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Mounds View EDA July 11, 2005 Regular Meeting Page 4 129 Economic Development Coordinator Backman stated that currently the financial health for TIF 130 District 3 is good and is generating approximately $300,000 to $400,000 a year with modest 131 obligations. He stated that the City would pay off all obligations related to TIF District 3 in 132 approximately one year. He stated that most of the increment is being generated by SYSCO 133 noting that the City has assisted them in the past. He stated that this was paid off in 1997. 134 135 Vice President Stigney asked if the money would come from TIF District 3 or TIF pooling and if 136 it came from TIF District 3 how long would it extend the district out. 137 138 Economic Development Coordinator Backman stated that the TIF District 3 is set to expire in 139 July 2014 and this would not extend the TIF District beyond that period of time. He noted that if 140 there was an amount approved over a period of time it is conceivable that the entire district could 141 be de-obligated within a couple of years as opposed to going out eight years. He stated that 142 currently the City has obligations that are out approximately one year and once the City is done 143 with these obligations, increment is coming in and the City has to show the Ramsey County how 144 the City is using the money for economic development or close the District. 145 146 Vice President Stigney asked what the duration would be to pay it back. 147 148 Economic Development Coordinator Backman stated that if the $250,000 is approved it would 149 take approximately two years to pay off. 150 151 Vice President Stigney referenced the 2 to 1 mitigation and asked where it would be mitigated to. 152 153 John Dietrich, RIK, SYSCO, explained that the current proposal is to go offsite for mitigation in 154 order to preserve the wooded wetlands that are up against the proposed improvements. He stated 155 that they have had conversations with City Staff and the Rice Creek Watershed Staff noting that 156 they have not made formal applications to the Rice Creek Watershed at this time. He stated that 157 their proposal is to go offsite within the Rice Creek Watershed district adding that the mitigation 158 would have to be within the same sub-watershed of the Rice Creek district. He noted that they 159 have not had detailed discussions regarding the actual locations with Rice Creek at this time. 160 161 President Marty recalled that some of the land SYSCO deeded to the City was like a wetland 162 area. He noted that years ago Rice Creek Watershed came to Mounds View to discuss creating 163 ponding in this area and he would like to look at the possibility of controlling the water on the 164 land versus mitigating and paying somewhere else to control it. 165 166 President Marty acknowledged that SYSCO has been a good neighbor to Mounds View and 167 clarified that SYSCO ‘s request is for $250,000, noting that their spreadsheet shows an estimate 168 of approximately $233,000 in addition to requesting that the City allow SYSCO to use some of 169 the land they previously deeded to the City. He indicated that he did not have a problem with the 170