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Mounds View EDA June 28, 2004 <br />Regular Meeting Page 3 <br /> <br />Economic Development Director Backman stated that staff recommends the Mounds View EDA 88 <br />approve Resolution 04-EDA-189 that authorizes staff to draft a development agreement with 89 <br />Velmeir to provide a grant for $75,000 to facilitate the redevelopment of the vacant commercial 90 <br />property located at 2800 County Highway 10. The funding source would be Tax Increment 91 <br />Financing (TIF) funds from District No. 2. It would be paid to Velmeir on a reimbursement basis 92 <br />any anything above $75,000 would be borne by the developer. 93 <br /> 94 <br />Jim Belvert of Belvert Companies stated the costs of the pond are a huge factor right now, as 95 <br />well as they had to purchase additional land to accommodate the pond. 96 <br /> 97 <br />Mayor Linke stated it is getting ridiculous how they face these same problems on every project. 98 <br /> 99 <br />Council Member Gunn stated that this is what TIF money is for. 100 <br /> 101 <br />MOTION/SECOND: Gunn/Quick. To waive the reading and approve Resolution 04-EDA-189 102 <br />Authorizing Staff to Draft a Development Agreement to Provide $75,000 in TIF Assistance to 103 <br />Velmeir Companies to facilitate the Redevelopment of the Amoco Property located at 2800 Co. 104 <br />Highway 10. 105 <br /> 106 <br />Council Member Stigney stated this is an expensive project, and the developer should have 107 <br />anticipated some additional expenditures. He stated he was not in favor of granting the $75,000, 108 <br />and he felt they should stand on their own two feet. 109 <br /> 110 <br />Economic Development Director Backman stated Velmeir has spent in excess of $200,000 to 111 <br />date. He stated the developer can eat only so much. 112 <br /> 113 <br />Council Member Stigney stated he felt the developer could afford it more than the City could. 114 <br /> 115 <br />Council Member Marty stated he had come into the meeting agreeing with Council Member 116 <br />Stigney, but after hearing of the dealings with the Rice Creek Watershed, he was more on the 117 <br />fence. He stated he would like to have the park dedication fees portion removed from this, but 118 <br />otherwise he can go along with it. 119 <br /> 120 <br />Mayor Linke stated they are not saying no to the park dedication fees. 121 <br /> 122 <br /> Ayes – 4 Nays – 1 (Stigney) Motion carried. 123 <br /> 124 <br />C. Rescind 04-EDA-187, the Environmental Study for the 2525 Highway 10 Gas 125 <br />Station. 126 <br /> 127 <br />MOTION/SECOND. Linke/Marty. To rescind approval of Resolution 04-EDA-187, the 128 <br />environmental study for the 2525 Highway 10 gas station. 129