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Mounds View City Council June 11, 2001 <br />Regular Meeting Page 6 <br />City Attorney Riggs indicated that it maybe difficult to deny approval of a bid if it came in at the <br />estimated amount. <br />Council Member Thomas stated that if Council does not like the estimate the project itself is <br />shaky enough that it is not appropriate to put the matter out for bids. She then noted that there is <br />money involved in preparing estimates and stated the estimate has some value but said she feels <br />the need to look into it further and get a closer estimate before putting it out for bids. <br />Council Member Quick asked if there were other moneys available for building the pond and <br />suggested perhaps the Metropolitan Council could be asked to contribute. <br />Economic Development Coordinator Parrish indicated that the pond would need to be bigger for <br />the Metropolitan Council to call it a regional pond. <br />Council Member Quick asked where the money to fund the City's $150,000 portion would come <br />from. <br />Economic Development Coordinator Parrish indicated the funds would come from the existing <br />TIF pool dollars as the pond is considered public infrastructure to support redevelopment. <br />Council Member Quick asked if there was money available for the pond. <br />i Economic Development Coordinator Parrish indicated there should be money in the pool for the <br />pond. <br />Council Member Stigney stated that he personally believes that private developers should share <br />in some of the costs and that is why he asked Staff to talk to the benefiting businesses. He then <br />stated that it is interesting to note that Rice Creek, who has the Type 2 wetlands has backed off <br />from contributing as they do not use their funds for private development. <br />Council Member Stigney noted that Mr. Hall had said he would have more money if the tax rate <br />were compressed but is not willing to contribute further toward the pond. He then stated he is <br />not prepared to commit the residents of Mounds View to picking up the remaining amounts with <br />TIF funds if the developer is unwilling to contribute. <br />Council Member Stigney asked if the excess funds in the TIF funds pool are the funds of <br />different tax districts or if they were pre-existing interest money. <br />Economic Development Coordinator Parrish indicated that the interest earnings prior to July 1, <br />1997 were determined by the auditor not to be subject to the restrictions of TIF. He then noted, <br />however, that the expenditures for the Community Center were taken out of that account and it is <br />the auditor's interpretation that all the pre-July 1, 1997 funds have been expended. He further <br />noted that the matter is being reviewed at this time. <br />• <br />