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HomeMy WebLinkAbout12-11-2000PROCEEDINGS OF THE MOUNDS VIEW EDA CITY OF MOUNDS VIEW RAMSEY COUNTY, MINNESOTA Regular Meeting December 11, 2000 Mounds View City Hall 2401 Highway 10, Mounds View, MN 55112 8:38 P.M. CALL MEETING TO ORDER ROLL CALL: Coughlin, Stigney, Marty, Quick, and Thomas. NOT PRESENT: None. 1. AGENDA ADDITIONS There were no additions or corrections to the agenda. No motion to approve agenda was made. 2. APPROVAL OF EDA MINUTES A. Approve Minutes of November 13, 2000. MOTION/SECOND: Marty/Quick. To Approve the Minutes of the EDA for November 13, 2000, as presented. Ayes – 4 Nays – 0 Motion carried. Commissioner Thomas abstained as she was not present at the November 13, 2000 meeting. 3. SPECIAL ORDER OF BUSINESS None. 4. CONSENT AGENDA None. Mounds View EDA December 11, 2000 Regular Meeting Page 2 5. EDA BUSINESS A. Consider Approval of Resolution 00-EDA-138, a Resolution Requesting the Economic Development Authority Withdraw all Pre-July 1, 1997 Interest Revenue from Tax Increment Financing Districts Nos. 1, 2, and 3, all Redevelopment Districts, and Place the Revenue in a Newly Created Economic Development Fund. Economic Development Coordinator Parrish indicated the funds would not be spent but would be left in the fund to accrue interest until such time as it is decided how they should be spent. Economic Development Coordinator Parrish inquired as to whether the Economic Development Authority had any questions concerning the Resolution. Commissioner Quick inquired as to whether there was $2.2 million dollars to be moved to the newly created account. Finance Director Kessel indicated the latest projections indicate $2.4 million dollars will be available in February or March. MOTION/SECOND: Stigney/Marty. To approve Resolution 00-EDA-138, a Resolution Requesting the Economic Development Authority Withdraw all Pre-July 1, 1997, Interest Revenue from Tax Increment Financing Districts Nos. 1, 2, and 3, all Redevelopment Districts, and Place the Revenue in a Newly Created Economic Development Fund Amending the Name of the Fund to TIF Interest Fund. President Coughlin inquired as to whether Staff felt the Office of the State Auditor would approve of calling the fund a TIF Interest Fund. Economic Development Coordinator Parrish expressed concern for referring to the fund as a TIF Interest fund as the reason to move the funds is to get away from having them commingled with other TIF interest funds. President Coughlin inquired if Vice President Stigney would like to amend his motion based on the recommendation of Staff to keep TIF out of the name of the fund. Finance Director Kessel suggested the fund be called Economic Development Interest Fund. Vice President Stigney expressed concern for titling the fund Economic Development Interest Fund as the name suggests a specific use for the funds. Mounds View EDA December 11, 2000 Regular Meeting Page 3 Commissioner Marty expressed his desire to have TIF removed from the title of the fund. President Coughlin clarified the City is attempting to create a generic holding account for the funds until decisions are made concerning the legal uses for the funds. It is important that Council choose a name for the funds that won’t pose a problem at a later date. President Coughlin suggested a friendly amendment to Vice President Stigney’s motion to title the fund Economic Development Fund. Vice President Stigney denied President Coughlin’s request for a friendly amendment. Economic Development Coordinator Parrish indicated the fund is simply a holding fund for the monies and the Resolution requires the monies not be spent without approval of Council. MOTION/SECOND. Coughlin/Quick. To Amend the Motion on the Floor to Title the Fund Economic Development Fund. Vice President Stigney suggested a friendly amendment to President Coughlin’s motion to title the fund Mounds View Community Fund. President Coughlin inquired if Staff was comfortable with titling the fund Mounds View Community Fund. Economic Development Coordinator Parrish indicated Staff was comfortable with titling the fund Mounds View Community Fund. President Coughlin, the motioner, and Commissioner Quick, the seconder, agreed to Vice President Stigney’s friendly amendment to title the fund Mounds View Community Fund. Vote on Motion to Amend Ayes – 5 Nays – 0 Motion carried. B. Consideration of Resolution 00-EDA-139, a Resolution Authorizing the Expenditure of TIF Funds to Purchase the Sheriff’s Certificate for 2345 County Road H2. Economic Development Coordinator Parrish indicated Staff was made aware that the Network Liquors property was in foreclosure and inquired as to whether the holder of the Sheriff’s Certificate would be interested in selling it to the City. Staff has been informed the holder of the Sheriff’s Certificate is willing to sell it to the City for approximately $68,000. The City would receive title to the property if the borrower does not pay the amount due by the end of the Mounds View EDA December 11, 2000 Regular Meeting Page 4 redemption period. President Coughlin clarified that the borrower would need to pay the amounts due including interest. Economic Development Coordinator Parrish indicated Staff has set aside approximately $71,400 in TIF funds to purchase the Sheriff’s Certificate. Commissioner Thomas made a point of order clarification indicating Council had voted on the motion to amend concerning 00-eda-138 but not the original motion. Vote on Motion to Approve Resolution 00-EDA-138. Ayes – 5 Nays – 0 Motion carried. MOTION/SECOND. Quick/Marty. To Approve Resolution 00-EDA-139, a Resolution Authorizing the Expenditure of TIF Funds to Purchase the Sheriff’s Certificate for 2345 County Road H2. Ayes – 5 Nays – 0 Motion carried. 6. REPORTS President Coughlin reported he and Mayor-Elect Sonterre had attended a meeting of the Economic Development Commission where use of the TIF funds was discussed. It was the consent of the Commission to create a fund to let the funds sit in until the issues are resolved. President Coughlin reported Rosemary Goff had resigned from the Economic Development Commission. He thanked her for her years of service to the City. 7. ADJOURNMENT President Coughlin adjourned the meeting at 8:56 p.m. Respectfully submitted, Recorded and transcribed by: Joan Lenzmeier TimeSaver Off Site Secretarial, Inc.