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Mounds View EDA August 25, 2003 <br />Regular Meeting Page 2 <br /> <br />out. 46 <br /> 47 <br />Economic Development Coordinator Backman indicated that the City could still do 15 years. 48 <br /> 49 <br />Council Member Marty indicated he liked the change from $100,000 to $25,000 on Page 6. 50 <br /> 51 <br />Council Member Marty asked whether the City’s costs referenced on 7a could be recovered if 52 <br />they are more than the amount listed. 53 <br /> 54 <br />Economic Development Coordinator Backman indicated the costs were considered but the 55 <br />Committee wants to encourage development but he said the wording could be changed from the 56 <br />$1,000. 57 <br /> 58 <br />Council Member Marty indicated that he did not want the City to pay for legal costs to redevelop. 59 <br /> 60 <br />Council Member Marty asked how the public facility and infrastructure projects referenced on 61 <br />Page 8 could be done. 62 <br /> 63 <br />Economic Development Coordinator Backman indicated the City of Golden Valley recently used 64 <br />funds for redoing the overpass and traffic lights leading into the General Mills complex and that 65 <br />work was not directly on the property. 66 <br /> 67 <br />Council Member Stigney indicated he would like the policy to state that this is to be used if TIF 68 <br />is not applicable and the City should strive to use TIF whenever possible. 69 <br /> 70 <br />Council Member Stigney indicated he would like to strengthen the language to require that two 71 <br />or more objectives be met rather than one. 72 <br /> 73 <br />Economic Development Coordinator Backman indicated that other cities policies on TRF were 74 <br />reviewed and most have been one or more. He then said that for many years TIF was the main 75 <br />game in town and now TRF is getting more attention as it does have less administrative cost to 76 <br />cities. 77 <br /> 78 <br />Council Member Stigney indicated it also has the potential for recovering far less as well. He 79 <br />then said he feels the City should utilize TIF wherever possible because it has more overall 80 <br />benefit to the City. 81 <br /> 82 <br />Council Member Stigney indicated he would like to see the language concerning costs amended. 83 <br /> 84 <br />Economic Development Coordinator Backman indicated he would amend the language. 85 <br /> 86