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<br /> <br /> <br />Item No. 5B <br />Meeting Date: September 25th, 2000 <br />Type of Business: EDA <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; EDA: EDA Business <br /> <br />City of Mounds View Staff Report <br />To: Mounds View Mayor and City Council <br />From: Aaron Parrish, Economic Development Coordinator <br />Item Title/Subject: EDA Direction to the EDC <br />Date of Report: August 7, 2018 <br /> <br />Background: <br /> <br />For the last two years, the EDC has devoted a considerable amount effort updating the Economic <br />Development Component of the Comprehensive Plan and examining several TIF related items. <br />However, the Commission’s agendas are relatively open in the upcoming months. Accordingly, <br />direction is being requested from the EDA for specific items for the EDC to address. The following <br />two items might be suggested. <br /> <br />I. Evaluate Potential Uses of Pre-1997 Interest Earnings <br /> <br />The Office of the State Auditor has determined that interest earnings on TIF funds prior to July 1, <br />1997 are not subject to TIF restrictions. Mr. Jim O’ Meara, the EDA’s TIF attorney, has reaffirmed <br />this position. Currently, there is approximately $1.7 million in interest earnings (This figure is an <br />estimate that needs to be confirmed with the Finance Director). Minimally, the pre-1997 interest <br />earnings should be transferred into a specific fund to distinguish it from existing TIF funds. If the <br />EDA desires, the EDC could evaluate potential options. Some preliminary options include: <br />• Establishing a Highway 10 Special Revenue Fund to provide revenue for any future <br />safety improvements, infrastructure, and/or redevelopment associated with Highway 10 <br />• Establishing an Economic Development Special Revenue Fund to fund a variety of <br />economic development and housing projects / improvements throughout the City <br />• Transferring revenue to existing funds <br />• Other suggestions <br />• A combination of any of the aforementioned options <br /> <br />II. Economic Development Plan Update Including Review of Business Loan Program <br /> <br />In 1986, Mounds View adopted an “Economic Development Plan” to plan future development. This <br />plan included property inventories, fiscal analysis, the use of economic development incentives, a <br />community inventory, and an economic development program. More recently, an Economic <br />Development element was included in the Comprehensive Plan currently being reviewed by the <br />Metropolitan Council. <br />