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Mounds View EDA June 27, 2005 Regular Meeting Page 14 less than 25-years. She stated that this should be dealt with noting that 25-years is a long time 550 noting that Medtronic did come to the table and agreed. She stated that it is only one thing, as 551 they progressed, that when they had issues and raised questions, they were truly able to negotiate 552 with the company and it is very frustrating that the community does not recognize what they have 553 done and what they have struggled with over the last six months. She stated that this brings 554 benefits well in excess of the $14.8 million the city is offering in way of a TIF finance noting that 555 these dollars would come back to the city multi-fold. She stated that Medtronic managed to 556 acquire the funds for County Road J not the city. She explained that Medtronic went to the 557 legislature, fought for it and got it, which shows the kind of partner they could bring into this 558 community. She stated that it would bring $20.5 million, which is far beyond the tax increment 559 being discussed. She stated this is one item out of all the benefits the city would gain. She stated 560 that once this goes through, if it goes through, they have a significant resource to deal with and 561 the surplus dollars off the sale. She stated that it has been premature, as a Council, to discuss the 562 possibilities for these dollars because we did not know if we would have them. She stated that 563 the residents raised some very valid concerns at the meeting last week and discussed many of 564 them with the residents last week. She noted that the city has many of these concerns regardless 565 of whether Medtronic comes to the city or not but with the surplus pot of money that the city 566 would have it would allow them to actually address these issues. She stated that the 567 transportation issues have been discussed for years and have not been able to address them due to 568 the lack of resources. She stated that the city would now finally have the resources to address 569 these concerns. She stated that she has to hold, as an individual, that her vote is as ethical and is 570 based down to level as she could go and is the number one right thing for her to do. She stated 571 that the rest would have to stand as individuals on that. 572 573 President Marty stated that on page 12 of the June 20th minutes Aaron Backman stated that in 574 July 2004 CRESA Partners approached the city and within a week and a half of that they had 575 received calls from a couple residential developers expressing an interest in the site. He stated 576 they had one plan for various townhomes and other types of residential development that could 577 occur on the site, which was brought up to Council but staff did not believe this was the highest 578 or best use for this location and nothing further was done with this proposal. He stated that 579 Roger stated we would be increasing the franchise fee by approximately $83,000 and noted that 580 he is of the understanding that this would be once it is totally built out. 581 582 Vice President Stigney clarified that this would be for Phase 1. 583 584 President Marty stated that in looking over the proposed development agreement he still has 585 several issues. He stated that they should have put out RFP’s to determine the best development 586 plan. He noted that last week Steve Larson, Mayor of New Brighton, stated that the deal they 587 discussed with Medtronic did not materialize and that their City decided to parcel off the land to 588 different developers. He noted that the net gain for the City of New Brighton would be 589 approximately $3 million adding that they did not mention the use of TIF, which would mean 590 that the funds would go directly to the City of New Brighton’s tax base. He stated that he has 591