04-08-2002 EDA Packet - Laserfiche WebLink

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CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE MEMBERS PRESENT MEMBERS ABSENT OTHERS PRESENT : December 17, 2001 : J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, J. Reinert : None Ann Blair, Mary Divine, and Linda Waite Smith and Dan Tesch CONSIDERATION OF MINUTES OF MONDAY, MARCH 12, 2001 EDA Member Carlson moved to approve the March 12, 2001, minutes, as presented. EDA Member O'Donnell seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 01-03 APPROVING THE ELIMINATION OF PARCELS FROM TAX INCREMENT FINANCING DISTRICT NO. 1-5 WITHIN DEVELOPMENT DISTRICT NO. 1 Ms. Divine advised in 1992 the Economic Development Authority created Tax Increment Financing District No. 1-5 for the purpose of providing TIF assistance for the Cottages of Willow Ponds senior housing. The original intent of the developer was to construct 98 units of rental housing with maximum income limitations on the parcel. Ms. Divine indicated that the project was later downsized to 48 units, and the developer sold off some of the parcel for 10 single-family lots. In the process of gathering annual documentation for income compliance, it was decided that that those lots should have been removed from the District since there is no documentation that income limitations were applied to the single-family homes. Ms. Divine stated that Cottage Homesteads began receiving increment in 1997 and has been receiving the benefit of those homes being in the District. This Resolution removes the parcels from the District and directs staff to notify Anoka County of the reduction of the size of the District and return the increment from the District up to an amount of $50,525. Anoka County will then redistribute it to the City, County and School District. Payments to Cottage Homesteads will be withheld until that increment is recovered. Ms. Divine advised it is recommended that the City Council adopt Resolution No. 01-03 Approving the Elimination of Parcels from TIF District No. 1-5.