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EDA MINUTES <br />DRAFT <br />1 <br />DATE : September 7, 2021 <br />TIME STARTED : 5:30 p.m. <br />TIME ENDED : 5:40 p.m. <br />MEMBERS PRESENT : EDA Members Rafferty, Ruhland, Lyden, <br />Stoesz, Cavegn <br />MEMBERS ABSENT : None <br />OTHERS PRESENT : Community Development Director Michael <br />Grochala; City Administrator Sarah Cotton; <br />Bond Counsel Julie Eddington; City Clerk Julie <br />Bartell; <br /> <br />The meeting was called to order at 5:30 p.m. by EDA President Lyden. <br /> <br />CONSIDERATION OF THE MINUTES OF JULY 22, 2019 <br /> <br />Economic Development Authority (EDA) Member Stoesz moved to approve the minutes of <br />January 25, 2021 as presented. EDA Member Ruhland seconded the motion. Motion carried on <br />a voice vote. <br /> <br />ACTION ITEMS <br />A. Consider Resolution No. 21-01, Approving an Assignment and Assumption <br />Agreement and Restated Contract for Private Development with Lyngblomsten at Lino <br />Lakes, LLC – Community Development Director Grochala reviewed the written report. The <br />council is being requested to approve agreements related to the Lyngblomsten project. He <br />reviewed the benefits to the City of the project and City objectives that would be met. Mr. <br />Grochala noted that changes to contract are requested that relate to project timing and increased <br />assistance to the project. He explained that staff is proposing an increase of $400,000 in <br />assistance to the project, to be funded from the Willow Ponds tax increment financing (TIF) <br />district. The original amount of TIF proposed for the project is $3.6 million. The funding <br />would be structured as a pay as you go note, with taxes paid reimbursed to the development. A <br />minimal assessment agreement is also included. <br /> <br />Director Grochala reviewed components of the agreement that remain unchanged (see staff <br />report). He introduced bond counsel Julie Eddington and Lyngblomsten development <br />representative Judd Fenlon who were present to answer questions. <br /> <br />EDA Member Stoesz asked if the $4 million proposed includes tax proceeds that would go to the <br />County and school district; Mr. Grochala said yes, the tax increment is pulled from all tax <br />authorities except special districts. <br /> <br />EDA Member Ruhland asked about the project value, which he heard was $60 million. Director <br />Grochala said that is total project cost; $30 million is the assessed value. EDA Member <br />Ruhland asked about the project schedule and Mr. Fenlon suggested townhomes in 2022 as a <br />start. <br /> <br />EDA Member Ruhland moved to approve Resolution No. 21-01 as presented. EDA Member <br />Cavegn seconded the motion. Motion carried on a voice vote.