01-24-2022 EDA Packet - Laserfiche WebLink

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EDA MINUTES DATE TIME STARTED TIME ENDED MEMBERS PRESENT MEMBERS ABSENT DRAFT : October 11, 2021 . 7:13 p.m. . 7:20 p.m. : EDA Members Rafferty, Lyden, Stoesz, Cavegn : EDA Member Ruhland OTHERS PRESENT : Community Development Director Michael Grochala; City Administrator Sarah Cotton; City Clerk Julie Bartell; The meeting was called to order at 7:13 p.m. by EDA President Lyden. CONSIDERATION OF THE MINUTES OF SEPTEMBER 7, 2021 Economic Development Authority (EDA) Member Stoesz moved to approve the minutes of September 7, 2021 as presented. EDA Member Rafferty seconded the motion. Motion carried on a voice vote. ACTION ITEMS A. Consider Resolution No. 21-02, Approving Assignment of Contract for Private Development and TIF Note With Lyngblomsten at Lino Lakes, LLC — Community Development Director Grochala reviewed the written report. The council is being requested to approve agreements related to the Lyngblomsten project. The loan has been closed and construction should begin in the new few weeks. An agreement was entered into in September and part of the agreement provides tax increment financing to the project. The tax increment financing note was issued through another city (as a conduit). An additional loan is being issued to the developer. The request now is the assignment of the development contract and tax increment financing note. EDA Member Stoesz asked the cost of the conduit financing and staff estimated $50,000. It was clarified that the City didn't have the opportunity to issue the debt because of another issuance scheduled this year. EDA Member Rafferty remarked that it's exciting to see this project coming to fruition. It should be a great improvement for a blighted corner of the City. EDA Member Rafferty moved to approve Resolution No. 21-02 as presented. EDA Member Cavegn seconded the motion. Motion carried on a voice vote. ADJOURNMENT There being no further business for consideration, the meeting was adjourned at 7:20 p.m.