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Mounds View City Council December 12, 2022 <br />Regular Meeting Page 9 <br /> <br />and would provide comments on the plat. He stated the school district was aware of the project 1 <br />and has made comments on where school bus pickups would be. He indicated this property was 2 <br />within walking distance to Edgewood and Irondale High School. He reported the City does not 3 <br />own this property and noted it would be cost prohibitive to subdivide the site into six single-family 4 <br />parcels. 5 <br /> 6 <br />Mayor Mueller requested staff speak to the amount of guest parking spaces. Community 7 <br />Development Director Sevald stated if parking becomes an issue the best solution would be to 8 <br />assign parking stalls and to sign for visitor parking. 9 <br /> 10 <br />Council Member Meehlhause requested staff speak to how the Medtronic property benefits the 11 <br />community. Finance Director Beer explained when a TIF district is established a base value is 12 <br />established for tax purposes. He noted the Medtronic site had a base value of $8 million, where it 13 <br />was previously tax exempt. He commented the increment is calculated based on the additional 14 <br />value that is added to the property once buildings are constructed. He stated the subsidy Medtronic 15 <br />receives is based on the additional property value. He estimated the City receives $300,000 per 16 <br />year in property taxes from the Medtronic site. He noted the site was currently valued at over $160 17 <br />million today and would decertify in 2033. He commented further on the numerous financial 18 <br />benefits the City has received by developing the Medtronic site versus holding it as a golf course. 19 <br /> 20 <br />Council Member Hull questioned what the property value was for the subject property. 21 <br />Community Development Director Sevald reported the value was roughly $119,500. 22 <br /> 23 <br />Council Member Hull asked what the property value would be if the property were development 24 <br />into the proposed apartments. Finance Director Beer estimated the property would be valued at 25 <br />$30 million. 26 <br /> 27 <br />Mayor Mueller questioned how many years the TIF district would be in place for the Woodale 28 <br />Apartments. Community Development Director Sevald stated the TIF district would be in place 29 <br />for 20 years. 30 <br /> 31 <br />Council Member Meehlhause stated it was his understanding it has been difficult for any developer 32 <br />to negotiate with the current property owners. Community Development Director Sevald reported 33 <br />this was the case. He explained the development was proposed to be located on two separate lots, 34 <br />noting there was also a corner lot. 35 <br /> 36 <br />Council Member Meehlhause inquired what other development opportunities have occurred on 37 <br />these lots. Community Development Director Sevald explained the City has encouraged a number 38 <br />of different developers to contact the property owner for a number of different developments and 39 <br />this was the first time the property owners have considered selling. 40 <br /> 41 <br />Council Member Meehlhause requested who would be the driver of redeveloping the Mounds 42 <br />View Square and AMC movie theater properties. Community Development Director Sevald 43 <br />indicated the redevelopment of these sites would be led by the property owner, a willing developer 44 <br />and the City Council. 45 <br /> 46