03-28-1994 EDA Minutes - Laserfiche WebLink

Home Search

ECONOMIC DEVELOPMENT AUTHORITY MARCH 28, 1994 developer for $1.00. This represents the land write -down that the EDA is willing to offer in return for locating the project in Lino Lakes. The $62,000.00 is a part of the Tax Increment Financing commitment made by the City to Accu-Tool, Inc. as designated in the development agreement signed in December, 1993. President Reinert asked if there was anyone in the audience to speak on this matter. There was no one to speak on this issue. EDA Member Elliott moved to close the public hearing at 6:10 P.M. EDA Member Bergeson seconded the motion. Motion carried unanimously. CONSIDERATION OF A RESOLUTION NO. 94 - 01 AUTHORIZING SALE OF LOT 10, BLOCK 1, LINO INDUSTRIAL PARK EDA Member Kuether moved to adopt the resolution authorizing the sale of Lot 10, Block 1, Lino Industrial Park. EDA Member Elliott seconded the motion. Motion carried unanimously. CONSIDERATION OF RESOLUTION NO 94 - 02 REGARDING DEMOLITION OF STRUCTURALLY SUBSTANDARD BUILDING AND INTENTION TO ESTABLISH REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT IN THE FUTURE Mr. Wessel explained that this resolution finds the building located at 7990 Lake Drive, known as Rosses' Corner, is substandard and structurally unsound. This will enable the building to be demolished so the City can declare its intent to include the property within a redevelopment Tax Increment District at some future date. Mr. Batty explained that in 1989 the City created a redevelopment Tax Increment Financing District which included the Rosses' property. Because there was no redevelopment action in the district within the first three (3) years of the district, the district terminated. Mr. Batty recommended that the City avail itself of certain provisions in the State Statutes that would allow the building to be demolished and then recreate a redevelopment TIF district. The City would have three (3) years to create a redevelopment TIF district and another three (3) years to establish development within that district. Resolution No. 94 - 02 outlines the intention of the City on this matter. EDA Member Kuether asked if the City would incur any liability in regard to the demolition of the building. Mr. Batty noted that the language in the Demolition Agreement specifically involves the owner of the property and Anoka County. EDA Member Kuether asked when the demolition would occur. Mr. PAGE 2