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03/12/2001 Council Packet
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03/12/2001 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
03/12/2001
Council Meeting Type
Regular
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• <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />DATE <br />MEMBERS PRESENT <br />MEMBERS ABSENT <br />OTHERS PRESENT <br />: November 13, 2000 <br />: J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, <br />J. Reinert <br />: None <br />: Mary Divine and Dan Tesch <br />CONSIDERATION OF MINUTES OF MONDAY, AUGUST 14, 2000 <br />EDA Member Dahl moved to approve the August 14, 2000, minutes, as presented. EDA <br />Member O'Donnell seconded the motion. Motion passed unanimously. <br />PUBLIC HEARING: PROPOSED BUSINESS SUBSIDY TO NORTH <br />AMERICAN COMPOSITES <br />Ms. Divine advised North American Composites, a subsidiary of Interplastic Corporation, <br />has requested tax increment financing (TIF) assistance in the amount of $122,250 for the <br />purpose of constructing a 25,000 square foot distribution facility in the Apollo Business <br />Center. North American Composites is a national distributor of polyester resins, <br />fiberglass, and related products to the composites industry. The local distributor will <br />employ 21 at this new facility, including management, warehouse, drivers, office and <br />sales positions. The company has committed to hiring at least three new employees <br />within two years at no less than $25,000 annual salary, plus benefits. <br />EDA President Bergeson opened the public hearing at 6:07 p.m. <br />EDA Member Carlson moved to close the public hearing at 6:07 p.m. EDA Member <br />Dahl seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF RESOLUTION NO. 00 — 04 APPROVING A BUSINESS <br />SUBSIDY FOR NORTH AMERICAN COMPOSITES <br />Ms. Divine advised this resolution recognizes that North American Composites meets <br />one or more of the goals and objectives outlined by the EDA in its business subsidy <br />criteria. Those goals include: <br />1. Light industrial projects in the Apollo Business Center are consistent with <br />the City's comprehensive plan designed to encourage economic growth <br />and diversity. <br />
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