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<br /> 1 <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT <br />ADVISORY COMMITTEE <br />MINUTES <br /> <br />DATE: November 02, 2017 <br /> <br />MEMBERS <br />PRESENT: Thomas Colgan, Jim Schueller, Nathan Vojtech, Julie Schwartz, Chad Wagner, <br /> Don Johnson, Lou Masonick, Michael Ruhland, Patrick Kohler <br /> <br />MEMBERS <br />ABSENT: None <br /> <br /> <br />OTHERS PRESENT: Michael Grochala, Kirsten Barsness, Joe Widing <br /> <br /> <br />APPROVAL OF MINUTES <br /> <br />It was moved by Mr. Schuller to approve the minutes from October 05, 2017. The motion was <br />seconded by Mr. Masonick and passed unanimously. <br /> <br /> <br />DISCUSSION ITEMS <br />A. Lino Lakes Tax Increment and Abatement Financial Incentives Policy (Cont.) <br />The discussion continued on policy in relation to tax abatement. <br />Ms. Barsness began the discussion with Section IV. Policies. Committee members <br />expressed concern that considering upfront financing on a case by case basis could be <br />seen as arbitrary and capricious. Mr. Grochala explained that most upfront financing <br />requests related to construction of public improvements. The Council would need to <br />weigh these independently. <br />Ms. Barsness stated that the amount for private equity in a project is required to be 20% <br />for abatement or TIF. Committee members asked if the 20% was a hard line or flexible, <br />but agreed that 20% is a good number. <br />The Committee members discussed the provision regarding property price in excess of <br />market value. There was agreement that public assistance should not be used to cover an <br />inflated land price. However, Mr. Grochala noted that there may be projects where the <br />land selling price is not supported by market value, which is often the case with <br />redevelopment. Many times an existing building holds value for the current owner but <br />not for the redevelopment purposes. The committee agreed to remove the language.