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Home My WebLink About03-25-1999 4• ECONOMIC DEVELOPMENT COMMISSION AGENDA March 25, 1999 7:30 A.M. MOUNDS VIEW CITY HALL - CITY COUNCIL CHAMBERS I. CALL TO ORDER '-7 A.M. 2. ROLL CALL (Present = P, Absent = A) X Carlson Marty Goff Thomason (EDA Liaison) Field Dorgan (Staff) Kahn Jopke (Staff) Olsen Carroll (Staff) Walther 3. APPROVE EDC MINUTES February 25, 1999 Action: Motion 'x? Second ;,, Vote to- 4. SPECIAL BUSINESS E None anticipated. G61-J\4- e P5tn.�fec'� 5. EDC BUSINESS A� Building "N" Development Agreement [Background information to be provided by Rick Jopke at EDC meeting on .-arch 23, 1999] ,BComprehensive Guide Plan -- Economic Development section [Continuation of discusssion from EDC meeting on March 23, 1999] 6. Report of Commissioners, Staff and EDA Liaison 7. ADJOURN ? :58 A.M. Next Regularly Scheduled Meeting: April 22, 1999 N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\AGENDA99\AGEN0325.EDC ECONOMIC DEVELOPMENT COMMISSION AGENDA • March 25, 1999 7:30 A.M. MOUNDS VIEW CITY HALL - CITY C UNCIL CHAMBERS I. CALL TO ORDER A.M. 2. ROLL CALL (Present = P, Absent =A) Carlson Marty Goff Thomason (EDA Liaison) Field Dorgan (Staff) Kahn Jopke (Staff) Olsen Carroll (Staff) Walther 3. APPROVE EDC MINUTES February 25, 1999 • Action: Motion Second Vote 4. SPECIAL BUSINESS None anticipated. 5. EDC BUSINESS A. Building "N" Development Agreement [Background information to be provided by Rick Jopke at EDC meeting on March 23, 1999] B. Comprehensive Guide Plan -- Economic Development section [Continuation of discusssion from EDC meeting on March 23, 1999] 6. Report of Commissioners, Staff and EDA Liaison 7. ADJOURN A.M. • Next Regularly Scheduled Meeting: April 22, 1999 N:\DATA\GROUPS\ECONDEV\EDA-EDC\EDC\AGENDA99\AGEN0325.EDC INCREMENT PAYMENT PRINCIPAL INTEREST BALANCE PAYMENT DATES 40 12/31/99 $0 $0 $0 $1,200,000 02/01/2000 $0 $0 $8,000 $1,208,000 08/01/2000 $0 $0 $48,320 $1,256,320 02/01/2001 $0 $0 $50,253 $1,306,573 08/01/2001 $54,274 $2,011 $52,263 $1,304,562 02/01/2002 $54,274 $2,092 $52,182 $1,302,470 08/01/2002 $54,274 $2,175 $52,099 $1,300,295 02/01/2003 $54,274 $2,262 $52,012 $1,298,033 08/01/2003 $54,274 $2,353 $51,921 $1,295,680 02/01/2004 $54,274 $2,447 $51,827 $1,293,233 08/01/2004 $54,274 $2,545 $51,729 $1,290,689 02/01/2005 $54,274 $2,646 $51,628 $1,288,042 08/01/2005 $54,274 $2,752 $51,522 $1,285,290 02/01/2006 $54,274 $2,862 $51,412 $1,282,427 08/01/2006 $54,274 $2,977 $51,297 $1,279,451 02/01/2007 $54,274 $3,096 $51,178 $1,276,355 08/01/2007 $54,274 $3,220 $51,054 $1,273,135 02/01/2008 $54,274 $3,349 $50,925 $1,269,786 08/01/2008 $54,274 $3,483 $50,791 $1,266,304 02/01/2009 $54,274 $3,622 $50,652 $1,262,682 . 08/01/2009 $54,274 $3,767 $50,507 $1,258,915 02/01/2010 $54,274 $3,917 $50,357 $1,254,998 08/01/2010 $54,274 $4,074 $50,200 $1,250,924 02/01/2011 $54,274 $4,237 $50,037 $1,246,686 08/01/2011 $54,274 $4,407 $49,867 $1,242,280 02/01/2012 $54,274 $4,583 $49,691 $1,237,697 08/01/2012 $54,274 $4,766 $49,508 $1,232,931 02/01/2013 $54,274 $4,957 $49,317 $1,227,974 08/01/2013 $54,274 $5,155 $49,119 $1,222,819 02/01/2014 $54,274 $5,361 $48,913 $1,217,458 TOTAL $1,41-1,124 $89,11.5 $1,428,582 Assumptions: 1. Building complete by 12/31/99 2. Eligible costs equal $1,200,000 3. 