11-28-2005 - Laserfiche WebLink

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Mounds View EDA November 14, 2005 Regular Meeting Page 4 Commissioner Thomas asked how changing to Election B impacts the tax rate within the district 128 and tax disparity rates. Ms. Aldrich stated there is one obligation left in the District #1 and it 129 only has a year or so left. She stated her bigger concern is with District #2. She advised that 130 there is also an in-between consideration to share back with the County, School District, and 131 City. 132 133 Ms. Kilvang stated the discussion before the EDA is the magnitude that can be captured versus 134 going with the Election that would reduce the amount. She asked the EDA to first consider their 135 priority projects. 136 137 President Marty asked if the EDC members have recommendations. 138 139 EDC Commissioner Torri Johnson stated they have discussed this list for about one year and take 140 it seriously as the areas to focus on in the City. She stated based on the last discussion, County 141 Road 10 is in the forefront. Other projects would be if a developer brings something to them or 142 if there are safety issues. 143 144 Commissioner Thomas noted County Road 10 is divided into two pieces. Ms. Kilvang explained 145 that typically with County Road projects, the City has a match of funding to dedicate to the 146 project that are not County funds. 147 148 Director Ericson noted that Page 2 of the report includes an engineer’s estimate regarding the 149 County Road 10 project. He explained that they did their best work to identify the cost 150 associated with that project and the total is estimated to be $9.1 million, which is less than the 151 ballpark estimate. He advised that staff has already submitted grant and funding applications but 152 that funding would not become available until 2007. TIF dollars are available that are not 153 obligated and the City will face the real possibility of having to give them back if not used. 154 155 Director Ericson noted the City has plans and priorities and it is a matter of moving forward with 156 those projects. He stated he recognizes the benefit of looking at the Election A and B and fiscal 157 disparities, but the priorities and funding needs must first be identified. Then consideration can 158 be given of how to put those dollars back on the tax rolls. He stated it is important to look at the 159 projects identified as priorities and provide feedback on what staff should move forward with. If 160 not a priority for the EDA and Council, then it tells staff what is available. He noted that 161 everything in the priority list can be funded with existing dollars available to the City. 162 163 Commissioner Thomas asked if the local match is what should be considered on the priority list, 164 or should the EDA be talking about a $10 million project and whether it is a City project, or 165 someone else’s project. She stated that she believes it will be a long time if the City is going to 166 wait for match dollars. Commissioner Thomas stated she thinks the City needs to talk about a 167 $10 million project and whether the City should bond for it to make it happen. 168 169