Laserfiche WebLink
Mounds View EDA July 26, 2004 <br />Regular Meeting Page 2 <br /> <br />associated with demolition and clearing, Rice Creek Watershed District stormwater management 46 <br />requirements, and/or park dedication feeds. The source of funds for the $75,000 grant would be 47 <br />Tax Increment Financing funds. 48 <br /> 49 <br />Economic Development Coordinator Backman stated Briggs & Morgan, the City’s TIF legal 50 <br />advisor, provided City Staff with a draft of the Development Agreement on July 12, 2004. 51 <br />Velmeir’s legal advisor reviewed the agreement last week and suggested four changes in the 52 <br />document. These were deemed reasonable and were incorporated into Development Agreement. 53 <br /> 54 <br />Economic Development Coordinator Backman stated that Staff recommends that the Mounds 55 <br />View EDA approve Resolution 04-EDA-191 that approves the development agreement with 56 <br />Velmeir to provide a grant for $75,000 to facilitate the redevelopment of the vacant commercial 57 <br />property located at 2800 County Highway 10. The funding source would be Tax Increment 58 <br />Financing funds from District No. 2. It would be paid to Velmeir on a reimbursement basis and 59 <br />anything above $75,000 would be borne by the developer. 60 <br /> 61 <br />Commissioner Marty asked when the $75,000 would be re-paid, and Economic Development 62 <br />Coordinator Backman stated that this was in the form of a grant. 63 <br /> 64 <br />Commissioner Marty asked when the TIF District would make up the money in order to decertify 65 <br />this property, and Economic Development Coordinator Backman stated that the property would 66 <br />be developed over the next six to eight months, and it would be on the tax rolls for 2006. He 67 <br />stated the taxes would be approximately $100,000 per year. 68 <br /> 69 <br />Commissioner Marty asked if they could decertify the property in a year, and Economic 70 <br />Development Backman stated probably in two years. 71 <br /> 72 <br />Commissioner Marty asked about park dedication fees, and President Linke stated that they 73 <br />would be receiving park dedication fees. 74 <br /> 75 <br />Commissioner Marty stated he would feel more comfortable taking the wording regarding park 76 <br />dedication fees out of the resolution. Commissioner Gunn agreed, saying it appeared that the city 77 <br />is paying the city. 78 <br /> 79 <br />MOTION/SECOND. Marty/Gunn. To approve Resolution No. 04-EDA-191 as amended, 80 <br />removing all language regarding park dedication fees. 81 <br /> 82 <br />Commissioner Stigney stated he would not support this drug store by voting to help them with 83 <br />TIF funds. 84 <br /> 85 <br /> Ayes – 3 Nays – 1 (Stigney) Motion carried. 86 <br /> 87