04/22/1996 Council Packet - Laserfiche WebLink

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CITY COUNCIL MARCH 25, 1996 Council Member Kuether moved to adopt Resolution No. 96 - 32 as presented. Council Member Bergeson seconded the motion. Motion carried with Council Member Lyden voting no. Resolution No. 96 - 32 can be found at the end of these minutes. PUBLIC HEARING, MODIFICATION OF TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7, BRIAN WESSEL Mr. Wessel explained that earlier this evening the EDA adopted the modification of TIF District No. 1-7 plan to provide financial assistance to two companies proposing to build in the Apollo Business Park, and to add additional parcels to TIF District No. 1-7. These light industrial parcels are being added to the district to take advantage of the capacity available. This will provide the City with the opportunity to take further advantage of the momentum it has gained in attracting light industrial businesses. Anoka County, Centennial School District and the Forest Lake School District have been notified regarding this,planned modification. The two companies included in this proposal are Progressive Engineering and Balentine Trench -All. Progressive Engineering is a 15 year old company presently located in the City of Blaine and has no room to expand and has chosen Lino Lakes to relocate its facility. Mr. Wessel said that he was very pleased with this move. He explained that the company is very clean and well established and a quality company. They presently have about 20 employees and will be adding employees. They are proposing to build a 16, 000 square foot light manufacturing facility on 2.3 acres of land. The City would use TIF for 1.8 acres for the building. The additional land will be used for expansion in the future. The second company planning to relocate in the Apollo Business Park is Ballantine Trench -ALL. This is a Japanese company that is basically an office/warehouse/distribution company presently located in northeast Minneapolis. This company has a special problem which is that their lease expires in October and they would like to be in a new facility in Apollo Business Park. This company has 35 employees and will build a 30,000 square foot building on a three acre parcel. Owners of this company have to go to Japan to get approval to move and during the interim period, the EDA is asking that the City Council approve the modification of TIF Plan No. 1-7. The City Council is not being asked to approve the projects at this time. The request is to approve modification of the TIF plan for TIF District No. 1-7. Mr. Wessel used the overhead projector to show the exact proposed locations of these two companies. Council Member Bergeson asked how many years are left in District No. 1-7. Mr. Batty explained that District No. 1-7 was created last May or April and has a life of either 11 years from the date its was established or nine years worth of increment. The District would last to April or May, 2006. PAGE 6