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Item No. 10C Meeting Date: August 14th, 2000 Type of Business: PH WK: Work Session; PH: Public Hearing; CA: Consent Agenda; EDA: EDA Business City of Mounds View Staff Report To: Mounds View Mayor and City Council From: Aaron Parrish, Economic Development Coordinator Item Title/Subject: Public Hearing and Consideration of Resolution No. 5455 Approving Economic Development Project and Tax Increment Financing Plan Amendments Date of Report: August 29, 2018 Background: As indicated at the Council Work Session, modification of the Mounds View Economic Development Project and Tax Increment Financing Plans establishes the necessary framework to provide tax increment financing assistance for the Mermaid’s proposed hotel and banquet center expansion. As a result of the modifications/amendments, the following will be incorporated into Mounds View’s existing TIF budgets as expenditures reimbursable with TIF funds: Mermaid Redevelopment Project Expenditure Category Expenditure Land Acquisition $1,736,700 Demolition / Removal 110,000 Other Site Work, Including On Site Utilities 698,807 Mermaid Rehabilitation and Remodeling 433,992 Other Soil Correction / Remediation 126,320 Administrative Expenses 100,000 Interest on TIF Indebtedness / Borrowing Relating to Costs of Redevelopment Project 1,500,000 Total Development Costs and Maximum Amount of Bonded Indebtedness $4,705,819 As previously stated, the modification of the Economic Development Project and TIF Plans do not constitute approval of TIF assistance for the project. Rather, it provides the framework in which to proceed. Preliminarily, it is anticipated that 90% of the property taxes generated as a result of the expansion will be provided to the developer for 10.5 years, or the remaining life of the TIF district. Payments would be made semiannually on a pay-as-you-go basis. Based on