10-13-1997 EDA Minutes - Laserfiche WebLink

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CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN LINO LAKES EDA AND RICE INDUSTRIES Mr. Wessel explained the contract outlines the conditions forpublic assistance. The agreement sells 1.9 acres of land to Rice Industries at the cost of 1.63 acres, plus assessments on the 1.9 acres. With administrative fees, the purchase price is $122,830. The agreement calls for an upfront subsidy of $51,260 for assessments, $8,583 towards land costs, and $8,000 in fees, for a total of $67,843. The TIF subsidy is 12% of the total project costs. EDA Member Bergeson moved to approve the development agreement. EDA Member Kuether seconded the motion. Motion passed .unanimously. CONSIDERATION OF RESOLUTION NO. 97-13 ADOPTING A MODIFIED PLAN FOR TIF DISTRICT NO. 1-7 Mr. Wessel explained this modification of theplan for TIF District 1-7 is in response to the development proposal for Rice Industries to construct a 10,000 square foot building. EDA Member Bergeson moved to approve Resolution No. 97-13. EDA Member Kuether seconded the motion. Motionpassed_ unanimously. CONSIDERATION OF RESOLUTION NO. 97-14 ADOPTING MODIFIED PLANS FOR TIF DISTRICT NOS. 1-1.AND .1-2. Mr. Wessel explained that these plan modifications will authorize transfer of $630,000 from TIF District 1-1 (Rice Lake Estates) and $370,000 from TIF District 1-2 (Sunrise Meadows). The funds will be used for public improvements in The Village. EDA Member Kuether asked what it means to modify a district. Mr. Batty explained that in 1995 the EDA modified the budget to authorize additional expenditures within the Development District. This is being done again to transfer accrued funds in preparation of closing out the districts. By approving the modification the EDA is making a finding that the use of these funds for public improvements in The Village is consistent with the goals the city is trying to achieve. EDA Member Kuether moved to approve Resolution No. 97-14. EDA Member Neal seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 97-15 REQUESTING ANOKA COUNTY DECERTIFY TIF DISTRICT NO. 1-1 Mr. Wessel said TIF District No. 1-1 was established in 1987 for the authorization of the sale of bonds for sanitary sewer improvements within Rice Lake Estates. After adoption of the TIF Plan, the developer of the subdivision financed the improvements, so the city did not sell bonds. In 1995 the district was modified to reimburse the service area fund $1.47