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APPROVED MINUTES <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT <br />ADVISORY COMMITTEE <br />MINUTES <br /> <br /> <br />DATE: <br /> <br />June 6, 2024 <br />TIME STARTED: 8:00 a.m. <br />TIME ENDED: 9:12 a.m. <br />MEMBERS PRESENT: Blakely LaCroix, Don Johnson, Patrick Kohler, <br />Nathan Vojtech, Jim Schueller, Chad Wagner, Chris <br />Spenner <br />MEMBERS ABSENT: Keith Hembre, Andrew Cravero, Steve Marchek <br />STAFF PRESENT: Michael Grochala, Julie Whitney <br /> <br /> <br />1. CALL TO ORDER <br /> <br />Mr. Grochala called the Economic Development Advisory Committee meeting to order at <br />8:02 a.m. on June 6, 2024. <br /> <br />2. APPROVAL OF MINUTES <br /> <br />Mr. Kohler made a motion to approve the May 2, 2024 meeting minutes. Motion was <br />supported by Mr. Wagner. Motion carried 6 - 0. <br /> <br />3. DISCUSSION ITEMS <br /> <br />A. Financial Security Requirements <br /> <br />During the May 2, 2024 meeting the EDAC questioned what requirements the City has to <br />make sure that improvements are completed for development projects. Mr. Grochala <br />stated that the City’s “Official Controls”, require the deposit of a financial security to <br />assure the City that public improvements are constructed or installed according to the <br />specifications of the City. There are three types of security that may be used and include <br />cash, irrevocable letter of credit or surety agreements. Mr. Grochala explained all three. <br />Mr. Kohler asked who owns the land in the case of a default. Mr. Grochala said the land <br />continues to be owned by the property purchaser. In the event that there is a default on <br />a mortgage it could revert to the mortgage holder. Special assessments levied by the <br />City stay with the property unless it goes tax forfeit. In this case , the City has other <br />remedies available.