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