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Mounds View EDA January 14, 2005 <br />Special Meeting Page 3 <br />provide a good baseline. <br />President Marty asked whether all the signs were up yet. <br />Economic Development Director Backman stated that there are structures on all six sites, but <br />they are not fully done. <br />Commissioner Flaherty stated his concern over spending $14,500 on appraisals when they <br />haven't received a proposal yet from Medtronic. He stated his concern over the increase there <br />has been in the taxes for the residents of Mounds View. <br />Economic Development Director Backman stated that Medtronic had attended and spoke at the <br />last City Council meeting, so that had been a good sign. He stated that both sides were spending <br />money on this project, and that the AUAR was a process that needed to be done whether it's for <br />this project or another project. He stated that Medtronic had hired SRF to do a traffic analysis. <br />President Marty asked whether this cost could be put into the purchase price for the land. <br />Economic Development Director Backman stated that a variety of things could be placed into a <br />development agreement such as this. He stated that the expenditure was TIF eligible, and that <br />the TIF funds are in good shape. He stated they were just beginning the process to discuss what <br />elements could be placed in a development agreement with Medtronic. <br />President Marty asked if it was necessary to complete the appraisal two weeks early with a higher <br />price tag. <br />Economic Development Director Backman stated that it was necessary, and that there are a lot of <br />aspects to this $65 million project. He stated that Medtronic would like to begin construction in <br />September. He stated that he was working on a chart to determine when various issues need to <br />be accomplished. He stated that there had been discussions regarding accomplishing the <br />development agreement by the latter part of March, so these appraisals were needed by the end of <br />February. <br />Vice President Stigney asked if the appraisals would be time specific. <br />Economic Development Director Backman stated that the appraisals would be like a snapshot in <br />time. <br />City Attorney Riggs stated that it would be relevant for the time period they were talking about <br />here, but in two years they would have a basis to work off of from it. <br />Vice President Stigney stated that the size and scope of this project is a once in a lifetime <br />