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Mounds View City Council June 12. 1989 ~tegular Meeting Page Five -------------------------------------------------------------------------- • Mayor Hankner further explained the tax increment financing process. Ms. Weisman asked if the Council really believed Everest would not go ahead with the project without tax increment financing, pointing out how successful their Mounds View Business Park North project has been. Mayor Hankner explained that statistics have identified tax increment financing as helping to attract Fortune 500 companies, which they feel is important vs. unstable companies. Clerk/Administrator Pauley identified the Fortune 500 companies that have located within the City recently and those who are expected to come in. Bill Frits, 8072 Long Lake Road, asked for further clarification of the tax increment financing concept, as far as what portion goes to the City,. County and School District, and what is done after the loans are paid off. Clerk/Administrator Pauley explained any surplus each year can either be put into debt retirement or go to • the taxing bodies. Mayor Hankner closed the public hearing and reopened the regular meeting at 7:59 PM. Mayor Hankner closed the regular meeting and opened the next public hearing at 7:59 PM. Tim Nelson, of Everest Development, reviewed the site plan for proposed Mounds View Business Park South. It is a 17+ acre site, and he explained its location within the City. The plan is for three light industrial buildings, and he reviewed their type of construction, the parking, landscaping and traffic flow. The buildings will consist of 235,000 s.f. total. They propose to connect with existing Woodale Drive on the south side of Highway 10, and they will also have access to the south to County Road H. Mr. Nelson reviewed the proposal for improvements to the wetland area, which. is School District pro- perty. He explained the School District will con- tinue to own it. He also reviewed the drainage plan. This has already been approved by the Rice Creek. Watershed District, and will be presented to the • School Board later this. month., for their approval of the wetland area proposal. The wetland area is approximately 14 acres in size and plans are to include ponding, a nesting island and a trail system. 9. Public Hearing: Request for Everest Develop- ment for Concept Plan and Develop- ment Stage Plan Approval and Wet- land Alteration Permit for Mounds View Business Park South, Planning-Case No. 199-86