04-29-1995 EDA Minutes - Laserfiche WebLink

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CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN LINO LAKES EDA AND NORTHERN WHOLESALE Mr. Wessel explained that Northern Wholesale was purchasing nine acres in the Clearwater Creek Development Center. The company is receiving $608,449 toward the cost of the property, assessments and site preparation costs in a combination of upfront and pay-as-you-go TIF. The subsidy is 15% of the total project cost. Mr. Batty noted that he had talked with the company's attorney, and only minor changes were required in the agreement. EDA Member Kuether asked that staff find out what the company was charging for its leasable space. EDA Member Kuether moved to approve the development contract contingent upon staff approval of final changes. EDA Member Bergeson seconded the motion. Motion passed unanimously. CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN LINO LAKES EDA AND TAYLOR CORPORATION Mr. Wessel explained that the development agreement outlined the conditions for public assistance for the construction of the new Taymark facility in the Clearwater Creek Development Center. The company is receiving $800,000 in subsidy toward the cost of land, special assessments and site improvements in a combination of upfront and pay-as-you-go TIF, which is 12% of the total project cost. Mr. Batty said he had discussed the company's concern regarding the assessment agreement. The attorney requested the agreement be written so that it expired when TIF has recovered the subsidy. Mr. Batty said that was workable. EDA Member Kuether moved to approve the development contract contingent upon staff approval of final changes. EDA Member Neal seconded the motion. Motion passed unanimously. Mr. Wessel thanked the Authority and noted the cooperative effort of these companies, the city council and staff. ADJOURNMENT EDA Member Neal moved to adjourn. EDA Member Bergeson seconded the motion. Motion passed unanimously. Meeting adjourned at 5:26 p.m.