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Mounds View EDA July 11, 2005 Regular Meeting Page 7 255 Economic Development Coordinator Backman stated that the fund is currently in healthy 256 condition noting that they have paid off major bond payments and his understanding is that the 257 fund balance is approximately $1 million right now. 258 259 Ms. Haake noted that the community is going for a referendum on Medtronic and suggesting that 260 the TIF funds be used for development costs and if the City is over $300,000 in development 261 costs for Medtronic and if it ends up going for referendum this would have to be paid. She stated 262 that she just wanted to be sure that the City has enough funds and she is now comfortable that the 263 City does have enough to cover the costs. 264 265 Commissioner Flaherty asked if the City has a time limit to spend the funds. 266 267 Economic Development Coordinator Backman explained that Ramsey County would give the 268 City a grace period of time if there is no activity within a district. He further explained that if, in 269 2006, all obligations have been paid, he would expect that by the following year the City would 270 have to show some form of obligations or the County would likely ask for dollars back. 271 272 Vice President Stigney referenced mitigation noting that he has some problems with mitigating 273 outside the City limits noting that it would cost a lot more. He asked who would be responsible 274 for paying the mitigation fee and would it be part of the TIF reimbursement. 275 276 Economic Development Coordinator Backman explained that the costs associated with the 277 stormwater management and wetland mitigation are TIF eligible costs and reviewed the budget 278 breakdown for wetland mitigation with the Commission. 279 280 Vice President Stigney stated that he does have a problem with paying premium price to go 281 outside to mitigate on land and then have Mounds View pay for it. He stated that he believes that 282 SYSCO should pay 50-percent of the costs. 283 284 President Marty stated that he would also like to see the mitigation kept on the property and 285 asked how time sensitive this issue is. He asked if SYSCO could come back with a ‘but for’ 286 workup for the Commission in two weeks. 287 288 John Dietrich, RLK, stated that it was their hope to be in process here and moving towards the 289 Planning Commission and Council in July. He stated that this would allow them the time to 290 make their application to the Metropolitan Council in order to start the process moving forward, 291 which could go up to a 60-day timeframe. He stated this would start to impact any ability to 292 place anything into the ground this year. He stated that the process has already been accelerated 293 to the greatest extent possible. He stated that a two-week delay would put the fall start time for 294 this project in jeopardy. 295 296