Laserfiche WebLink
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA ITEM 313 <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br />MEETING DATE: February 10, 2025 <br />TOPIC: 2024 Annual Report <br />VOTE REQUIRED: 3/5 <br />BACKGROUND <br />Each year staff is required to provide a recap of the prior year activities undertaken by the <br />board. In 2024, the EDA undertook the following development activities. <br />1. Approved the acquisition of tax forfeit property in the Apollo Business Park (PIN 18- <br />31-22-41-0011). <br />Overall, the City continued to see development activity in 2024. 124 new residential <br />construction permits were issued in 2024. This is a slight increase over 2023 but substantially <br />under projected growth. Total building permit valuation increased from $57, 600,000 in 2023 <br />to approximately $75,600,000 in 2024. <br />Commercial activity included the opening of Culvers, Milestones Learning Center, Heartland <br />Dental, and Starbucks. Approximately 76,000 square feet of industrial space was added <br />including Figi Cube, Lino Tech Center, and Sterling Plastics. <br />The City entered into a purchase agreement with Java Companies, to sell approximately 2.0 <br />acres of City property adjacent to Lake and 77t" Street. This is part of a multi -property <br />redevelopment project that includes the realignment of 77t" Street to the Market Place Drive <br />intersection. The project including three new buildings was approved in November. Closing is <br />anticipated this fall. <br />Staff is also reporting that no modifications to the EDA enabling resolution are needed or <br />proposed. <br />RECOMMENDATION <br />Staff is recommending that the EDA accept the report. <br />ATTACHMENTS <br />1. Enabling Resolution <br />