08-27-1998 EDA Minutes - Laserfiche WebLink

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CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE: Thursday, August 27, 1998 MEMBERS PRESENT: K. Sullivan, J. Bergeson, C. Dahl MEMBERS ABSENT: C. Lyden, A. Neal OTHERS PRESENT: Brian Wessel, Mary Divine, Ron Batty, Mike Mulrooney CONSIDERATION OF MINUTES EDA President Sullivan moved to approve the minutes from the August 24, 1998 EDA meeting and noted this meeting was a continuation of the August 24 meeting. EDA Member Dahl seconded the motion. Motion passed unanimously. DEVELOPMENT PROPOSAL, JADT DEVELOPMENT GROUP (SHOPPING CENTER) Mr. Wessel explained that Mr. Batty and Mr. Mulrooney had been working with staff on a development proposal for Tim Baylor of JADT Development Group. The intent was to responsibly respond to the developer's request. Mr. Wessel explained that this proposal was for the only shopping center within Lino Lakes, and that the City Council had approved a concept plan. The proposal for the EDA to consider involved a "non-TIF" pay-as-you-go assistance in the range of $696,000. This was based on the estimated net city tax generated from full development of Phase 1 of $69,600 per year. The developer would be assessed for city improvements to the property and the city could reimburse the net city portion of the taxes for 10 years or $696,000, whichever came first, to use as reimbursement of assessment costs. Mr. Wessel noted that while the city would not be generating city taxes for 10 years, there were advantages that should be weighed. Residents would have needed shopping center services sooner than later, the city would have more control over the type and quality of development, and the risk to the city was minimal because only the city taxes generated by the development would be reimbursed. The Forest Lake School District and the county receive their portions of tax base. The process involves authorizing preparation of a Redevelopment Project Plan, much like a TIF Plan. Mr. Wessel informed the Authority that McDonalds has submitted a site plan for a parcel on the site and wants to go to P&Z in September.