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CITY COUNCIL WORK <br /> SESSION <br /> APPROVED <br /> 1 CITY OF LINO LAKES <br /> 2 MINUTES <br /> 3 <br /> 4 DATE : October 3, 2022 <br /> 5 TIME STARTED : 6:00 p.m. <br /> 6 TIME ENDED : 9:30 p.m. <br /> 7 MEMBERS PRESENT : Councilmember Stoesz,Lyden, Ruhland, <br /> 8 Cavegn and Mayor Rafferty <br /> 9 MEMBERS ABSENT <br /> 10 Staff members present: City Administrator Sarah Cotton; Finance Director Hannah <br /> 11 Lynch; Community Development Director Michael Grochala; City Planner Katie Larsen; <br /> 12 City Engineer Diane Hankee; Director of Public Safety John Swenson; Public Services <br /> 13 Director Rick DeGardner <br /> 14 1. Clearwater Creek TIF Plan District 1-14—Community Development Director <br /> 15 Grochala and Mikala Huot, Baker Tilly, reported. Mr. Grochala noted that the council <br /> 16 has reviewed this proposal at previous meetings. At this time staff is presenting a <br /> 17 recommendation that the City authorize tax increment financing assistance to the <br /> 18 proposed project in the amount of$2.9 million. <br /> 19 <br /> 20 Ms. Huot reviewed a presentation including a financial analysis on the tax increment plan <br /> 21 before the council. She reviewed terms,proposed boundaries of the district,total budget <br /> 22 for the project($67 million project), financial needs analysis, and extraordinary site cost <br /> 23 estimate, and total request and recommended tax increment financing. Ms. Huot <br /> 24 explained the "but for" criteria under which tax increment should be considered,and she <br /> 25 also reviewed revenue estimates for the term of the district. The findings supporting <br /> 26 establishment of a district were reviewed. <br /> 27 <br /> 28 Councilmember Lyden asked about the annual tax revenue to the City after the district <br /> 29 decertifies. Ms. Huot said beginning in 2033, the captured tax capacity would be <br /> 30 $415,000 with the City share roughly a third of that;that includes valuation increase <br /> 31 consideration. <br /> 32 <br /> 33 Councilmember Stoesz asked what makes this project unique that requires aggregate <br /> 34 piers. Community Development Director Grochala explained that the soil conditions <br /> 35 require full use of those piers. Councilmember Stoesz asked if job creation can be <br /> 36 locked in; Mr. Grochala said there will be a minimum number of jobs (benchmark) <br /> 37 created under contract. Ms. Huot added that there are minimums that will be required but <br /> 38 the City could increase those. <br /> 39 <br /> 40 Mayor Rafferty asked if there will be some architectural features for these buildings. Mr. <br /> 41 Grochala said that process will be included as the project moves ahead;the new zoning <br /> 42 regulations could impact those elements. <br /> 43 <br /> 1 <br />