10-27-2003 EDA Packet - Laserfiche WebLink

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6 DATE 7 MEMBERS PRESENT 8 MEMBERS ABSENT 9 OTHERS PRESENT 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31. 32 33 34 35 36 37 38 39 40 41 42 43 44 45 DRAFT CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES September 22, 2003 : J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, J. Reinert None Mary Divine, Dan Tesch, Michael Grochala and Bill Hawkins CONSIDERATION OF MINUTES OF AUGUST 11, 2003 EDA Member Bergeson moved to approve the August 11, 2003 minutes, as presented. EDA Member O'Donnell seconded the motion. Motion passed unanimously. PUBLIC HEARING: PROPOSED BUSINESS SUBSIDY TO PANATTONI DEVELOPMENT, LLC EDA President Carlson opened the public hearing at 6:09 p.m. Ms. Divine summarized the Staff report, indicating the Economic Development Advisory Committee has reviewed this project The committee recommended the EDA support the project, since it met the necessary subsidy criteria, building standards, zoning codes and the Comprehensive Plan land use designation. EDA Member Bergeson indicated there was discussion at the work session about fiscal disparities. He asked Ms. Divine to review that topic. Ms. Divine indicated the question was whether the city had to take fiscal disparities from within this TIF District, which reduces the amount available for TIF. She stated she has since learned that last year Legislation was passed that requires it be taken from within the District, if it is an Economic Development District. EDA Member O'Donnell stated they talked about costs associated with TIF. He questioned what the project cost will be. Ms. Divine indicated about $12 million. Rob Davidson, representing DAI, indicated one thing that was undetermined at the work session was the number of years that might be appropriate. He indicated they are in a 10-year district, and will create eight years of increment within that district. He noted the City's TIF consultant said there really is not a right answer, and he has to agree. He indicated the only person who can answer the question is the person who will pay the taxes each year, which is the President of the company, and he believes eight years is the length of time that would allow him to make this project work on this site. EDA Member Bergeson asked if eight years represented the $1.1 million figure. Mr. Davidson indicated that was correct.