10-24-2005 - Laserfiche WebLink

Home Browse Search

Mounds View EDA August 22, 2005 Regular Meeting Page 2 7. EDA BUSINESS 46 47 A. Consideration of EDA Resolution 05-EDA-208A, a Resolution Approving the 48 Elimination of Parcels from TIF District No. 3 and 05-EDA-209B, a 49 Resolution Approving the Establishment of TIF District No. 5, a Special-50 Legislation Economic Development District. 51 52 Economic Development Coordinator Bachman referenced the packet provided to the 53 Commission noting that at the June 27, 2005 meeting, the EDA and City Council adopted 54 resolutions approving the sale of land comprising the Bridges of Mounds View Golf Course, 55 approved the Medtronic Development proposal, terms of the purchase agreement. He explained 56 that in order to facilitate this development, the City sought passage of special TIF legislation 57 during the 2005 legislative session. On May 23, 2005, the Minnesota Legislature approved the 58 Public Finance Bill that included the City’s legislation and allows it to create a 25-year Economic 59 Development TIF District, with variations from TIF law authorized in Chapter 152, Article 2, 60 Section 26. The Economic Development TIF District legislation requires that the Boards for 61 Ramsey County and the Mounds View School District need to approve the legislation. Both 62 Boards approved the TIF District legislation for Medtronic on June 28, 2005. 63 64 Economic Development Coordinator Bachman used a colored map to describe the parcels and 65 adjacent rights-of-way that the proposed District No. 5 encompasses as well as District No. 3. 66 He noted that Parcel Number 05-30-23-22-0004 is 46 acres that will be retained by the City for 67 open space. This parcel is currently in TIF District No. 3 and it would be part of the new district, 68 less the three acres that is being deeded back to SYSCO Minnesota for that company’s expansion 69 project. 70 71 Economic Development Coordinator Bachman explained that the new District is being created to 72 facilitate development of Phase 1 of a business campus for Medtronic, which includes 73 approximately 820,000 square feet of office space. A development agreement has been 74 authorized, contingent on the approval of the proposed TIF Plan and establishment of TIF 75 District No. 5. If approved, development is likely to begin in the Fall of 2005. 76 77 Economic Development Coordinator Bachman noted the Mounds View EDA and City Council 78 have determined that it will be necessary to provide assistance to the project for certain TIF-79 qualified costs. He advised that Staff recommends approval of the two resolutions, as submitted. 80 81 Commissioner Thomas stated she held a brief discussion with Economic Development 82 Coordinator Bachman regarding this agenda item. She asked Ms. Eldridge to review the issues 83 related to Parcel Number 05-30-23-22-0004 and why Staff recommends it be included in the TIF 84 District. She noted that it would be undeveloped and she is uncomfortable with including this 85 parcel if it doesn’t have to be included in TIF. 86 87