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Mounds View EDA December 11, 2000 <br />Regular Meeting Page 3 <br /> <br />Commissioner Marty expressed his desire to have TIF removed from the title of the fund. <br /> <br />President Coughlin clarified the City is attempting to create a generic holding account for the <br />funds until decisions are made concerning the legal uses for the funds. It is important that <br />Council choose a name for the funds that won’t pose a problem at a later date. <br /> <br />President Coughlin suggested a friendly amendment to Vice President Stigney’s motion to title <br />the fund Economic Development Fund. <br /> <br />Vice President Stigney denied President Coughlin’s request for a friendly amendment. <br /> <br />Economic Development Director Parish indicated the fund is simply a holding fund for the <br />monies and the Resolution requires the monies not be spent without approval of Council. <br /> <br />MOTION/SECOND. Coughlin/Quick. To Amend the Motion on the Floor to Title the Fund <br />Economic Development Fund. <br /> <br />Vice President Stigney suggested a friendly amendment to President Coughlin’s motion to title <br />the fund Mounds View Community Fund. <br /> <br />President Coughlin inquired if Staff was comfortable with titling the fund Mounds View <br />Community Fund. <br /> <br />Economic Development Director Parish indicated Staff was comfortable with titling the fund <br />Mounds View Community Fund. <br /> <br />President Coughlin, the motioner, and Commissioner Quick, the seconder, agreed to Vice <br />President Stigney’s friendly amendment to title the fund Mounds View Community Fund. <br /> <br />Vote on Motion to Amend <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />B. Consideration of Resolution 00-EDA-139, a Resolution Authorizing the <br />Expenditure of TIF Funds to Purchase the Sheriff’s Certificate for 2345 <br />County Road H2. <br /> <br />Economic Development Director Parish indicated Staff was made aware that the Network <br />Liquors property was in foreclosure and inquired as to whether the holder of the Sheriff’s <br />Certificate would be interested in selling it to the City. Staff has been informed the holder of the <br />Sheriff’s Certificate is willing to sell it to the City for approximately $68,000. The City would <br />receive title to the property if the borrower does not pay the amount due by the end of the