8 % interest rate 4. Interest calculated on the basis of a 360-day year consisting of 12 30-day months. 5.New 69,582 square foot office flex bulding would generate taxes equal to $2.15 per sq. ft. 6. Base tax capacity equals $22,342. 7. New tax capacity equals $115,281 8. Local tax capacity rate equals 129.771% 0 Tax increments equals $120,608 per year 0. Available tax increments equals 90% total tax increments which equals $108,547 Minutes of the Economic Development Commission City of Mounds View Ramsey County, Minnesota • Regular Meeting February 25, 1999 City of Mounds View, Conference Room C 2401 Highway 10, Mounds View, MN 55112 1. CALL TO ORDER: The meeting was called to order at 7:36 a.m. by Chairperson Cin Carlson. 2. ROLL CALL: Members present: Cindy Carlson, Tom Field, Rosem off, Sean Walther,Julie Olsen, Jerold Kahn, EDA Liason Lynne Thomason [excused absebce. Wendy Marty]. Staff present: Economic Development Coordinator Kevin Carroll, Community Development Director Rick Jopke 3. APPROVAL OF MINUTES: Motion/Second: Goff/Field to approve the minutes from January 28, 1999 and February 17, . 1999. Motion Carried 4 Ayes 0 Nays [Commissioner Olsen abstained and Commissioner Kahn had not yet arrived at the time of the vote] 4. SPECIAL BUSINESS Motion/Second:Walther/Goff to reappoint Cindy Carlson as EDC Chair for 1999. Motion Carried 6 Ayes 0 Nays Motion/Second: Olsen/Field to adopt proposed Meeting Schedule for 1999. Motion Carried 6 Ayes 0 Nays Motion/Second: Goff/Field to "re-adopt" current EDC Bylaws for use during 1999. Motion Carried 6 Ayes 0 Nays • 5. EDC BUSINESS A. Mermaid Hotel/Banquet Facility The EDC members extensively discussed whether the principals of the Developer should be required to provide personal guarantees in connection with any Development Agreement that may ultimately be executed. It was ultimately decided that not enough information is presently available for the EDC to take a formal position on the issue in question. However, an informal "straw poll" of the EDC members revealed that at least four of the six members present were not currently inclined to require personal guarantees if the eventual Development Agreement include provisions sufficient to protect the City's financial interests. B. Comprehensive Guide Plan EDC Chair Cindy Carlson and Economic Development Coordinator Kevin Carroll led further discussion regarding the preliminary draft of the Economic Development section of the Comprehensive Guide Plan update. EDC members made additional suggestions regarding additions to and/or revisions of various portions of the document. EDC members reviewed the ED sections of certain Comp Guide Plan updates that the city has received from neighboring cities. It was agreed that the discussion of this topic would be continued at a special meeting to be held at 7:30 a.m. on Tuesday, March 23, 1999. 6. ADJOURNMENT There being no further business before the Commission, this meeting of the Economic • Development Commission adjourned at approximately 9:35 a.m. Respectfully Submitted, Kevin Carroll Economic Development Coordinator • 2