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EDA MINUTES <br />DRAFT <br />August 22, 2011 <br />DATE : August 22, 2011 <br />TIME STARTED : 7:05 p.m. <br />TIME ENDED : 7:12 p.m. <br />MEMBERS PRESENT : Commissioners Gallup, O'Donnell, Roeser, <br />Reinert, Rafferty <br />MEMBERS ABSENT : None <br />OTHERS PRESENT: : Mary Divine, Mike Grochala <br />The meeting was called to order at 7:05 p.m. by President Rafferty. <br />CONSIDERATION OF THE MINUTES OF JANUARY 10, 2011 <br />EDA Member Reinert moved to approve the January 10, 2011 minutes. EDA Member Gallup <br />seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF RESOLUTION NO. 11 -01 MODIFYING DEVELOPMENT <br />PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND TIF PLAN FOR TAX <br />INCREMENT FINANCING DISTRICT NO. 1 -10 <br />Mary Divine, Economic Development Coordinator, introduced Resolution No. 11 -01 modifying <br />the Development Program for Development District No. 1 and TIF Plan for Tax Increment <br />Financing District No. 1 -10. She explained that special legislation was passed in the Minnesota <br />Legislature in the 2011 session. Minnesota Laws, Ch. 112, Art. 11, Section 18 authorized the <br />City to extend the duration of Lino Lakes Tax Increment Financing District No. 1 -10 through <br />December 31, 2023. This allows the EDA to used increments collected from the District to pay <br />debt service on bonds issued to finance the I -35W /County Road 23 interchange reconstruction <br />and the improvements serving Legacy at Woods Edge development. These expenditures would <br />not be subject to the general law restrictions on pooling, including the 5 -year rule and limits on <br />the type of purpose for which economic development district increments may be spent. <br />As required by Minnesota Statutes, Section 469.175, Development District No. 1 and the Plan <br />for TIF District 1 -10 must be modified to reflect the extended duration of the district and the <br />increased budget, and to ensure the modification conforms to the Comprehensive Plan. <br />EDA Member O'Donnell moved to approve Resolution No. 11 -01 Modifying the Development <br />Program for Development District No. 1 and the TIF Plan for Tax Increment Financing District <br />No. 1 -10. EDA Member Roeser seconded the motion. Motion passed unanimously. <br />ADJOURNMENT <br />There being no further business, EDA Member Reinert moved to adjourn. EDA Member Gallup <br />seconded the motion. Motion carried unanimously. <br />Meeting adjourned at 7:12 p.m. <br />1 <br />