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Mounds View EDA June 27, 2005 Regular Meeting Page 17 676 City Attorney Riggs explained that the EDA exists on its own authority and is a legal entity in 677 and of itself. He stated that it is pursuant to Minnesota Statutes Chapter 469 and once it is 678 created it overrides any charter provision and is a legal separate entity. He stated that they are 679 sitting as an entity that is totally separate from City Council. He stated that it is not necessary to 680 transfer the property noting that the Council could choose to do it if they so desire. He confirmed 681 that neither of these arises remotely to anything approaching a conflict of interest according the 682 Minnesota law. 683 684 MOTION/SECOND Stigney/Gunn To approve EDA Resolution 05-EDA-203, a 685 Resolution approving purchase agreement and contract for private development between 686 the City of Mounds View, the Economic Development Authority and Medtronic and to 687 waive the reading. 688 689 4 – Ayes 1 – Nay (Marty) Motion carried. 690 691 B. Resolution 05-EDA-204 Requesting the Mounds View City Council Set a 692 Public Hearing for August 22, 2005 for the Proposed Establishment of Tax 693 Increment Financing District No. 5 (A Special Legislation Economic 694 Development District) 695 696 Mr. Backman stated that in order to facilitate the Medtronic development the city sought passage 697 of a special TIF legislation during the 2005 session. He stated that on May 23, 2005 the 698 Minnesota Legislature approved the public finance bill, which included the city’s legislation 699 allowing the creation of this district. He explained that in order to begin the process of creating 700 the district and TIF plan the EDA has to request that the City Council calls for a public hearing 701 on the proposed adoption of the modification to the development program for the Mounds View 702 Economic Development Project and to propose adoption of the TIF plan. 703 704 MOTION/SECOND Stigney/Thomas To approve Resolution 05-EDA-204 a request that the 705 Mounds View City Council set a public hearing for August 22, 2005 for the proposed 706 establishment of Tax Increment Financing District No. 5 (A Special Legislation Economic 707 Development District) and to waive the reading. 708 709 4-Ayes 1-Nay (Marty) Motion carried. 710 711 7. REPORTS 712 713 City Administrator Ulrich reported that the last Executive Session was held on June 13, 2005 714 from 6:30 p.m. to 7:00 p.m. with all EDA members present along with the City Attorney, a 715 representative from Ehlers and Associates, the Community Development Coordinator and City 716 Administrator. He stated that this meeting was continued to June 16 at 4:00 p.m. and adjourned 717