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Mounds View EDA August 8, 2005 Regular Meeting Page 5 noted that typically the City has had terms longer than three years noting that the consensus was 171 to have the assistance within a defined, shorter period of time. He stated that Scott McGuire, 172 CFO, also indicated that this would be a sufficient time period for them. 173 174 Vice President Stigney stated that it was his understanding that SYSCO indicated that cash flow 175 was not a problem for them and they didn’t care if they got it upfront or stretched out. He stated 176 that if the City received a one-year TIF then the TIF would be ready to close out when the TIF 177 District is ready to close out. He stated that to him this appears as if they are extending the TIF 178 District to accommodate SYSCO and he has a problem with that. 179 180 Economic Development Coordinator Backman stated that the City is looking at various aspects 181 in terms of cash flow noting that the City would still have the ability to decertify the district five 182 years early noting that it would not preclude a lot of options for the City. 183 184 Vice President Stigney asked how the City could decertify a district if they are still collecting 185 revenues on it over a three-year period. He asked why the City wouldn’t want them to pay it 186 back within the one-year and close the district. 187 188 Economic Development Coordinator Backman stated that the City has various projects currently 189 in the works and have ideas on how the City would improve the Highway 10 corridor noting that 190 it would be a bit premature to presume how much the City would spend on these efforts right 191 now. He stated that hopefully in the next year or two Staff would have a better sense of what 192 those improvements would costs. 193 194 Vice President Stigney stated that when a district has met its purpose it is his personal belief that 195 this is when the district should be closed out because it costs the taxpayers money to keep the 196 districts going. 197 198 President Marty explained that right now with the TIF Districts the City captures 100-percent of 199 the taxes coming in. He noted that the consultants have pointed out for years that to redesign and 200 redo County Highway 10 would cost far more. He stated that even if the City didn’t spend a 201 dime of the TIF pool up to the time the districts would be re-certified the City would still not 202 have enough money to redo County Highway 10. He stated that they could go ahead and tax the 203 citizens to redo Highway 10 and install a couple of trails. He stated that adding trails, 204 landscaping, repairing some of the intersections and making County Highway 10 safer and more 205 pedestrian friendly would take a lot more money than what the City has. He explained that this is 206 one of the main purposes the City has been earmarking TIF dollars for. He stated that they could 207 also use TIF for housing and redevelopment costs too noting that if they de-certify the district 208 early the City would not have the funds available without taxing for them. 209 210 Vice President Stigney clarified that President Marty’s philosophy is that the City should milk 211 every dollar the City can legally get from the TIF district. He stated that he has a problem with 212