06-08-1998 EDA Packet - Laserfiche WebLink

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AGENDA ITEM 4 STAFF ORIGINATOR: Brian Wessel DATE: 6/8/98 TOPIC: Consideration of a proposal from Teknapack, Inc., Apollo Business Center BACKGROUND: In 1995 the City' of Lino Lakes provided TIF to Blue Heron Development, the first speculative office/manufacturing facility in the Apollo Business Park. This was done as part of the economic development plan to provide incubator space to small business. As these businesses grow and need their own facilities, the hope is they will stay and build in Lino Lakes. These small entrepreneurs are the backbone to long term economic stability and growth. Fritz Johnson of Teknapack, Inc. is an excellent example of the entrepreneurial spirit the city hoped to encourage through the incubator program. A Lino Lakes resident, he started his company in 1995 and moved into Blue Heron. His company manufactures "eco-compatible" specialty packing materials. He and his neighbor in the Blue Heron building, Dana Madsen of NATRA, an industrial electronics manufacturer, are interested in building a facility that provides them with the space they need and offers leasable space to other small manufacturers. Their desire is to stay in Lino Lakes, As part of the economic development plan to support small business growth in the city, staff recommends that Teknapack be given consideration for TIF based on the creation of a new district to provide greater capacity to assist with the cost of land and assessments OPTIONS: 1. Direct staff and bond attorney to begin the process for providing assistance to Teknapack based on the creation of a new district 2. Return to staff for further consideration