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ARDEN HILLS EDA MEETING APRIL 29, 2013 2 <br />None. <br />5. UNFINISHED BUSINESS <br /> <br />A. Business Subsidy Criteria and City Public Financing Guidelines <br />Executive Director Hutmacher <br />apologized for the City Council memo and attachments for the <br />meeting later in the evening having inadvertently been substituted for the EDA memo and <br />attachments. This material would have provided the EDA with additional background information <br />for this discussion. This EDA material was then distributed. <br />Executive Director Hutmacher <br /> discussed the business subsidy criteria and City public financing <br />guidelines with the Commission in detail. Based on a discussion with the County Assessor, the <br />$125 per square foot. <br />Commissioner McClung <br /> questioned if this starting point was too low. <br />Secretary Klaers <br />indicated the City could return to the $150 per square foot minimum and see how <br />the market responds. <br />Commissioner Holmes <br /> supported the $125 per square foot minimum. <br />The Commission was in favor of proceeding with the $125 per square foot minimum as <br />recommended by Stacie Kvilvang of Ehlers & Associates. <br />Executive Director Hutmacher <br /> reviewed Section 6.2 Desired Qualifications further with the <br />Commission. <br /> <br />Commissioner Holden <br />suggested further clarification be included in this section regarding the term <br />Office <br />Commissioner Holmes <br /> stated this section could read high-tech, med-tech, and R&D <br />facilities/offices. This would assure the offices are professional in nature. The Commission agreed <br />with this suggestion. <br />Executive Director Hutmacher <br /> then reviewed the Grading and Report Card point classification <br />and bonus point criteria. The TIF Districts and total tax capacity for the City was discussed. She <br />noted that Mounds View was removed from the analysis of total tax capacity captured by TIF <br />districts as an outlier. She questioned what range the Commission wanted as a limit on captured tax <br />capacity. <br />Secretary Klaers <br /> noted the State average was 6.4% and the Financial Planning and Analysis <br />Committee recommended the City assume 75% of this rate. <br />Commissioner Holden <br />stated if the recommendation was followed, the TIF rate would be 4.8%. <br />