02-13-2017 EDA Packet - Laserfiche WebLink

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY AGENDA ITEM 3B STAFF ORIGINATOR: Michael Grochala MEETING DATE: February 13, 2017 TOPIC: 2016 Annual Report VOTE REQUIRED: 3/5 BACKGROUND Each year staff is required to provide a recap of the prior year activities undertaken by the board. In 2016, the EDA undertook the following activities: 1. Took action to designate the 49 Club as structurally substandard and entered into a preliminary development agreement with the owner regarding demolition of the building. The 49 Club was torn down in September. 2. The EDA took action to approve an updated Business Subsidy policy. 3. Approved a Modified Development Plan for Development District 1 and approved a Tax Increment Financing Plan establishing District 1-12 for the United Properties Project. 4. Approved the Contract for Private Development with United Properties for the development of a 402,000 square foot warehouse/distribution facility along the 35E corridor. The project included the extension of 21st Avenue South. 5. Closed on land sale to DR Horton for approximately 11 acres of property in the Legacy and Woods Edge project. DR Horton has begun construction on the 1st phase of the 112 unit residential development. Overall, the City saw a substantial increase in development activity in 2016. 100 new residential permits were issued in 2016, our highest total since 2007 (91). Building permit valuation topped $50 million for the first time since 2005. Fiesta Cancun opened a second restaurant in town and Don Julio’s opened in the Market Place. Staff is also reporting that no modifications to the EDA enabling resolution are needed or proposed. RECOMMENDATION Staff is recommending that the EDA accept the report. ATTACHMENTS None.