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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA ITEM 3B <br />STAFF ORIGINATOR: Michael Grochala <br />MEETING DATE: January 24, 2022 <br />TOPIC: 2021 Annual Report <br />VOTE REQUIRED: 3/5 <br />BACKGROUND <br />Each year staff is required to provide a recap of the prior year activities undertaken by the board. <br />In 2021, the EDA undertook the following development activities. <br />1. Approved the Assignment Agreement and Restated and Amended Contract or Private <br />Development with Lyngblomsten and associated approvals for the Lyngblomsten <br />Housing Project. <br />Overall, the City continued to see substantial development activity in 2021. 263 new residential <br />construction permits were issued in 2021. Total building permit valuation was approximately <br />$90,797,000. These represent both the highest residential permit numbers in over 20 years and <br />the highest new construction valuation on record. Approximately $75 million was related to <br />residential construction. <br />Staff is also reporting that no modifications to the EDA enabling resolution are needed or <br />proposed. <br />RECOMMENDATION <br />Staff is recommending that the EDA accept the report. <br />ATTACHMENTS <br />1. Enabling Resolution <br />