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Mounds View EDA May 28, 2019 <br />Regular Meeting Page 2 <br /> <br />Assistant City Administrator Beeman requested the EDA approve an Interfund Loan for the <br />Skyline Motel Project. He explained the City would be closing on the Skyline property on <br />Thursday. As part of that, on Friday a blight and substandard TIF study would be completed. If <br />the TIF study results are positive, an interfund loan could be used to allow the City to pay itself <br />back for the project expenses. <br /> <br />Stacie Kvilvang, Ehlers & Associates, explained State Statute requires that before any capital <br />expenditures or administrative costs be incurred for TIF district that an interfund loan be in place. <br />This action allows the City to pay itself back through TIF. She reported the amount within the <br />Resolution would allow the City to reimburse up to $2.5 million in expenditures. <br /> <br />Commissioner Meehlhause asked if relocation costs could be covered by the interfund loan. Ms. <br />Kvilvang stated this loan covered 100% of expenses, which would include relocation expenses. <br /> <br />MOTION/SECOND: Meehlhause/Gunn. To Waive the Reading and Adopt Resolution 19- <br />EDA-323 Approving an Interfund Loan for the Skyline Motel Project. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />7. REPORTS <br /> <br />Commissioner Meehlhause requested an update on INH. Assistant City Administrator Beeman <br />reported a preconstruction meeting was held with INH and on Wednesday, June 5th INH would <br />be coming before the Planning Commission. <br /> <br />8. NEXT EDA MEETING: Monday, June 10, 2019 at 5:30 p.m. <br /> <br />9. ADJOURNMENT <br /> <br />President Mueller adjourned the meeting at 6:24 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br />Recorded and transcribed by: <br />Heidi Guenther <br />TimeSaver Off Site Secretarial, Inc.