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Mounds View City Council August 14, 2000 <br />Regular Meeting Page 15 <br />• <br />Council Member Stigney noted language indicating it refers to the project. Economic <br />Development Coordinator Parrish explained it refers to the area where expenditures can be made <br />which is the boundaries of the City. He stated the added additional expenditures are anticipated <br />to be project and site specific. As the TIF district is set up, they are fully poolable and one in the <br />same for reporting purposes. <br />Council Member Stigney noted Page 6 indicating the estimated cost of the redevelopment project <br />is $1.5 million but $2.5 million was mentioned. Economic Development Coordinator Parrish <br />explained this allows the City to be more flexibility in dealing with offices of the State Auditor <br />which states TIF funds must be spent in accordance with the TIF budget so this would provide <br />the City with maximum flexibility should the end documentation for the project indicate $1.8 <br />million. With the recommended language, a TIF amendment to the district is not needed. He <br />explained the budget does not necessarily reflect the amount of assistance to be provided. <br />Economic Development Coordinator Parrish noted the actual numbers of assistance to this <br />project are articulated in the development agreement. <br />Council Member Stigney asked if bonding is anticipated on apay-as-you-go project. Economic <br />Development Coordinator Parrish explained with apay-as-you-go project a limited revenue <br />obligation, called a TIF Note, is issued which is considered a limited revenue obligation of the <br />• City. <br />Council Member Quick asked if this is typical of all future projects. Economic Development <br />Coordinator Parrish stated nothing different will be done with this project than done with past <br />projects. <br />Council Member Quick moved the question. <br />Ayes - 5 Nays - 0 Motion carried. <br />Vote on the motion to Waive the Reading and Approve Resolution 5455: <br />Ayes - 5 Nays - 0 Motion carried. <br />D. Public Hearing, Discussion and Consideration of Resolution 5461, a <br />Resolution Approving .the General Concept Plan of the Proposed Mermaid <br />Planned Unit Development. <br />Mayor Coughlin opened the Public Hearing at 8:38 p.m. <br />Planning Associate Ericson explained that Dan Hall, representing the Mermaid, is requesting <br />• City approval of a PUD general concept plan to construct a 97-room hotel and a 500-seat banquet <br />center to be attached to and integrated with the existing complex. The general concept plan is the <br />first stage of a PUD process. This matter was discussed at the August 7, 2000 work session and <br />revised plans have been submitted to indicate a five foot setback, which had been proposed at a <br />