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Mounds View EDA March 24, 2003 Regular Meeting Page 2 46 Economic Development Coordinator Backman indicated that the last bond payment for TIF 47 District 1 was made February 1, 2003 and that would free up $1,000,000 in increment for other 48 TIF projects. He then commented that the City needed to show the state that the City has 49 ongoing projects or the state would encourage the City to decertify districts. 50 51 President Linke indicated that there may be a lot of hurdles to using TIF funds. 52 53 Economic Development Coordinator Backman indicated that Staff discussed the matter and there 54 are ways to structure the financing and use TIF funds but he is not sure that it would work. 55 56 Vice President Stigney asked if it would be part of a TIF district. 57 58 Economic Development Coordinator Backman indicated there are ways to structure it and then 59 briefly reviewed some of the regulations. 60 61 President Linke indicated he would lean toward the third scenario as there are a lot of 62 opportunities out there. He then said he thinks the land would go quickly with interest rates 63 down and there is less chance for the City if the City works with the property owner to solicit a 64 developer to purchase the land rather than the City purchasing it and attempting to sell it. 65 66 Vice President Stigney indicated a fourth option would be to let the property owner sell it himself 67 rather than have the City get involved and assume any risk. He further commented that he does 68 not favor the City purchasing the property at all and especially not at that price. 69 70 Economic Development Coordinator Backman indicated the difference between two years ago 71 and now is there is a willing seller who is interested in working with the City. 72 73 Economic Development Coordinator Backman commented that a larger area is more attractive to 74 a developer and he spoke to another resident who may be interested in selling some of his 75 property if there is a real proposal from a serious and respectful developer. 76 77 Commissioner Gunn indicated the third option does discuss the City purchasing. She then said 78 she agrees with the third option but wants a private developer to purchase the property not the 79 City. 80 81 Vice President Stigney indicated he did not want the City to stick its neck out for a bunch of 82 roads and infrastructure. 83 84 Commissioner Marty said that he had great confidence in the ability of Mr. Backman and feels 85 that if anyone can market the total property he feels Mr. Backman can do so. 86 87