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MINUTES FOR THE SPECIAL CITY COUNCIL MEETING OF AUGUST & 2002 <br />PRESENT: Haas, Petryk, Puleo, Miron <br />City Administrator, Michael Ericson <br />CD Director, John Rask <br />Finance Director, Ron Otkin <br />Financial Advisor from Springsted, Paul Steinman <br />ABSENT: Mike Granger <br />City Administrator Mike Ericson thanked everyone for attending the meeting. Mayor Fran Miron <br />acknowledged the individual BEIP business owners and introductions were made. <br />hU NNESOTA STATE LEGISLATURE TIF CHANGES <br />Gene Ranieri, AMM Executive Director, explained the changes made by the Minnesota State <br />Legislature in 2001. It is the first time that there is a state tax on businesses. He explained other <br />TIF changes that were made by the legislature. There is no TIF relief from the state. <br />BALD EAGLE INDUSTRIAL PARK TAX INCREMENT DISTRICT <br />Paul Steinman, the City's financial advisor from Springsted, Inc., explained how. five years ago <br />the City Council took on risk when it sold construction bonds to build the park. The TIF district <br />appears to be healthy in 2001. He shared information with the business owners about the <br />uncertainty and potential for changes in property taxes in 2003. <br />DISCUSSION WITH CITY COUNCIL AND BEIP BUSINESS OWNERS <br />CD Director John Rask explained that all of the business owners faced a TIF shortfall for 2002. <br />Mayor Miron shared the Council's interest to provide a 50/50 cost sharing of excess TIF funds for <br />one year. All business owners were supportive of this except Tom Junnila, who represented the <br />Schwieter brothers. They want 100% from the City. Administrator Ericson stated that the issue <br />would be discussed at the Council's August 19m meeting. <br />I:313111OU;tau'1� � <br />Miron made motion, Haas seconded, to adjourn the BEEP meeting at 9:35 am. <br />All aye. Motion Carried. <br />Michael A. Ericson <br />City Administrator <br />