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CITY COUNCIL SPECIAL WORK SESSION <br />April 8, 2019 <br />APPROVED <br />1 CITY OF LINO LAKES <br />2 MINUTES <br />3 <br />4 DATE April 8, 2019 <br />5 TIME STARTED 6:00 p.m. <br />6 TIME ENDED 6:30 p.m. <br />7 MEMBERS PRESENT Council Member Rafferty, Maher (part) <br />8 Manthey, Stoesz and Mayor Reinert <br />9 MEMBERS ABSENT None <br />10 <br />11 Staff members present: Community Development Director Michael Grochala; City <br />12 Planner Katie Larsen; Public Safety Director John Swenson; City Clerk Julie Bartell <br />13 <br />14 Lyngblomsten Financial Assistance Request — Mikaela Huot (Springsted) and <br />15 Community Development Director Grochala reviewed a PowerPoint presentation that <br />16 provided education on the tax increment financing process in general and outlined the <br />17 Lyngblomsten proposal for financial assistance. <br />18 <br />19 Ms. Huot explained in more detail the impact on school district tax revenue; the formula <br />20 is impacted but not necessarily the revenue. <br />21 <br />22 Mayor Reinert asked if the developer can change elements within the development once <br />23 the tax increment is approved. Director Grochala said a development agreement will be <br />24 executed and that will bind the elements of the development. <br />25 <br />26 Community Development Director Grochala explained the process of setting up a tax <br />27 increment financing plan that would establish those items that would be covered by the <br />28 increment. The city would issue a tax increment note. <br />29 <br />30 Staff reviewed the numbers further: the requested increment of $5.3 million would <br />31 probably be paid off in about 13 years; the value will dictate the figures. <br />32 <br />33 Mayor Reinert remarked that the council has expressed that this is a desirable project for <br />34 the City. He foresee more discussion on the matter. Mr. Grochala added that staff will <br />35 be receiving additional information from the county in the meantime. <br />36 <br />37 The developer representative that was present noted that they have some purchase <br />38 agreements coming very soon; it would be very helpful to know what the council is <br />39 thinking in terms of funding. <br />40 <br />41 Mayor Reinert suggested that $5.3 is high; Council Member Manthey said 15 years is too <br />42 long. <br />43 <br />1 <br />