Laserfiche WebLink
Mounds View City Economic Development Authority July 23, 2001 <br />Regular Meeting Page 2 <br /> <br /> <br />7. CONSENT AGENDA <br /> <br />None. <br /> <br />8. EDA BUSINESS <br /> <br />a. Consider Resolution 01-EDA-149 Authorizing Expenditure of TIF Funds for <br />the Edgewood Middle School Regional Pond <br /> <br />Economic Development Coordinator Parrish stated this Resolution is simply authorizing the <br />expenditure of TIF funds for the Edgewood School Pond. The amount of the expenditure is <br />approximately $111,000. This figure reflects the estimated city contributions plus 5%. <br /> <br />Commissioner Marty suggested that in light of the report the City received, possibly the TIF <br />funds expenditure should be amended. <br /> <br />President Sonterre stated it does meet the requirements. <br /> <br />Coordinator Parrish stated this is a budgeted line item in the TIF budget. It was included in the <br />original overall plan. <br /> <br />MOTION/SECOND: Marty/Quick. To Approved Resolution 01-EDA-149 and Waive the <br />Reading. <br /> <br />Ayes – 5 Nays – 0 Motion carried. <br /> <br />b. Provide Direction Regarding Potential Housing Replacement Program <br />Candidate at 3025 County Road H <br /> <br />Economic Development Coordinator Parrish explained this issue was reviewed by Staff. Staff <br />felt it is a good candidate for the Housing Replacement Program. In light of findings by the state <br />auditor, Coordinator Parrish’s recommendation is to hold off on this until the City has amended <br />their TIF plans to be more appropriate. The property most likely will not stay on the market due <br />to the extended turnaround time this amendment will take. <br /> <br />c. Cash Flow Analysis for TIF Districts 1-3 <br /> <br />Economic Development Coordinator Parrish stated that Staff thought it was appropriate to have a <br />cash flow analysis of the three existing TIF Districts conducted. the City is looking at two <br />issues. One has significant legislative impact. Additionally, the city is in the process of the <br />Highway 10 revitalization plan and is working under a deadline with the County to have <br />financing in place. In December, a potential component to the financing plan would be the use of <br />tax dollars with the property tax reform. Coordinator Parrish suggested an authorization of the <br />cash flow analysis of TIF Districts be conducted.