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Mounds View City Council August 22, 2005 <br />Regular Meeting Page 6 <br />• a developer would install improvements and not be paid interest. He stated that a 5% interest <br />rate is probably 250 basis points lower than the current average lending rate. Most are at 650- <br />675 so 5% is a lower interest rate by market standard. He stated he can provide many examples, <br />if requested by the Council, but does not have them with him this evening. <br />Ms. Haake stated Medtronic has agreed to pay $9.65 million for the Bridges and asked why $1 <br />million of the purchase cost is relabeled as reimbursement by Medtronic, in place of sale price, <br />which in effect lowers the park dedication fee by $100,000. It also places $150,000 back on <br />trails that they get to use. <br />Mayor Marty stated he also has that question. <br />City Administrator Ulrich explained the $865,000 is based on what Medtronic is paying the City <br />of Mounds View for the property. Part of the negotiations is that a portion of the park dedication <br />($150,000) would be used to improve the .adjacent land for public use that would also be <br />available to SYSCO and Medtronic employees as well as the public. <br />Ms. Haake stated the legislation indicated that the $1 million was to be paid in the revertor clause <br />and paid for by the City of Mounds View. She asked if Medtronic is paying $9.6 million, then <br />why is the City not getting another $100,000 from them. <br />Dan Hall, 2200 Highway 10, stated he was one of the first people who wants to keep things civil <br />• because all are interested in what is best for the citizens of Mounds View. He stated he would <br />not like to be told over the last two months that he was not looking out for what is best for <br />Mounds View and was being duped and taken advantage of by Medtronic. Mr. Hall noted this <br />type of comment is coming from the "nice side" but he does not see the same tactics being used <br />by the proponents who want to sell the golf course to someone to make it profitable. He stated it <br />is his belief that Mr. McCarty, Ms. Haake, and Mr. Amundsen want to stall it long enough so <br />Medtronic will go to another city. He stated it is evident to him that they are "grasping at <br />straws." He stated when you accuse people of dealing under the table and taking bribes, how can <br />you expect a civil conversation and work going back and forth. He stated he agrees with the <br />majority of the Council that due diligence has been done and the Council has done a good job. <br />Cindy Sebesta, 2146 Hillview Road, stated she believes that moving forward puts the residents of <br />Mounds View at risk for unwarranted and unwelcomed liability and it astounds her to think that <br />residents could be priced out of their homes. She stated that Bethlehem Baptist Church made a <br />$25,000 donation in place of tax money generated since it is in a TIF district. SYSCO, who <br />provides more jobs to residents, took a small TIF and it will be repaid in two years, which to her <br />seems reasonable. However, she is concerned with subsidizing amulti-million dollar company <br />that can afford to pay taxes and should be demonstrating good corporate citizenship, which <br />includes paying its fair share. Ms. Sebesta asked for a fair deal or no deal. She asked the <br />Council if they saw, read, and understood the contract related to redeveloping the golf course into <br />a Medtronic facility prior to voting on it. <br />• <br />