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Mounds View EDA August 8, 2005 Regular Meeting Page 3 5. APPROVAL OF MINUTES. 87 88 A. EDA Minutes for July 11 and July 25, 2005 will be presented at the next 89 EDA Meeting. 90 91 6. CONSENT AGENDA 92 93 NONE 94 95 7. EDA BUSINESS 96 97 A. Resolution 05-EDA-207 Approving the Development Agreement to Provide 98 $250,000.00 in Tax Increment Financing (TIF) Assistance to SYSCO Food 99 Services of Minnesota to facilitate the expansion of the Business located at 100 2400 County Road J in Mounds View. 101 102 Economic Development Coordinator Backman stated that SYSCO Minnesota has outgrown its 103 available truck and employee parking and desires to add capacity. He stated that the company is 104 seeking to expand the SYSCO PUD site by approximately three acres. He stated that on August 105 3, 2005 the Mounds View Planning Commission approved SYSCO’s request for a PUD 106 amendment and they approved the Comprehensive Plan amendment to expand the parking lot 107 and driveway. He stated that the outlot that is part of the 48 acres east of SYSCO has been 108 basically kept natural noting that the three acres would be transferred back from the City to 109 SYSCO for this particular expansion. He stated that SYSCO has estimated that the expansion 110 project would cost approximately $1.2 million and the budget has been included for review. 111 112 Economic Development Coordinator Backman stated that SYSCO has requested $250,000.00 in 113 TIF assistance to pay for extraordinary development costs, specifically stormwater management 114 and wetland mitigation expenses noting that the company has submitted a completed a TIF 115 application to the City. He stated that the project includes the construction of parking areas to 116 the east and the south side of the cold storage portion of the complex and reviewed with the 117 Commission. He explained that this would require the relocation of the existing stormwater 118 pond to the south and east of its’ present location. 119 120 Economic Development Coordinator Backman stated that Briggs and Morgan prepared a draft of 121 the agreement noting that the agreement reflects a pay-as-you -go TIF reimbursement. He 122 explained that the terms if the tax increment revenue would be three years at 5-percent interest 123 adding that in the first two years the company has committed to creating 40 fulltime jobs at an 124 hourly wage of at least $18.00 per hour from the date the project is completed. He stated that 125 initially they talked about 100 jobs over five years and typically for the purposes of deed and 126 other State agencies they are typically looking at what is created over the first two years. He 127 provided the Commission with a breakdown of the positions noting that out of the 40 jobs the 128