11-14-2022 City Council Packet - Laserfiche WebLink

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