into the general fund. He stated that it couldn’t go to the general fund because the 478 bond covenants state that all funds must go to the golf course. He stated that trails would also be 479 included noting that it is mind-boggling to see where the debate has taken this issue. He stated 480 that he is so glad that Medtronic has considered coming into this city and it is his hope that we 481 haven’t scared them off as he would love to welcome them. 482 483 Commissioner Gunn agreed with Vice President Stigney noting that they need to look at the 484 future of the city, not just the here and now. She stated that the city as a whole is falling apart 485 and they need the tax money coming in and the benefits now and in the future. She recalled that 486 someone recently said that there would not be any repercussions from not having Medtronic 487 adding that she would have to disagree with this statement. She stated that she is seeing a bigger 488 picture noting that she has worked on the Highway 10 Committee to get this road developed 489 adding that this would be a real boost for the city to have Medtronic come in as they could 490 possibly attract other businesses to the area including restaurants and shops. She emphasized that 491 they have to look at the big picture and the future, not just the here and now. 492 493 Commissioner Flaherty stated that he first came to the Authority in January 2005. He stated that 494 he has listened carefully to everyone who has spoken on this issue noting that The Bridges golf 495 course does evoke a lot of passion within the community. He agreed that it does teach and 496 promote family values and it is beginning to show signs that it could sustain itself now due to the 497 billboard contracts with Clear Channel. He stated that it has a fine staff under the direction of 498 Mary Berg and they have won numerous awards for excellence noting that it is a first class 499 operation. He stated that Medtronic is a well-respected company that has a true humanitarian 500 mission noting that they have been an asset to the State of Minnesota and the areas in which they 501 have operated. He noted that they are a Minnesota company with a desire to stay in Minnesota 502 rather than go to the highest bidder perhaps in another state. He stated that they have several 503 components to consider including revenue for the city. He reviewed the figures that were laid 504 out to the city and to the public noting that in comparing the two it works out that Medtronic 505 would bring $778,000 per year with the Medtronic deal and $301,000 for the as is, the way the 506 city keeps it. He stated that it would also include additional funding for the schools. He agreed 507