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Mounds View EDA July 25, 2005 <br />Regular Meeting Page 4 <br /> <br />negotiations. He explained that the City is dealing with an owner that is not local and it has been 130 <br />difficult trying to convince the property owner, the bank, that they should the corrections 131 <br />identified and called out by the Housing Department or remove the building, which is what the 132 <br />City is recommending. He agreed that the City could continue through the court process but 133 <br />Staff believes this might be the quicker remedy. 134 <br /> 135 <br />Commissioner Gunn asked if the lot is dividable. 136 <br /> 137 <br />Director Ericson stated that at this point it is not dividable because Greenwood Drive, at that 138 <br />point, is unapproved right-of-way adding that at some point in the future it could be subdivided. 139 <br /> 140 <br />MOTION/SECOND Gunn/Thomas To Approve Resolution 05-EDA-205 Authorizing an 141 <br />Appraisal be conducted on the Residential Property located at 2617 Sherwood Road. 142 <br /> 143 <br /> Ayes-5 Nays-0 Motion carried. 144 <br /> 145 <br />B. Resolution 05-EDA-206 Authorizing Payment of Pay-As-You-Go Developer 146 <br />Payments to Heartland-Mounds View Common Bond, and Bridges Leasing 147 <br />Company. 148 <br /> 149 <br />Economic Development Coordinator Backman stated that there are currently three on-going 150 <br />developer agreements, the Mermaid, Silver Lake Point and The Bridges. He noted that the 151 <br />Mermaid has a slightly different schedule adding that the Heartland-Mounds View Common 152 <br />Bond for the Silver Lake Point project in the amount of $34,078.73 and for The Bridges Leasing 153 <br />Company in the amount of $27,423.00 would be due August 1, 2005. 154 <br /> 155 <br />President Marty stated this is the City’s obligation to pay back the developers per the City 156 <br />agreement. 157 <br /> 158 <br />Vice President Stigney clarified that these are both TIF. 159 <br /> 160 <br />Economic Development Coordinator Backman confirmed noting that The Bridges leasing would 161 <br />be done in Feb 2006. 162 <br /> 163 <br />MOTION/SECOND. Stigney/Flaherty To Approve the motion to Adopt Resolution 05-EDA-164 <br />206 Authorizing Payment of Pay-As-You-Go Developer Payments to Heartland-Mounds View 165 <br />Common Bond; and Bridges Leasing Company and waive the reading. 166 <br /> 167 <br /> Ayes-5 Nays-0 Motion carried 168 <br /> 169