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Mounds View City Council June 20, 2005 <br />Special Meeting Page 2 <br />• holes 2 through 5, and develop the excess 26 acres. The fifth option was the Medtronic proposal <br />with TIF financing. The sixth option was to sell the course to a different entity and provide no <br />TIF. In summary, he noted the Medtronic proposal would be above and beyond the benefits of <br />the golf course. <br />7. PUBLIC SUBSIDY AND FINANCL~I. REVIEW (Ehlers & Associates) <br />Stacie Kvilvang, Ehlers and Associates, reviewed the special legislation by the creation of an <br />Economic Development TIF District and the sale of the former MnDOT property -reverter <br />legislation. She summarized the acquisition/park dedication fees and the retention, conditions <br />prior to conveyance, right of reverter, resale of reacquired property, and relocation or <br />termination/acquisition of billboard leaseholds. She reviewed the construction of minimum <br />improvements, public improvements, administrative expenses, and tax increment financing. She <br />summarized the wetland mitigation, prohibition on tax exemption, sale or assignment, events of <br />default, Phase II and Phase III, and golf course equipment and club house. She reviewed the golf <br />course financing, how the golf course was financed, the historical golf course gross revenue, and <br />the annual Interfund Loan required. <br />8. PUBLIC HEARING <br />A. Public Hearing in regard to a proposed business subsidy to be granted by the <br />EDA to Medtronic, Inc. under Minnesota Statues Sections 116J.993 through <br />• 116J.995. The proposed subsidy involves taz increment financing assistance <br />to facilitate development by the Recipient of an 820,000 sq. ft. business in the <br />City of Mounds View. <br />B. Public Hearing in regard to consideration of the proposed sale of land <br />comprising The Bridges Golf Course in the City of Mounds View, which is <br />presently owned by the City of Mounds View, to Medtronic, Inc. <br />9. PUBLIC COMMENT <br />Mayor Marty asked that before speaking, audience members give their full name and address for <br />the minutes. He advised Mounds View residents and businesses would have the first opportunity <br />to speak, with nonresidents speaking last. He advised that afive-minute time limit would be <br />strictly enforced with PowerPoint presentations being limited to 10 minutes. <br />Warren Johnson, 7710 Greenwood Drive, asked if MEDTRONIC built this building, how much <br />money would the City receive per year in taxes. Ms. Kvilvang, Ehlers & Associates, replied the <br />City would receive approximately $43,000 annually for the general fund that would increase over <br />time while the TIF District was in use and once the TIF District was done, the amount would go <br />up considerably because Medtronic would be paying the full value in taxes. <br />• Mr. Johnson asked with all of the money coming in, how much would the resident's property <br />taxes to be reduced. Ms. Kvilvang replied the goal of the City and EDA was to not have any tax <br />