05-22-1995 EDA Minutes - Laserfiche WebLink

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CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE: May 22, 1995 TIME: 6: 05 p.m. MEMBERS PRESENT: V. Reinert, S. Kuether, A. Neal, L. Elliott, J. Bergeson MEMBERS ABSENT: None OTHER PRESENT: Brian Wessel, Community Development Director Ron Batty, Bond Consultant Mary LaForest, Economic Development Assistant CONSIDERA TION OF MINUTES EDA member Neal moved to approve the minutes from the May 8, 1995 EDA meeting. EDA member Kuether seconded the motion. Minutes were approved unanimously. CONSIDERATION OF RESOLUTION 95-03 ADOPTING TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT #1-7 Mr. Wessel reviewed with the board that the new TIF District 1-7 had been authorized to provide TIF assistance to Nol-Tec Systems, Inc. and Mag-Con, Inc. in the city - owned portion of the Apollo Business Park. The remaining unsold parcels are also to be included within the TIF District. Mr. Wessel explained that a revision had been made on the Mag-Con property, moving it across the street. While the plan authorized a maximum expenditure of $220,000 to No%Tec, the actual expenditure is $160, 649. The city's expenditure to Mag-Con is $151,928, rather than the $175,000 estimated in the plan. Mr. Batty explained that the timing of this new district was important. Creating the larger district will save the city administrative costs at a time when it is likely the business park will develop quickly. Also, impending legislation could affect cities' ability to provide TIF assistance in the future. The new district will last through nine years of increment, or 11 years from its creation, whichever comes first.