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Item No. 6A <br />Meeting Date: June 28, 2004 <br />Type of Business: EDA <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; EDA: EDA Business <br /> City of Mounds View Staff Report <br /> <br />To: Mounds View Economic Development Authority <br />From: Aaron Backman, Economic Development Director <br />Item Title/Subject: Resolution No. 04-EDA-188, Requesting that the <br />Mounds View Economic Development Authority <br />Adopt the Modification to the Project Plan for the <br />Mounds View Economic Development Project. <br /> <br />Date of Report: June 28, 2004 <br /> <br /> <br />Background: <br /> <br />The City’s Tax Increment Financing (TIF) Plans are a collection several <br />documents in a three-ring binder separated by district and the development plan. <br />Mounds View has three active TIF districts. District 1 encompasses the Mounds <br />View Business Park and a few parcels along Co. Hwy. 10 to the northwest. It <br />includes businesses, such as the Mermaid, Liberty Enterprises, Multi-Tech, <br />Colonial Craft, United Natural Foods, and Medtronic. District 2 largely covers the <br />area north of Co. Road I, east of Groveland Road and south of Co. Hwy. 10. <br />Entities located in the district include the Minnesota Institute of Public Health, <br />Realife Housing Cooperative, the Holiday Station, and the proposed location for <br />CVS Pharmacy. District 3 covers the area north of new Hwy. 10, south of Co. <br />Road J, and west of Coral Sea St. This district includes SYSCO Minnesota, Zep <br />Manufacturing, and the Bridges Technology Park. In 1994 the EDA consolidated <br />the three development programs and plans into one master plan. The <br />consolidation resulted in one development district (the whole city) with one <br />development project known as the Project Plan. In 2000 budgets for TIF Districts <br />1, 2 & 3 were modified. <br /> <br />Discussion: <br /> <br />The City and EDA need to process an amendment of the City’s Project Plan to <br />incorporate revised development budgets and the possibility of <br />development/redevelopment, especially for development likely to occur along the <br />County Hwy. 10 Corridor. In addition, the Office of the State Auditor (OSA) has <br />ruled that the EDA may not purchase any land utilizing tax increment funds