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