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• <br />• <br />• <br />This project is in TIF District 1 -9, which requires a 10% local contribution ($13,753). It <br />is the City's intent to apply the interest lost on the assessments that were deferred until <br />development occurred as the local contribution. <br />EDA Member Reinert moved to approve the contract for private development between <br />Lino Lakes EDA and North American Composites, as presented. EDA Member <br />O'Donnell seconded the motion. Motion passed unanimously. <br />ADJOURNMENT <br />EDA Member O'Donnell moved to adjourn. EDA Member Carlson seconded the <br />motion. Motion passed unanimously. <br />Meeting adjourned at 6:15 p.m. <br />Transcribed by: <br />Kim Points <br />TimeSaver Off Site Secretarial, Inc. <br />3 <br />