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<br />On June 28, 2004 the Mounds View EDA authorized staff to draft a development <br />agreement to provide $75,000 in Tax Increment Financing assistance to Velmeir <br />to facilitate the redevelopment of the Amoco site at County Highway 10. The <br />Mounds View EDA recommended that the reimbursement be limited to costs <br />associated with demolition and clearing, Rice Creek Watershed District <br />stormwater management requirements, and/or park dedication fees. The source <br />of funds for the $75,000 grant would be Tax Increment Financing (TIF) funds. <br /> <br />Briggs & Morgan, the City’s TIF legal advisor, provided City Staff with a draft of <br />the Development Agreement on July 12, 2004. Velmeir’s legal advisor reviewed <br />the agreement last week and suggested four changes in the document. These <br />were deemed reasonable and were incorporated into the attached development <br />agreement. <br /> <br />Recommendation: <br /> <br />Staff recommends that the Mounds View EDA approve Resolution 04-EDA-191 <br />that approves the development agreement with Velmeir to provide a grant for <br />$75,000 to facilitate the redevelopment of the vacant commercial property <br />located at 2800 County Hwy 10. The funding source would be Tax Increment <br />Financing (TIF) funds from District No. 2. It would be paid to Velmeir on a <br />reimbursement basis and anything above $75,000 would be borne by the <br />developer. <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />____________________________ <br />Aaron Backman <br />Economic Development Coordinator <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />\\Trout\MasterFiles\2004\EDA\EDA Packets\07-26-04\Item 6A Resolution 04-EDA-191.doc <br /> <br /> <br />