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<br /> 2 <br /> <br />B. Private Activity Tax-Exempt Financing Guidelines <br /> <br />Conduit Box – state law allows City to issue bonds for private. <br /> <br />Requests from private entities to bond. <br /> <br />Private action routed through City – no harm to city. <br /> <br />Does the City want to promote this option? Mr. Cravaro asked about the 1% <br />administrative fee. <br /> <br />Mr. Ruhland asked how often the $10M cap is reached. Mr. Grochala stated about every <br />5 years. <br /> <br />No risk on City’s part when issuing under the City’s name. Counts toward bond limit but <br />no obligation. <br /> <br />Unanimous yes to bring conversation to Council about utilizing this opportunity. <br /> <br />C. Project Updates <br /> <br />Lyngblomsten – City Council was supportive of the project and will go through PUD. <br />Anticipated submittal will be on Monday, June 11 and is in process of setting up <br />neighborhood meeting. These concept plans will leave out plans on the corner for a <br />possible agreement with a restaurant in the future. The City will have to get involved with <br />what to do on the corner. City engineer is working on bringing utilities to 49/J property. <br /> <br />Mr. Ruhland asked about the construction time line. Mr. Grochala stated the main <br />building would be about a year construction period along with up to 2-3 years for the <br />completed project. Lyngblomsten is still deciding on whether to rent or sell townhomes. <br /> <br />Watermark – Potential grading to begin on southern part of the property in 2 weeks. <br />Master build totals 864 units. Lennar Homes will be the first national builder to put <br />rooftops in Lino Lakes. <br /> <br />Mr. Colgan asked about the staff capacity. Mr. Grochala stated the City is including a <br />building inspector in 2019. <br /> <br />Ms. Schwartz asked if there was any interest from businesses because of the increased <br />housing. Mr. Grochala stated that he does not know of any peaked interest specifically <br />because of the increase in housing units within the City. <br /> <br />ADJOURNMENT <br /> <br />The meeting was adjourned at 8:53 A.M.