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1 CITY OF LINO LAKES <br />2 ECONOMIC DEVELOPMENT AUTHORITY <br />3 MINUTES <br />4 <br />5 <br />6 DATE : November 24, 2003 <br />7 MEMBERS PRESENT : J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, <br />8 J. Reinert <br />9 MEMBERS ABSENT : None <br />10 OTHERS PRESENT : Mary Divine, Dan Tesch, and Bill <br />11 Hawkins <br />12 <br />13 CONSIDERATION OF MINUTES OF OCTOBER 27, 2003 <br />14 <br />15 EDA Member Dahl moved to approve the October 27, 2003 minutes, as presented. EDA Member <br />16 Bergeson seconded the motion. Motion passed. <br />17 <br />18 CONSIDERATION OF RESOLUTION NO. 03-11 ADOPTING A MODIFIED PROGRAM <br />19 FOR DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT <br />20 FINANCING DISTRICT NO. 1-11 (WOODS EDGE) <br />21 <br />22 Ms. Divine summarized the Staff report, stating at the last work session there was a question <br />23 regarding the benefits they might see from this district. She indicated Paul Steinman is here from <br />24 Springsted with updates. She indicated he has a comparison of the Marketplace site and Woods <br />25 Edge, as well as a comparison of tax generated within the TIF and outside TIF. She advised <br />26 $25,801,343 is the total amount of tax expected to be generated within the TIF District, but as <br />27 discussed, part of the project is set to take place outside of the TIF district, which is $11,191,706 over <br />28 25 years. <br />29 <br />30 EDA Member Reinert asked if that $11 million takes into consideration no other growth. Mr. <br />31 Steinman indicated it considers the Hartford project outside TIF, but no inflationary growth. He <br />32 noted this is a tax comparison based on City, County and School District taxes. <br />33 <br />34 EDA President Carlson asked what the difference is between the $25,801,343 and $26,450,000 that <br />35 they had discussed previously. Mr. Steinman stated $26,450,000 is the bottom line of the budget, and <br />36 probably contains an interest component. He noted there is also a $450,000 livable communities <br />37 grant, which is part of the budget amount of $26,450,000. <br />38 <br />39 EDA President Carlson clarified that on the Woods Edge Tax Revenue Comparison, $26 million <br />40 represents the total project, and $11 million is taxes they will collect right away. Mr. Steinman stated <br />41 that was correct. <br />42 <br />43 EDA Member O'Donnell verified that $25,801,343 is the capacity of the TIF District and in no way <br />44 represents what may be granted. Mr. Steinman stated that was correct. <br />45 <br />