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r <br />n <br />~J <br />• <br />Page 10 <br />August 24, 1998 <br />Mounds View City Council <br />Mounds View. The project would also take TIF funds away from the Highway 10 Corridor <br />Development. <br />McCarty stated the EDC, which Stigney is a member, had recommended the project, in concept, <br />on a unanimous vote. No commitments are being made tonight. The City Council is authorizing <br />the City staff to continue to work with the developer in searching out answers to questions that <br />are before the Council and the developer, he added. McCarty stated the developer pays for staff <br />time through the application fees. <br />Stigney stated, "The cooperative effort that is being proposed is for the City to solely purchase <br />and be responsible for the Rent All property, and this is being asked without any input from the <br />City's citizens as to whether they wish to do that or not." <br />McCarty stated there is not "gift" from the City in regards to purchasing any properties that <br />would be involved in this project. Financing for the project would come from three components: <br />1. Private development funds <br />2. Bonding, to be paid back with future revenues from the project <br />3. TIF (Rent All property) <br />No dollars will come from the advalorum tax levy. The entire project would be paid for with tax <br />increments. <br />Stigney reiterated the funds would be coming from the TIF pool that could be used for the <br />Highway 10 Corridor Development. "The City residents should be clued in as to what this <br />project is," he restated. <br />VOTE: Ayes - 4 Nays - 1(Stigney) <br />8. REPORTS <br />Quick No Report <br />Koopmeiners No Report <br />Gunn No Report <br />Stigney No Report <br />Ulrich No Report <br />Mayor McCarty No Report <br />Attorney Long gave the following report: <br />Motion carried <br />