Laserfiche WebLink
ARDEN HILLS EDA MEETING—APRIL 29, 2013 2 <br /> None. <br /> 5. UNFINISHED BUSINESS <br /> A. Business Subsidy Criteria and City Public Financing Guidelines <br /> Executive Director Hutmacher 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 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 /> City's public finance consultant had recommended that the minimum retail value be decreased to <br /> $125 per square foot. <br /> Commissioner McClung questioned if this starting point was too low. <br /> Secretary Klaers indicated the City could return to the $150 per square foot minimum and see how <br /> the market responds. <br /> Commissioner Holmes 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 reviewed Section 6.2 Desired Qualifications further with the <br /> Commission. <br /> Commissioner Holden suggested further clarification be included in this section regarding the term <br /> "Office". She questioned if the reference to "Office" should be removed. <br /> Commissioner Holmes 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 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 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 stated if the recommendation was followed, the TIF rate would be 4.8%. <br />