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03-09-1998 EDA Packet
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03-09-1998 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
03/09/1998
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CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN <br />LINO LAKES EDA AND RICE INDUSTRIES <br />Mr. Wessel explained the contract outlines the conditions for public assistance. The <br />agreement sells 1.9 acres of land to Rice Industries at the cost of 1.63 acres, plus <br />assessments on the 1.9 acres. With administrative fees, the purchase price is $122,830. <br />The agreement calls for an upfront subsidy of $51,260 for assessments, $8,583 towards <br />land costs, and $8,000 in fees, for a total of $67,843. The TIF subsidy is 12% of the total <br />project costs. <br />EDA Member Bergeson moved to approve the development agreement. EDA Member <br />Kuether seconded the motion. Motion passed .unanimously. <br />CONSIDERATION OF RESOLUTION NO. 97-13 ADOPTING A MODIFIED PLAN <br />FOR TIF DISTRICT NO. 1-7 <br />Mr. Wessel explained this modification of the plan for TIF District 1-7 is in response to <br />the development proposal for Rice Industries to construct a 10,000 square foot building. <br />EDA Member Bergeson moved to approve Resolution No. 97-13. EDA Member Kuether <br />seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF RESOLUTION NO. 97-14 ADOPTING MODIFIED PLANS <br />FOR TIF DISTRICT NOS. 1-1 AND. 1-2 <br />Mr. Wessel explained that these plan modifications will authorize transfer of $630,000 <br />from TIF District 1-1 (Rice Lake Estates) and $370,000 from TIF District 1-2 (Sunrise <br />Meadows). The funds will be used for public improvements in The Village. <br />EDA Member Kuether asked what it means to modify a district. Mr. Batty explained that <br />in 1995 the EDA modified the budget to authorize additional expenditures within the <br />Development District. This is being done again to transfer accrued funds in preparation of <br />closing out the districts. By approving the modification the EDA is making a finding that <br />the use of these funds for public improvements in The Village is consistent with the goals <br />the city is trying to achieve. <br />EDA Member Kuether moved to approve Resolution No. 97-14. EDA Member Neal <br />seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF RESOLUTION NO. 97-15 REQUESTING ANOKA COUNTY <br />DECERTIFY TIF DISTRICT NO. 1-1 <br />Mr. Wessel said TIF District No. 1-1 was established in 1987 for the authorization of the <br />sale of bonds for sanitary sewer improvements within Rice Lake Estates. After adoption of <br />the TIF Plan, the developer of the subdivision financed the improvements, so the city did <br />not sell bonds. In 1995 the district was modified to reimburse the service area fund $1.47 <br />
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