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CONSIDERATION OF RESOLUTION NO. 01— 01, APPROVING A BUSINESS <br />SUBSIDY FOR SUMMIT FIRE PROTECTION <br />Ms. Divine advised this resolution recognizes that Summit Fire Protections meets one or <br />more of the goals and objectives outlined by the EDA in its business subsidy criteria. <br />Those goals include: <br />1. Light industrial projects in the Apollo Business Center are consistent with <br />the City's comprehensive plan designed to encourage economic growth <br />and diversity. <br />2. As part of the Lino Lakes Town Center, the projects moving into the park <br />play a significant role in providing a critical mass of development to <br />support retail and service businesses in the commercial center. <br />3. This project is also consistent with the City's need to recover the return on <br />its investment in the existing infrastructure within the park. <br />Ms. Divine advised this project will be receiving site and building play review later <br />tonight by the City Council. It is recommended that approval of the business subsidy be <br />contingent upon final approval of the project by the City Council. <br />EDA Member O'Donnell inquired about the amount of time that the TIF will be repaid. <br />Ms. Divine advised the estimated total payback is in 2007. <br />EDA Member Carlson clarified that the assessments being removed are for the road and <br />sewer. <br />EDA Member O'Donnell moved to approve Resolution No. 01— 01, contingent upon <br />final approval of the project by the City Council. EDA Member Reinert seconded the <br />motion. Motion passed unanimously. <br />CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT <br />BETWEEN LINO LAKES EDA AND SUMMIT FIRE PROTECTION <br />Ms. Divine advised the development contract outlines the conditions for public assistance <br />to Summit Fire Protection for the construction of a 30,076 square foot facility on five <br />acres on the G.M. Development property in the Apollo Business Center. The proposed <br />facility will have a minimum market value of $1,615,000 for an estimated total of <br />$73,000 in annual taxes. <br />This agreement is based on a total TIF subsidy of $217,059. It removes the assessments <br />of $87,780 upfront. The remaining pay-as-you-go TIF amounts to $129,279 for <br />assistance with land write down and return of escrow. The City will be reimbursed first <br />