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EDA MINUTES <br />JUNE 25, 2007 <br />DRAFT <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />�.. 24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />DATE <br />MEMBERS PRESENT <br />MEMBERS ABSENT <br />OTHERS PRESENT <br />: June 25, 2007 <br />: D. Carlson, J. Reinert, J. O'Donnell <br />: D. Stoltz, J. Bergeson <br />: Mary Divine, Gordon Heitke, Al Rolek and Julie <br />Bartell <br />The meeting was called to order by Vice President Carlson at 6:15 p.m. <br />CONSIDERATION OF MINUTES OF JANUARY 22, 2007 <br />EDA Member Reinert moved to approve the January 22, 2007 minutes, as presented. EDA <br />Member O'Donnell seconded the motion. Motion passed unanimously. Stoltz and Bergeson <br />were absent. <br />RESOLUTION NO. 07-01 APPROVING THE MODIFICATION OF TAX INCREMENT <br />FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-11 <br />Finance Director Rolek explained that staff is presenting an administrative amendment to this tax <br />increment plan that is required based on the restructuring of the Lake Drive Interchange Project <br />financing plan. The City Council will consider this modification at their meeting this evening. <br />EDA Member O'Donnell moved to approve Resolution No. 07-01, as presented. EDA Member <br />Reinert seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent. <br />RESOLUTION NO. 07-02, AUTHORIZING AN INTERFUND LOAN IN CONNECTION. <br />WITH THE LAKE DRIVE INTERCHANGE PROJECT AND TAX INCREMENT <br />FINANCING DISTRICT NO. 1-11 <br />Finance Director Rolek explained that this loan action is based on the restructured financing plan <br />for the Lake Drive Interchange Project. There should be sufficient capacity in the district to fully <br />fund this so staff is recommending approval of the loan. <br />EDA Member Reinert moved to approve Resolution No. 07-02, as presented. EDA Member <br />O'Donnell seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent. <br />RESOLUTION NO. 07-03 APPROVING TIF PLEDGE AGREEMENT <br />Finance Director Rolek explained that staff is requesting authorization to execution a tax <br />increment pledge agreement between the City of Lino Lakes and the EDA that would pledge <br />certain tax increment revenue toward the payment of principal and interest on the general <br />1 <br />