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Page 8 ` ~ ~ ~ '~~. ~' <br />Apri128, 1997 <br />Mounds View City Council <br />MOTION/5ECOND: Tnide/Quick to approve Introduction of Ordinance 600, to Consider Amending the <br />Assessment Policy. ~ <br />ROLL CALL VOTE: <br />Mayor McCarty aye <br />Council member Stigney ~ aye <br />Council member Quick aye <br />Council member Koopmeiners aye <br />Council member Trude aye <br />Motion Carried (S-0) <br />Continuation otl'ublic Hearing and Consideration otResolution No. 5114, Regarding Modifications of <br />the Devebpment Plan for the Mounds Vier Economic Devebpment Project and a Tai Increment <br />Financing Plan for Ta=Increment District Na 4. <br />Mayor McCariy opened the Public Hearing at 9:25 p.m. <br />Mr. Whiting noted that this was a continuation of the Public Hearing held on April 14, 1997 regarding the Bel <br />Rae T1F District No. 4. He introduced Dave Maroney of Community Partners, Inc. who was present to <br />review the plan with the Council. He went through the five exhibits in the TIF plea He noted that there is <br />nothing in the document that rnstricts the term of the district if it is created. This is a proposed redevelopment <br />district and the duration cannot exceed 25 years. <br />Attorney Long noted that Resolution No. 5114 approves the TIF plan for District No. 4. <br />Mayor McCarty closed the Public Hearing at 9:45 p.m. <br />MOTION/SECOND: Trude/Koopmeiners to Approve Resolution No. 5114, Approving Modification of the <br />Project Plan for the Mounds View Economic Development Project and Approving the Tax Increment <br />Financing Plan for Tax Increment Financing District No. 4. <br />VOTE: 5 ayes 0 nays Motion Carved <br />COUNCIL BUSINESS• <br />E. Consideratlon of Resolution No. Slll, Supporting Subsidized Housing Units in Mounds View as <br />part of the Proposed Silver Lake Commons lkvebpment. <br />F. Consideration of Resolution No. 5112 Supporting the Ramsey County's Allocation of Home Funds <br />to MSP Real Estate for the Significant Rehabilitatbn ot40 Apartment Units boated at 2665 Highway <br />10. <br />Ms. Bennett, EDA Director, briefly reviewed the proposed Silver Lake Commons project. She noted that <br />Resolution 5111 would support the setting aside of subsidized housing units through the Holman Decree for <br />the proposed Silver Lake Commons. Undet this funding, three units would be set aide for existing Mounds <br />View residents who receive rent subsidies. The remaining seven units would be made available to applicants <br />• <br />~J <br />