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HomeMy WebLinkAbout10-27-2008PROCEEDINGS OF THE MOUNDS VIEW EDA CITY OF MOUNDS VIEW RAMSEY COUNTY, MINNESOTA Regular Meeting October 27, 2008 Mounds View City Hall 2401 Highway 10, Mounds View, MN 55112 6:30 P.M. 1. CALL MEETING TO ORDER 2. ROLL CALL: President Marty, Vice President Stigney, Commissioner Hull, Commissioner Mueller, Commissioner Flaherty, and Executive Director Ericson. NOT PRESENT: None. 3. APPROVAL OF AGENDA MOTION/SECOND: Mueller/Flaherty. To Approve the Monday, October 27, 2008 Agenda as Presented. Ayes - 5 Nays – 0 Motion carried. 4. PUBLIC INPUT None. 5. APPROVAL OF MINUTES None. 6. CONSENT AGENDA None. 7. EDA BUSINESS A. Potential Modification of TIF District #1 for the Removal of the Mermaid Subdivision and Select Senior Housing Parcels. Economic Development Specialist Steinmetz provided an over view of the pros and cons of removing the Mermaid subdivision from the District. The Staff recommendation is to leave the parcels in the District. Mounds View EDA October 27, 2008 Regular Meeting Page 2 Commissioner Mueller said that the additional funds can be used for the Streets and Utilities Program and removal of the parcels would impact the funding for that project. Commissioner Flaherty agreed with Commissioner Mueller and said that there are three TIF Districts and the funds are captured for City-wide improvement. He then said that he would like to leave the parcels in the District. Vice President Stigney said that he feels that TIF should be used for its intended purpose to move development forward that would not go without assistance. He then said that he feels the District should end at this time. President Marty said that normally he is in agreement with Councilmember Stigney on this but, he would like the District to continue at this point and said that leaving these parcels in the TIF Districts is a difference of $1,694,770 that the City would have access to for improvements for our streets and infrastructure. Direction from the Council was to NOT proceed with any parcel de-certifications at this time. B. Resolution 08-EDA-248, Authorizing a Modification to the October 2001 Development Assistance Agreement with MoundsVista, Inc. Economic Development Specialist Steinmetz reviewed Resolution 08-EDA-248 modifying the Development Assistance Agreement with MoundsVista, Inc. She then said that the bonds were $850,000 plus interest at 7.75% and the amount of TIF was $1.2 Million. Vice President Stigney asked what happens if MoundsVista cannot establish the TIF amount listed. Economic Development Specialist Steinmetz indicated that MoundsVista would need to pay off the bonds to the bond holders and the second option would be that MoundsVista would guarantee any shortfall. The City would have no financial responsibility for this. MOTION/SECOND: Stigney/Mueller. To Approve Resolution 08-EDA-248, Authorizing a Modification to the October 2001 Development Assistance Agreement with MoundsVista, Inc. as amended to clarify financial obligations. Commissioner Mueller asked whether the assessor would be doing another assessment to ensure the valuations. She then said that the original Resolution from 2001 did not list all five and she would like that corrected. The Authority agreed. President Marty agreed with this, but noted that there are conditions to be met outside of the City Mounds View EDA October 27, 2008 Regular Meeting Page 3 with the lending institutions and Ramsey County. Ayes – 5 Nays – 0 Motion carried. 8. REPORTS Economic Development Coordinator Steinmetz indicated that Liberty will be closing its doors by the end of the year taking 125 jobs with it. Staff will be working to fill the space. Economic Development Coordinator Steinmetz indicated that Staff toured CG Hill & Sons last week. 9. NEXT EDA MEETING: Monday, November 12, 2008 at 6:30 p.m. 10. ADJOURNMENT President Marty adjourned the meeting at 6:56 p.m. Respectfully submitted, Recorded and transcribed by: Joan Lenzmeier, Recording Clerk TimeSaver Off Site Secretarial, Inc.