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06-24-2019 Council Packet
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06-24-2019 Council Packet
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10/30/2021 1:08:48 PM
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10/16/2019 12:12:53 PM
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City Council
Council Document Type
Council Packet
Meeting Date
06/24/2019
Council Meeting Type
Regular
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It is our understanding that the City Council prefers that the Lyngblomsten Tax <br />Increment District be limited in duration. <br /> <br />The best way to accomplish the goals of the City Council is to include the 20 detached <br />townhomes and the clubhouse in the tax increment district. However, the Senior <br />Building is the only building that will meet the affordability standards required for <br />housing tax increment districts. If the townhomes and clubhouse are included in the tax <br />increment district, the City will need to make sure that no tax increment assistance <br />benefits the townhomes or the clubhouse. Because the infrastructure improvements the <br />Developer is required to construct will benefit the Senior Building, the townhomes, and <br />the clubhouse, we advise the City to avoid providing tax increment assistance to the <br />Developer for public infrastructure improvements. Instead, we suggest that the contract <br />for private development between the Developer and the Lino Lakes Economic <br />Development Authority require the Developer to construct the public infrastructure and <br />dedicate land to the City and County for the public infrastructure but reimburse the <br />Developer with tax increment for costs that only relate to the Senior Building. These <br />costs include land acquisition for the Senior Building, demolition on the land for the <br />Senior Building, the costs of constructing the underground parking related to the Senior <br />Building, and the costs of constructing the Senior Building. <br /> <br />Please contact me at your convenience with any questions regarding the foregoing. <br /> <br />KENNEDY & GRAVEN, CHARTERED <br /> <br /> <br /> <br /> <br />Julie Eddington
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