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11-13-2000 EDA Packet
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11-13-2000 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
11/13/2000
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CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT <br />BETWEEN LINO LAKES EDA AND TWIN CITY FAB, INC. <br />Ms. Divine advised this development contract outlines the conditions for public <br />assistance to Twin City Fab for the construction of a 19,200 square foot facility on 4 acres <br />on the G.M. Development property in the Apollo Business Center. The total minimum <br />market value (MMV) of the completed project will be $920,500, with an estimated tax of <br />$41,041. <br />In this agreement, the City agrees to provide tax increment financing totaling $77,185, <br />which amounts to approximately 8% of the MMV. The agreement removes the <br />assessments of $70,185 upfront, plus a $5000 escrow, which will be returned to the <br />company when the building is complete. The remaining pay-as-you-go TIF amount of <br />$2000 will be used to assist with maintenance of the native landscaping on the site. The <br />City will be reimbursed first for the assessments and then the developer will receive the <br />remaining increment. Estimated payback is in July 2005. <br />The project is in TIF District 1-9, which requires a 10% to <br />the City's intent to apply the interest lost on the assess <br />development occurred as the local contribution. <br />contribution ($8,749). It is <br />were deferred until <br />The business subsidy proposed for Twin City Fab, Inc under $100,000, and therefore <br />does not require a public hearing under the Mir' • to B ' ess Subsidy Law. However, <br />al subsidies of more than $25,000 require a busy sidy agreement, which is now <br />included in the development agreeme twee the developer and the EDA. <br />Twin City Fab has agreed to a w . ' + go 1 of at least five new employees at a <br />minimum starting wage of $� our, us efits. <br />EDA President Bergeson reques escription of the business. Ms. Divine advised <br />Twin City Fab, Inc. is a manufact a ng shop with metal parts, awnings, staircases, etc. <br />EDA Member O'Donnell moved to approve the contract between Lino Lakes EDA and <br />CJN Investments, LLP, as presented. EDA Member Reinert seconded the motion. <br />Motion passed unanimously. <br />ADJOURNMENT <br />EDA Member Dahl moved to adjourn. EDA Member Carlson seconded the motion. <br />Motion passed unanimously. <br />Meeting adjourned at 6:32 p.m. <br />Transcribed by: <br />Kim Points, TimeSaver Off Site Secretarial, Inc. <br />5 <br />
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