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Mounds View EDA June 12, 2000 Regular Meeting Page 3 Economic Development Coordinator Parrish advised that two modifications have been incorporated since the Policy was presented at the June 5th Council Work Session. He explained that the evaluation tool has been adjusted to account for any losses in square-footage or jobs that may result in a redevelopment project, and secondly, language directing the Economic Development Commission to examine potential parcels for early decertification has been incorporated into Section 7. He indicated that with these exceptions, the Policy remains relatively unchanged. MOTION/SECOND: Quick/Marty. To Waive the Reading and Adopt the Updated Tax Increment Finance Policy. Vice President Stigney stated this Policy was originally to be pattered after the St. Louis Park Tax Increment Finance Policy, and it has been somewhat spun off by electronic means from the city of Elk River. He indicated he had requested a current copy because he was uncertain what he had done with his copy of the St Louis Park policy, and in reviewing the two policies that were before the Authority, he noted many items that differ from the method utilized by St. Louis Park. He advised that the Policy should be examined further, to determine if the Authority desires to make some of these amendments to the policy. He indicated a side-by-side comparison of both policies would clarify these differences. Economic Development Coordinator Parrish indicated the entire Policy had not been patterned after that of St. Louis Park, but rather, specifically, the evaluation tool. He explained that the actual text of the Policy was basically the City’s own, with some additions developed at the staff level, and it was not modeled after any particular policy. He stated Attachment C, the evaluation tool, is consistent with the cities of St. Louis Park and Elk River. President Coughlin added that as Liaison to the Economic Development Commission, he was aware that the original Policy was modified and discussed at great length by the members of the Commission, which forwarded this item by unanimous vote to the Authority. Vice President Stigney pointed out a typographical error under General Policy, second paragraph, and suggested this sentence indicate “The Mounds View Economic Development Authority shall consider Tax Increment Financing…” President Coughlin stated with the consent of the Authority, the word “consider” would be added to this sentence. Vice President Stigney inquired why there was a reference to telecommunications in Item 5, Projects Eligible for Tax Increment Financing. Economic Development Coordinator Parrish stated this project was listed within the existing policy, and is in accordance with State Statutes, which specify public improvements or facilities,