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Mounds View EDA September 22, 2003 <br />Regular Meeting Page 2 <br /> <br /> 46 <br />Economic Development Coordinator Backman indicated that the EDC met and discussed the 47 <br />Policy on September 19, 2003 and then reviewed with the Authority the changes coming out of 48 <br />that meeting. 49 <br /> 50 <br />Economic Development Coordinator Backman indicated that Vice President Stigney had brought 51 <br />up at the August meeting a price in excess of fair market value and the EDC has agreed to 52 <br />include this back in section d. 53 <br /> 54 <br />Economic Development Coordinator Backman indicated that the tax rebate financing applicant 55 <br />submits a completed application and a non-refundable application fee. He then indicated that 56 <br />application fee is now professional and technical services. 57 <br /> 58 <br />Economic Development Coordinator Backman indicated that if the EDA incurs additional 59 <br />expenses directly related or for professional or legal services beyond the $1,000 the City shall 60 <br />notify in writing and the applicant will be required to deposit additional fees. 61 <br /> 62 <br />Vice President Stigney indicated he felt that this policy should reflect the fact that the City would 63 <br />prefer to use TIF first and TRF when TIF is not an available option. 64 <br /> 65 <br />Commissioner Quick indicated he approved of the document as presented. 66 <br /> 67 <br />Commissioner Gunn asked why the language on TIF should be in the policy. 68 <br /> 69 <br />Vice President Stigney indicated that the City loses money when using TRF and he would prefer 70 <br />using TIF because the City captures all the money. 71 <br /> 72 <br />Economic Development Coordinator Backman indicated there are some restrictions on 73 <br />abatement for example the most is $100,000 or 5% of the City’s levy and with TIF there is no 74 <br />limit. He then commented that there are a lot more reporting requirements with TIF than there 75 <br />are with TRF. 76 <br /> 77 <br />Vice President Stigney indicated the City would garner a lot more money from TIF than from 78 <br />TRF. 79 <br /> 80 <br />Economic Development Coordinator Backman indicated that typically there are more dollars 81 <br />generated for the recipient under TIF than under tax abatement. 82 <br /> 83 <br />Commissioner Marty commented that the TIF have sunsets on them so they will be closing. 84 <br /> 85 <br />Commissioner Gunn asked which one benefits the entity applying TRF or TIF. 86 <br /> 87