08-14-2000 EDA Minutes (Approved)

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CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE MEMBERS PRESENT MEMBERS ABSENT OTHERS PRESENT : August 14, 2000 : J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, J. Reinert (6:15 p.m.) : None : Brian Wessel, Mary Divine, Ron Batty CONSIDERATION OF MINUTES OF MONDAY, JANUARY 24, 2000 EDA Member Dahl moved to approve the January 24, 2000 utes, as presented. EDA Member Carlson seconded the motion. Motion passed u eeously. CONSIDERATION OF TIF POLICY Mr. Wessel advised the board that Ms. Divine has bee Marmon/Keystone and Twin City Fab, Inc., fo begin a series of actions regarding these project schedule relating to each project. Ms. Divine advised in 1995 a T projects for TIF. Since then projects in the Clearwater over those five years, EDAC re to help reduce the City's dependene on TIF to attract new industrial development, while leaving the City Council discretion to go beyond the policy when it is appropriate. orking closely with months. The actions tonight essel reviewed the proposed Under the new draft policy: proved that gave direction for qualifying t up the Apollo Business Park and several 'al area. With the momentum the City has gained and recommended some changes to the TIF policy 1. Prospects must continue to qualify according to the selection criteria. 2. TIF will be sued to pay qualifying reimbursable costs, with landscaping and site preparation added as a qualifying cost. 3. Land write down will continue on the basis that construction of 10,000 square feet (or more) of facility per acre of land is considered best use of the land. 4. Each project will be self sufficient within the allowable TIF capacity of the district. 5. TIF commitments will not exceed 16% of the estimated market value. This is a reduction from the old policy, which allowed 20% of the total project cost. 1