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Mounds View Planning Commission <br />August 2, 2000 <br />Regular Meeting Page 3 <br /> <br />Commissioner Laube asked if these documents apply only to The Mermaid. Economic <br />Development Coordinator Parrish stated that is correct, they are specific to The Mermaid. <br /> <br />Chairperson Peterson inquired regarding the specific dollar amounts and asked if an amendment <br />would be needed should the numbers change. Economic Development Coordinator Parrish <br />explained these documents contain estimated costs and the final documents will contain an <br />actual budget. <br /> <br />Commissioner Miller asked if there is an estimated completion date. Economic Development <br />Coordinator Parrish explained they are attempting to receive development approval and it <br />appears the earliest they could break ground is September to October and the tentative opening <br />date is sometime late next year. <br /> <br />Commissioner Laube inquired regarding the impact on the City’s bond rating. Economic <br />Development Coordinator Parrish explained there is only a limited effect on the City’s ability to <br />bond for general improvement projects since the revenue occurring in the TIF fund would not <br />occur “but for” these projects. Also, this is a pay-as-you-go project with no revenue bonds <br />issued by the City on behalf of the developer. <br /> <br />Chairperson Peterson asked if the plan remains consistent with what the Planning Commission <br />considered previously. Economic Development Coordinator Parrish stated there have been no <br />revisions. <br /> <br />Chairperson Peterson commented that this consideration is more of a formality based on what <br />was determined during the Comprehensive Plan discussions. Economic Development <br />Coordinator Parrish stated that is correct. <br /> <br />Commissioner Kaden asked about the financial stability of The Mermaid and the reason TIF is <br />involved. Economic Development Coordinator Parrish explained the theory is that “but for” the <br />assistance being provided, the project would not proceed. He explained staff has been working <br />with The Mermaid for several years to determine what amount would be needed to move the <br />project forward. The anticipated revenues to be received by The Mermaid will be turned into <br />equity for their project. Economic Development Coordinator Parrish stated if TIF was not given, <br />this project would not proceed as proposed today. <br /> <br />Community Development Director Jopke stated it is the Council’s decision whether or not to <br />approve this type of TIF financing and if this is the minimum amount that should be put towards <br />this project. He explained that as part of the application process, The Mermaid is required to <br />provide those numbers to the City. <br /> <br />Commissioner Kaden stated it appears it is assumed this project is considered to be financially <br />feasible. Community Development Director Jopke stated this project has undergone a substantial <br />financial analysis and they have determined the amount needed from TIF to successfully move <br />the project forward. <br /> <br />Chairperson Peterson noted the Planning Commission has already reviewed this project and <br />determined it is in compliance with the Comprehensive Plan.