12-11-2023 EDA Packet - Laserfiche WebLink

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CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MEETING DATE: May 22, 2023 TIME STARTED: 7:04 PM TIME ENDED: 7:10 PM EDA MEMBERS PRESENT: Rafferty, Lyden, Stoesz, Ruhland, Cavegn STAFF PRESENT: Michael Grochala, Community Development Director, Sarah Cotton, EDA Executive Director The meeting was called to order at 7:04 PM by EDA President Cavegn. CONSIDERATION OF JANUARY 23, 2023 MEETING MINUTES EDA Member Lyden moved to approve the January 23, 2023 meeting minutes. The motion was seconded by EDA member Stoesz. All voted in favor; the motion carried unanimously. ACTION ITEM 3A. Consider Resolution No. 23-01, Approving Assignment of Contract for Private Development and TIF Note, AX Lino Lakes, LP (TIF District 1-12). Community Development Director Michael Grochala provided background of a 2016 approval for a Contract for Private Development with United Properties; the action also included the authorization for Tax Increment Revenue Note. In 2017, following the construction of the property, the TIF Note was assigned to AX Lino Lakes, LP, new purchaser of the property. Now, OIVF III Clearwater LLC, is purchasing the project which requires assignment and assumption of the contract for private development, the TIF note, and related documents as allowed for in the contract. EDA Resolution 23-01 approves that action. EDA Member Stoesz moved approval of EDA Resolution 23-01; EDA Member Ruhland seconded the motion. The motion carried unanimously with all members voting in favor. ADJOURN With no further business before the EDA, the meeting was adjourned at 7:10 PM.