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CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />DATE: Monday, July 8, 1996 <br />MEMBERS <br />PRESENT: J. Landers, J. Bergeson, S. <br />MEMBERS <br />ABSENT: None <br />OTHERS <br />PRESENT: Brian Wessel, Ron Batty, Mary LaForest <br />CONSIDERATI <br />kF MINUTES <br />EDA Mather Neal moved to approve the minutes from the <br />Member Kuether seconded the motion. Motion passed unanifno <br />COTION OF CONTRACT FOR PRIVATE DEVELOINENT BETWEEN LINO <br />LAKES EDA AND EMERGENCY APPARATUS MAINTENANCE (EAM) <br />Mr. Wessel explained to the board that EAM is purchasing 1.12 acres in the Apollo Business <br />Park. Land, assessments and administrative fees total $75,276.39 In this development agreement <br />the EDA is removing the special assessments of$27,596.39 on the property, and is writing down <br />$9,654 toward EAM's purchase of the land and administrative fees, for a total of $37,250.39 in <br />TIF assistance. EAM will pay the remaining $38,026 on the land at closing. This TIF assistance <br />amounts to 14% of the total project cost. <br />Mr. Batty noted that EAM had requested some minor changes in the development agreement. <br />EDA Member Kuether questioned why TIF on this project was 14% of the project cost, and 12% <br />on Blue Heron, yet payback time was so different on the two projects. Mr. Wessel explained that <br />EAM was a smaller twoject and larger projects generally showed quicker returns. EDA Member <br />Lyden questioned ifMr. Wessel saw a time in the future when projects would not require TIF. <br />Mr. Wessel said that conditions for TIF assistance were becoming more stringent and the city was <br />getting to the point where it could provide less assistance on some projects. <br />EDA Member Kuether moved to approve the development agreement contingent upon the <br />changes agreed to between EAM and the EDA. EDA Member Lyden seconded the motion. <br />Motion passed unanimously. <br />PUBLIC HEARING ON THE PROPOSED SALE OF PROPERTY IN THE APOLLO <br />BUSINESS PARK TO EAM <br />EDA President Landers opened the public hearin <br />comment. EDA Member Kuether moved to close <br />motion. Motion passed unanimously. <br />6:10 p.m. No one came forward to <br />hearing. EDA Member Neal seconded the <br />