04-29-1996 EDA Packet - Laserfiche WebLink

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CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE: Monday, March 25, 1996 MEMBERS PRESENT: J. Landers, J. Bergeson, S. Kuether, C. Lyden, A. Neal MEMBERS ABSENT: None OTHERS PRESENT: Brian Wessel, Ron Batty, Mary LaForest CONSIDERATION OF MINUTES EDA Member Neal moved to approve the minutes from February 12, 1996. EDA Member Bergeson seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 96-03 ADOPTING A MODIFIED PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-4 Mr. Wessel explained to the authority that this modification will eliminate all the parcels in TIF District 1-4 except the two improved parcels. The parcels to be dropped include the shopping center area, the G.M. Development property, land owned by St. Joseph's Church, and the 49/23 interchange. He explained that this was the first step in a two-step process that will allow the city to expand TIF District 1-7 to include the G.M. Development property and other light industrial parcels. Mr. Bergeson questioned why this was being done. Mr. Wessel explained that the clock was running out on TIF District 1-4 and this would allow properties likely to develop in the next couple of years to take advantage of the newly established TIF District. Mr. Lyden stated that he thought the city should make the light industrial site north of the new school property available to the Centennial School District so the district would expand there rather than on Lake Drive. Mr. Landers questioned if the Neighborhood Business area on Lake Drive should be included. Mr. Wessel explained that TIF could not be used for commercial businesses in an Economic Development District. Mr. Bergeson asked if property put in a TIF District could be used for commercial purposes. Mr. Batty explained that commercial development could go within a TIF District, but TIF could not be used to subsidize it. EDA Member Kuether moved to approve Resolution No. 96-03. EDA Member Bergeson seconded the motion. Motion passed with EDA Member Lyden abstaining.