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Mounds View EDA August 22, 2005 Regular Meeting Page 12 will increase without the use of tax increment financing is $0.” He pointed out that the City of 459 New Brighton is finding the opposite to be the case. 460 461 President Marty read another subparagraph as follows: “c. The present value of tax increments 462 from the District for the maximum duration of the district permitted by the TIF Plan is estimated 463 to be $15,708,780.” He stated that it is capped at $14.8 million and not a fluid number, but it 464 will be higher with the interest. 465 466 Mr. Inman stated this is the present value number and includes $14.8 million plus administrative 467 expenses. That is the cap and the maximum this plan will let you have. 468 469 Commissioner Thomas commented that the TIF dollars for the City’s property is not the same 470 situation as what New Brighton has because they don’t have a tax exempt city function on the 471 property they are talking about. She noted that Mounds View currently has a functioning 472 business on that property and that will not change in any way except for this project. That is why 473 subparagraph a., in Appendix F2, is shown as $0. 474 475 President Marty referenced the last paragraph of Appendix F-2 that indicated: “The conclusion 476 and recommendation of City Staff is that the TIF Plan is consistent with the City’s 477 comprehensive plan based upon the following information and City actions. …On February 2, 478 2005, the Planning Commission for the City approved a recommendation to the City Council as 479 to the approval of a comprehensive plan amendment revising the land use designation for this 480 development site in the District from Outdoor Sport Recreation (SRO) and Passive Open Space 481 (OSP) to Office (OFC).” He stated that facts have changed considerably since February 2, 2005 482 and there has even been a change of flavor with the Planning Commission. 483 484 President Marty read a portion of the first paragraph of Appendix F-3 that indicated: “On July 485 20, 2005, the Planning Commission confirmed that the proposed sale of the development site in 486 the District to Medtronic was consistent with the City’s comprehensive plan. On August 3, 2005, 487 the Planning Commission did not approve a resolution finding that the TIF Plan for the District 488 conformed to the general plan for the development and redevelopment of the City as a whole.” 489 490 President Marty stated the conclusion is that it is consistent but the City has modified the 491 Comprehensive Plan to make it consistent. He noted that from the beginning to now, there have 492 been a number of modifications and they are still working on that so it seems there are a number 493 of items and statements in this report that appear, as you read through it, somewhat of a mass of 494 inconsistencies. He noted the City is getting them in order but things have changed tremendously 495 since February. 496 497 Commissioner Flaherty stated the EDA and City reserves the right to decertify the District prior 498 to the date and, by all discussions, that date will be 19.5 years to decertify the District. 499 500