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CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE MEMBERS PRESENT MEMBERS ABSENT OTHERS PRESENT : August 14, 2000 : J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, J. Reinert (6:15 p.m.) : None : Brian Wessel, Mary Divine, Ron Batty CONSIDERATION OF MINUTES OF MONDAY, JANUARY 24, 2000 EDA Member Dahl moved to approve the January 24, 2000 ' utes, as presented. EDA Member Carlson seconded the motion. Motion passed u® ously. CONSIDERATION OF TIF POLICY Mr. Wessel advised the board that Ms. Divine has bee orking closely with Marmon/Keystone and Twin City Fab, Inc , fo st months. The actions tonight begin a series of actions regarding these project essel reviewed the proposed schedule relating to each project. Ms. Divine advised in 1995 a T as . proved that gave direction for qualifying projects for TIF. Since then k Crt s i `t up the Apollo Business Park and several projects in the Clearwater 'r Indust ial area. With the momentum the City has gained over those five years, EDAC re and recommended some changes to the TIF policy to help reduce the City's depende ;k'e on TIF to attract new industrial development, while leaving the City Council discretion to go beyond the policy when it is appropriate. Under the new draft policy: 1. Prospects must continue to qualify according to the selection criteria. 2. TIF will be sued to pay qualifying reimbursable costs, with landscaping and site preparation added as a qualifying cost. 3. Land write down will continue on the basis that construction of 10,000 square feet (or more) of facility per acre of land is considered best use of the land. 4. Each project will be self sufficient within the allowable TIF capacity of the district. 5. TIF commitments will not exceed 16% of the estimated market value. This is a reduction from the old policy, which allowed 20% of the total project cost. 1