10-24-2005 - Laserfiche WebLink

Home Browse Search

Mounds View EDA August 22, 2005 Regular Meeting Page 5 Commissioner Thomas pointed out that it is a tax-exempt property anyway so it would not make 170 a difference. She restated her position that she is not comfortable with putting the parcel in a 171 TIF District if there is no reason to do so. 172 173 Commissioner Flaherty agreed and noted the EDA still has options to use, if needed. He added 174 that if there is an easement issue, it can be easily rectified. 175 176 Economic Development Coordinator Bachman stated he generally supports recommendations of 177 advisors but for this particular issue, Staff is flexible. He explained that the key issue is the other 178 five parcels comprising the 72.2 acres and the 46 acre triangular area is less critical for this 179 development. He stated that Parcel Number 05-30-23-22-0004 could be included or excluded 180 from the District from Staff’s point of view. 181 182 President Marty stated his preference to leave the parcel in TIF District No. 3. 183 184 President Marty read a paragraph from Page 2 of the Staff report indicating: “The Mounds View 185 EDA and City Council have determined that it will be necessary to provide assistance to the 186 project for certain TIF-qualified costs. These include, but are not limited to, land acquisition, site 187 improvements, public utilities, parking facilities, roads, billboard removal and relocation, and 188 demolition. The amount and use of TIF by Medtronic is outlined in the previously approved 189 development agreement. 190 191 President Marty stated the issue of land acquisition pertaining to Blaine has been mentioned a 192 number of times at past meetings. In his opinion, that would be the last priority. He asked why 193 land acquisition is listed first, ahead of everything else. 194 195 Economic Development Coordinator Bachman explained that the Staff report includes the listing 196 as shown in the legislation. It is not a listing of priority. He stated he believes there are other 197 items that would entail more TIF expenditures. 198 199 President Marty referred to the Ehler’s presentation, and drew the EDA’s attention to the list of 200 authorized uses on Page 2, noting the project cost total of $32,700,000 and interest of 201 $16,947,319, but the land acquisition is only $2,100,000. 202 203 Sid Inman, Ehlers & Associates, explained that this is a TIF Plan and the numbers are estimated 204 costs. He advised that the EDA can make line item changes as needed. With regard to President 205 Marty’s earlier question, he explained that the State Auditor lists acquisition first but that doesn’t 206 mean it would be reimbursed first. 207 208 President Marty noted that even with the interest removed, it still equals, $15,752,681. He stated 209 his understanding that this project would have a cap of $14.8 million but the numbers show it is 210