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CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />DATE: MARCH 24, 1997 <br />MEMBERS <br />PRESENT: J. Landers, C. Lyden, S. Kuether, A. Neal, J. Bergeson <br />MEMBERS <br />ABSENT: None <br />OTHERS <br />PRESENT: B. Wessel, R. Batty, M. Divine <br />CONSIDERATION OF MINUTES <br />EDA Member Neal moved to approve the minutes from Monday, February 10, 1997. <br />EDA Member Lyden seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN <br />LINO LAKES EDA AND LINO LAKES BUSINESS CENTER PHASES 2 3, 4, 5 <br />Mr. Wessel explained to the board that the contract outlined the condition for providing <br />assistance to Fogerty Investments for two parcels in the Apollo Business Park. The <br />contract provides for $390,000 in TIF, with $108,9000 upfront and $281,100 on a pay-as- <br />you-go basis. Because the four buildings will be phased, the assistance will be based upon <br />performance, with the developer forfeiting a percentage of the pay-as-you-go TIF for any <br />phase that remains unbuilt by the end of 1999. <br />Mr. Wessel noted this TIF was within the city's 1997 TIF policy of 12% of the total <br />project cost. <br />EDA Member Neal moved to approve the development contract. EDA Member Lyden <br />seconded the motion. Motion passed unanimously. <br />PUBLIC HEARING ON THE PROPOSED SALE OF PROPERTY IN THE APOLLO <br />BUSINESS PARK TO LINO LAKES BUSINESS CENTER PHASES 2 3, 4, 5 <br />EDA President Landers opened the hearing at 6:04 p.m. Upon hearing no comments the <br />hearing was closed at 6:04 p.m. <br />