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DATE: <br />TIME: <br />MEMBERS <br />PRESENT: <br />MEMBERS <br />ABSENT: <br />OTHER <br />PRESENT: <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />August 14, 1995 <br />6:04 p.m. <br />V. Reinert, A. Neal, L. Elliott, S. Kuether, J. Bergeson <br />None <br />Randy Schumacher, City Administrator <br />Ron Batty, Bond Consultant <br />Brian Wessel, Community Development Director <br />Mary LaForest, Economic Development Consultant <br />CONSIDERA TION OF MINUTES <br />EDA Member Elliott moved to approve the minutes from the June 29, 1995 EDA <br />meeting. EDA member Neal seconded the motion. Motion passed unanimously. <br />PUBLIC HEARING, SALE OF CITY -OWNED LAND IN THE APOLLO BUSINESS PARK <br />EDA President Reinert opened the public hearing at 6:04 p.m. to take comments <br />regarding the sale of 2.3 acres of land in the Apollo Business Park to Mag -Con, Inc. <br />Mag -Con is planning to build a 15,000 square foot facility. Mr. Wessel explained that <br />the EDA will purchase the property from the city and convey it to Mag -Con at a <br />discounted price, as outlined in the development agreement. <br />No comments were received. The public hearing was closed at 6:05 p.m. <br />CONSIDERATION OF RESOLUTION 95-09 AUTHORIZING SALE OF PROPERTY TO <br />MAG -CON, INC. <br />Mr. Wessel explained to the EDA members that this resolution authorized the EDA to <br />execute the sale of property to Mag -Con. He resolution outlines the agreement for the <br />EDA to purchase the property from the city for $89, 700 and to resell it to Mag -Con <br />for $74,000. EDA Member Kuether asked how the TIF assistance was to be <br />distributed. Mr. Wessel explained that one-half of the TIF would be paid up front to <br />