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Mounds View EDA January 27, 2003 <br />Regular Meeting Page 3 <br /> <br /> 88 <br />Commissioner Marty indicated it was his understanding that the majority of the District 89 <br />increment goes into the TIF pool whereas if on the City’s regular tax rolls some of the money is 90 <br />removed and sent to Ramsey County, the State and the School District. 91 <br /> 92 <br />Economic Development Coordinator Backman recommended waiting to see what happens with 93 <br />revenues over the next year due to class rate compression. 94 <br /> 95 <br />Commissioner Quick arrived at 6:50 p.m. 96 <br /> 97 <br />Commissioner Marty commented that the former and current Finance Director have both been 98 <br />saying that 2003 will be lowest year as far as zeroing out and 2004 will go up and create some 99 <br />pool. He then said he is also concerned that the State of Minnesota has been cutting taxes for 100 <br />commercial businesses and he wants to make sure there is enough money to pay off the TIF 101 <br />bonds existing. He further commented that he would like to keep this in the forefront and review 102 <br />the parcels for possible de-certification. 103 <br /> 104 <br />Economic Development Coordinator Backman indicated the ability to decertify parcels may 105 <br />depend on future plans for a specific project. 106 <br /> 107 <br />The Authority asked Staff to look into whether MIPH is paying taxes. 108 <br /> 109 <br />Commissioner Marty indicated that it appears from the map that part of the Mermaid parking lot 110 <br />is not in the TIF District. 111 <br /> 112 <br />Economic Development Coordinator Backman indicated that a portion of that parcel was not 113 <br />included in the process. 114 <br /> 115 <br />Commissioner Gunn asked whether building bike paths and sidewalks would be an allowed 116 <br />usage for TIF funds. 117 <br /> 118 <br />Economic Development Coordinator Backman indicated that bike paths would be an appropriate 119 <br />use of TIF dollars and that has been done in the past. 120 <br /> 121 <br />Commissioner Marty asked what the current balance for this year is in the pool. 122 <br /> 123 <br />Economic Development Coordinator Backman indicated he would defer the specific answer to 124 <br />Finance Director Hansen but commented that cash flows were low and there was a need for 125 <br />interfund borrowing so the balance is modest at this time but should change in following years 126 <br />once the bond payment is completed. 127 <br /> 128 <br />Commissioner Marty indicated it was his understanding that there would be approximately 129