Resolution 05-EDA209 - Laserfiche WebLink

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Mounds View EDA August 22, 2005 Regular Meeting Page 20 President Marty asked if that will pay it off at that point. Economic Development Coordinator Bachman stated he hopes so. MOTION/SECOND: Thomas/Stigney. To Adopt EDA Resolution OS-EDA-209, a Resolution Authorizing Payment of Pay-As-You-Go Developer Payment to Red Cent Management, LLC for the Building N Project in Mounds View. Carol Mueller, 8343 Groveland Road, stated she raised several questions at the last meeting and asked Staff to respond at the meeting tonight so all the residents of Mounds View can hear the answers. Commissioner Thomas suggested it be discussed during the Council meeting so all can hear the answers who are watching the Council meeting. Ayes -5 Nays - 0 Motion carried. 8. REPORTS Ms. Mueller asked Staff to explain what the existing TIF' Districts are, what property the Districts entail, and what percentage of the City's property is in TIF Districts. In addition, she asked how the new action and establishment of a new TIF District will increase the percentage of the City that is TIF'. Director Ericson stated there were three TIF Districts prior to the action taken tonight. Currently there are 225 acres in TIF Districts and Mounds View is about 2,600 acres. Of the total City of Mounds View, 8.55% is captured in TIF District Nos. 1, 2, and 3. The creation of TIF District No. 5 adds 2% that is captured within TIF Districts. However, Outlot A is no longer part of TIF District No. 5. It remained within TIF District No. 3 so that will change, but 10.56% remains the same. Ms. Mueller thanked Mr. Ericson for the response. Vice-President Stigney reported that he attended the YMCA community meeting last week dealing with relocation of employees during reconstruction of City Hall. Vice-President Stigney stated the fireworks last night were fantastic. Economic Development Coordinator Bachman announced a Caribou sighting at Mounds View Square, and that the grand opening will be held this Saturday, August 27 at 5:00 a.m. 9. NEXT EDA MEETING: Monday, September 12, 2005 at 6:30 p.m.