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Minutes of the Economic Development Commission <br /> City of Mounds View <br /> • Ramsey County, Minnesota <br /> Regular Meeting <br /> July 24, 1997 <br /> City of Mounds View, Council Chambers <br /> 2401 Highway 10, Mounds View, MN 55112 <br /> I. Call to Order: <br /> The meeting was called to order at 7:35 a.m. by Vice Chairperson, Cindy Carlson. <br /> 2. Roll Call: <br /> Members Cindy Carlson, Rosemary Goff, Ron Schmidt, Brian Sjoberg and Delane Welsch were <br /> present. Dir. of Economic Development Cathy Bennett was present. Member Dan Nelson, EDA <br /> Liaison Duane McCarty and Alternate Liaison Gary Quick were absent <br /> 3. Approval Of Minutes: <br /> • Motion/Second: Goff/Sjoberg moved approval of Minutes from May 22, 1997. <br /> Motion Carried 5 ayes 0 <br /> Ynays <br /> 4. Special Business <br /> No Special Business. <br /> 5. EDC BUSINESS <br /> A. Consideration of Tax Increment Request to Mounds View Family Apartments for the <br /> Rehabilitation of Red Oak Apartments (Silver Lake Commons). <br /> Director Bennett explained that the proposal has evolved over the past few months but the concept is <br /> relatively the same as when this item was presented at the May meeting. The major difference is that <br /> the new units is reduced from 28 to 16. Bennett proceeded to give a brief overview of the proposal <br /> and the request to purchase EDA owned land and tax increment assistance. MSP is offering to <br /> purchase the EDA owned land for the appraised value and is requesting a $230,000 deferred loan from <br /> existing tax increment funds. <br /> The commission discussed the history of the City owned property and reviewed the efforts made to <br /> market the site for a commercial use. In addition, the commission discussed the study of the area <br /> which suggested multifamily development of the site in connection with rehabilitation of the existing <br /> apartments. <br /> • <br />