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CITY COUNCIL WORK SESSION June 24, 2019 <br />DRAFT <br /> 1 <br />CITY OF LINO LAKES 1 <br />MINUTES 2 <br /> 3 <br />DATE : June 24, 2019 4 <br />TIME STARTED : 6:55 p.m. 5 <br />TIME ENDED : 7:40 p.m. 6 <br />MEMBERS PRESENT : Council Member Rafferty, Maher, 7 <br /> Manthey, Stoesz and Mayor Reinert 8 <br />MEMBERS ABSENT : None 9 <br /> 10 <br />Staff members present: Public Safety Director John Swenson; Community Development 11 <br />Director Michael Grochala; Finance Director Sarah Cotton; City Clerk Julie Bartell 12 <br /> 13 <br />Lyngblomsten Financial Assistance Request – Attorney Julie Eddington, Kennedy and 14 <br />Graven, and Mikeala Huot, BakerTilly Municipal Advisors, were present. 15 <br /> 16 <br />Community Development Director Grochala noted that the council has previously 17 <br />discussed the figures involved in this tax increment financing proposal and he noted 18 <br />where that discussion left off. Staff was directed to look at shortening the period of the 19 <br />tax increment. He noted that Ms. Huot would walk through the proposed framework of 20 <br />the plan and Ms. Eddington would review proposed contract details. 21 <br /> 22 <br />Ms. Huot reviewed a PowerPoint including information on: 23 <br />- Financial Assistance requested for certain elements of the development (senior 24 <br />care building and detached townhomes); 25 <br />- Proposed Assistance (initial request has been reduced by 1.4 million and fee credit 26 <br />of $300,000 – net assistance $3.6 million - over 8.5 year period); 27 <br />- Reduction of assistance based on developer need, fee credit through city policy, 28 <br />expanded boundaries, use of pooled tax increment funds; 29 <br />- Ways to reduce terms of assistance further (increased taxable value, inflation, 30 <br />construction savings, additional fee credits); 31 <br />- Draft tax increment financing plan (highlighted public purpose, qualification, 32 <br />term); 33 <br /> 34 <br />Ms. Huot and Ms. Eddington responded to Council Member Maher’s question about how 35 <br />areas are included and excluded. It is based on project elements and to be certain that 36 <br />the proposed plan meets legal requirements, staff has received verification from the 37 <br />Office of State Auditor about the areas included in this plan. 38 <br /> 39 <br />- Term of the district; 40 <br />- Estimated budget of revenues and expenditures; 41 <br />- Contract for private development; 42 <br />- Next steps. 43 <br /> 44