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CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT <br />ADVISORY COMMITTEE <br />MINUTES <br />DATE: July 2, 2019 <br />MEMBERS PRESENT: Jim Schueller, Andrew Cravero, Patrick Kohler, Don Johnson, Chad <br />Wagner <br />MEMBERS ABSENT: Michael Ruhland, Thomas Colgan, Julie Jeffrey -Schwartz, Nathan <br />Vojtech <br />OTHERS PRESENT: Mikaela Huot, Mike Grochala, Mara Strand <br />APPROVAL OF MINUTES <br />It was moved by Mr. Cravero to approve the minutes from May 2, 2019. The motion was <br />seconded by Mr. Wagner, passing unanimously. <br />DISCUSSION ITEMS <br />A. Lyngblomsten Tax Increment Financing Request <br />Michael Grochala, Community Development Director, welcomed Mikaela Huot, Baker <br />Tilly, and introduced the discussion item. <br />Mr. Wagner has a conflict of interest and will not take part in the conversation. <br />Ms. Huot and Mr. Grochala presented the staff report. <br />Mr. Kohler asked what 50% is of the area median income. Payable 2019 is $100,000; half is <br />$50,000. Most retired seniors technically qualify as it is based on annual income, not assets. <br />Scenarios that may reduce the term of the TIF districts were presented. <br />Next steps — <br />• 7/8/2019: City Council is holding a public hearing to consider adopting TIF plan and <br />TIF district, possible EDA meeting to review the terms of the contract. <br />• 7/22/2019: EDA meeting to review the TIF plan and TIF district, contingent on City <br />Council's action on 7/8/2019. EDA to consider adopting resolution that would <br />approve the contract for private development. <br />Mr. Cravero asked if there have been conversations with Lyngblomsten regarding the <br />adjusted numbers. Staff confirmed they have had discussions with Lyngblomsten. <br />Mr. Grochala reviewed Willow Ponds history regarding TIF Housing district 1-5 which has <br />been around for a while. <br />