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Mounds View EDA August 22, 2005 <br />Regular Meeting Page 20 <br /> <br />base so they get $3,066.16. He explained that there will be a follow up payment in the fall of 792 <br />this year for a similar amount. 793 <br /> 794 <br />President Marty asked if that will pay it off at that point. Economic Development Coordinator 795 <br />Bachman stated he hopes so. 796 <br /> 797 <br />MOTION/SECOND: Thomas/Stigney. To Adopt EDA Resolution 05-EDA-209, a Resolution 798 <br />Authorizing Payment of Pay-As-You-Go Developer Payment to Red Cent Management, LLC for 799 <br />the Building N Project in Mounds View. 800 <br /> 801 <br />Carol Mueller, 8343 Groveland Road, stated she raised several questions at the last meeting and 802 <br />asked Staff to respond at the meeting tonight so all the residents of Mounds View can hear the 803 <br />answers. 804 <br /> 805 <br />Commissioner Thomas suggested it be discussed during the Council meeting so all can hear the 806 <br />answers who are watching the Council meeting. 807 <br /> 808 <br /> Ayes –5 Nays – 0 Motion carried. 809 <br /> 810 <br />8. REPORTS 811 <br /> 812 <br />Ms. Mueller asked Staff to explain what the existing TIF Districts are, what property the Districts 813 <br />entail, and what percentage of the City’s property is in TIF Districts. In addition, she asked how 814 <br />the new action and establishment of a new TIF District will increase the percentage of the City 815 <br />that is TIF. 816 <br /> 817 <br />Director Ericson stated there were three TIF Districts prior to the action taken tonight. Currently 818 <br />there are 225 acres in TIF Districts and Mounds View is about 2,600 acres. Of the total City of 819 <br />Mounds View, 8.55% is captured in TIF District Nos. 1, 2, and 3. The creation of TIF District 820 <br />No. 5 adds 2% that is captured within TIF Districts. However, Outlot A is no longer part of TIF 821 <br />District No. 5. It remained within TIF District No. 3 so that will change, but 10.56% remains the 822 <br />same. 823 <br /> 824 <br />Ms. Mueller thanked Mr. Ericson for the response. 825 <br /> 826 <br />Vice-President Stigney reported that he attended the YMCA community meeting last week 827 <br />dealing with relocation of employees during reconstruction of City Hall. 828 <br /> 829 <br />Vice-President Stigney stated the fireworks last night were fantastic. 830 <br /> 831 <br />Economic Development Coordinator Bachman announced a Caribou sighting at Mounds View 832 <br />Square, and that the grand opening will be held this Saturday, August 27 at 5:00 a.m. 833