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Mounds View City Council September 12, 2005 <br />Regular Meeting Page 2 <br />• Bill Siercks, 2210 Pinewood Drive, stated he has questions related to the golf course. He stated <br />he was one of the biggest opponents of the golf course when it was proposed to be built, but it <br />was built and now the City wants to get rid of it. He asked how much TIF is involved with the <br />Medtronic project and if there will be any TIF left for the highway corridor. He also asked if <br />Medtronic will use all of the land or whether parcels will be left over that they could sell. <br />Community Development Director Ericson explained that the amount of TIF going into the <br />project is 95% of the taxes they would pay. That money will be used by them for reimbursable <br />expenses of the development. It will not impact the work on the highway corridor because the <br />TIF money supporting the Medtronic project is only a portion of what they would be paying in. <br />Director Ericson advised that other projects would be able to be funded adequately. He <br />explained there would be no land left over for Medtronic to sell later. There is no excess land <br />except for the Phase 3 and 4 development area which will be designated for those phases. <br /> <br />Mr. Siercks asked about the impact to the cost of the land if the Vikings build in Blaine, noting it <br />will never decrease in value. <br />Mayor Marty stated that issue was raised before, but is a moot point since the purchase <br />agreement has been signed. <br />Mr. Siercks stated there is no chance for residents to get what they really want if there is no vote <br />allowed. He stated if there is nothing to worry about, the vote would pass and that would put a <br />• better light on the Council. He stated he finds it strange that somebody doesn't want residents to <br />vote on the Medtronic project. Mr. Siercks noted the people agreed to put in the billboards to <br />pay for the golf course and now the City will have to pay money to get rid of the billboards. He <br />asked where is the planning and foresight. He stated it appears the City is wasting money again <br />and he finds it hard to swallow. He suggested now there is a chance to pay for the golf course <br />but it's not good enough. <br />Councilmember Stigney stated there is a "chance" for the golf course to be profitable only if <br />there is a 3% revenue growth each and every year between now and 2018 and the City retains the <br />billboards at their current value. Then it might break even. He asked why the City should wait <br />for that when they have the opportunity to get money now. <br />Mr. Siercks asked how much Mounds View will get from Medtronic per year. <br />Councilmember Stigney stated he hopes the City will get about $250,000 a year for the tax base. <br />The City will receive $8.6 million in cash and the Council will decide how it should be spent. <br />He stated he supports putting that money towards the tax base each year to hold the zero tax <br />increase over last year. Rather than hold his breath for 18 years, he supports getting something <br />done now. <br />Mr. Siercks stated he wouldn't hold his breath for a zero tax increase to happen. He noted that <br />• Mounds. View was ranked 13 out of a hundred some cities in highest taxes and taxes increased <br />