Minutes - 2005/08/22 - Laserfiche WebLink

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Mounds View City Council August 22, 2005 Regular Meeting Page ZO • two of her colleagues about the interest question and both indicated that they did not recall that New Brighton included interest payments in their TIF Districts. Dennis Hammes, 5511 Quincy, stated he spoke at the Town Hall meeting and while he is not "for" or "against" Medtronic, he is having a hard time considering a 25-year TIF district. He stated it does not seem right, is too high, and he does not think Medtronic really needs it. Mr. Hammes stated when he collected signatures for the petition, he said this is something the residents need to vote on, and did not make statements against Medtronic. He stated this should be a decision for the residents of Mounds View and not five people because it is too much of a burden for five people. He stated the entire community should be involved. Connie Hammes, 5511 Quincy, pointed out that only Phase 1 is guaranteed in the draft purchase agreement and contract. Phases 2 and 3 show tentative starting dates of 2012 and 2017. Full development is optional and dependent upon future financial assistance for Phases 2 and 3. She asked if both Phases 2 and 3 occur by additional future subsidies, what are the projections concerning TIF as a percentage of the City's future tax capacity. Director Ericson stated staff has not considered those numbers because there are too many variables to even guess what will happen in 10 to 15 years. He stated at this point he does not know what the property values will be or the impact to the City. Ms. Hammes noted that Medtronic indicates no part of the purchase is for speculation or land • holding. The draft contract is relevant only to Phase 1. There is no enforceable obligation regarding sale or assignment for Phases 2 and 3. She asked if the Council has considered subdividing Phase 1 construction, holding any balance of the Bridges property as a public asset, contingent upon Medtronic's first right of refusal for future development phases. Councilmember Thomas explained that Phases 2 and 3, as far as projected development, is going up, not out, so it would have the same footprint. Because of that, there is no way to subdivide out properties for future phases. Mayor Marty stated it was his understanding that Medtronic wanted the whole deal. City Attorney Riggs stated it is diff cult to deal with "what ifs" down the road. This development contract deals with Phase 1 construction of approximately an 8,200 square foot footprint of development. The contract defines the development property and the EDA has to consent to any assignments or sales so the City does have that control right now. Joan Dofney, 7801 Gloria Circle, stated this is the second year that City Administrator Ulrich has worked in Mounds View. She asked City staff if they live in Mounds View. All staff members present indicated they do not. Ms. Dofney asked if any of the Medtronic representatives in attendance live in Mounds View. • She stated the Council has been voted in to represent her and those who signed the petition. She stated all would agree this is a large multi-million dollar deal with a health provider for people