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Mounds View EDA November 14, 2005 Regular Meeting Page 2 7. EDA BUSINESS 44 45 A. Continuation of a Joint Meeting Between the EDA and the Economic 46 Development Commission (EDC) to address TIF Goals and TIF Funding 47 Priorities 48 49 Community Development Director Ericson explained this is a continuation of the meeting 50 between the EDA and EDC which started in September at a work session where topics discussed 51 included: TIF philosophy, goals, spending priorities, and level of increment to be received 52 through the term of the TIF Districts. There was good discussion on various priorities and 53 consensus reached that Highway 10 improvements remain a priority for the City. Director 54 Ericson stated that other items need some substantial discussion. The EDC met and revised their 55 priority list, which has been provided to the Council. 56 57 Director Ericson recommended that discussion continue tonight so those goals can be finalized 58 for adoption in January. 59 60 Stacy Kilvang, Ehlers & Associates, explained that they looked at the priorities previously 61 discussed and broke them down into the categories of Capital Projects, Redevelopment, and 62 Housing. They then determined possible funding sources. She explained that with Capital 63 Projects and Housing Redevelopment Projects, it is good for the City to augment funding with 64 grants. 65 66 Ms. Kilvang noted the four Capital Projects are the pedestrian trails along County Road 10, 67 County Road 10 local match, road reconstruction (City-wide – 6 year plan) and future 68 infrastructure/redevelopment needs. The Redevelopment priorities are the Skyline Motel, PAK 69 Building, Premium Stop/Donut Connection, Moundsview Square, and County Road 10/Woodale. 70 The Housing goals are the Housing Improvement Program, Laport Meadows, and Sherwood 71 Housing Development for a total project cost of $18,619,923. Ms. Kilvang noted the total of 72 financing available equals $20,079,459 so the City is in good shape to consider these projects. 73 74 Ms. Kilvang noted their report included a brief description of the projects, issues related to the 75 projects, and funding sources. She stated they would like direction from the EDA on whether 76 these are the priorities, if the priorities are correctly listed, and to establish a timeline on each 77 project. 78 79 President Marty asked about funding sources. Ms. Kilvang stated Shelly Aldrich will be 80 addressing that issue and how it can be bonded in two different series. 81 82 Shelly Aldrich, Ehlers & Associates, stated between the three Districts it appears there is 83 approximately $1.5 million available from 2006 on until 2013 and then the Districts start to 84 expire if they go full term. Looking at the most simplistic way, it will generate $15 million 85