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A <br />STAFF <br />DATE: <br />TOPIC: <br />Develc <br />Systeri <br />4 <br />ntracx for Private <br />Lino Lakes EDA and Nol-Tec <br />On June 7, 1995 the EDA appr ve i a development agreemment with NoI -Tec to <br />build a 16,000 square foot facility in the Apolio Business Park. In the agreement , <br />TIFF was.used ta.pay.for.1.6.acres ad a l.the.assessments.NoI-Tec.paid for the . <br />remaining 1.4 acres of the -ac a parcel. The agreement the city made with Nol- <br />Tec was that TIF would- be used to subsidize the remaining 1.4 acres if the <br />company expanded. <br />NolTe _has.been.afine.e ample .of the kind. of: quality. <br />cctrnp y.the.city hoped. <br />to attract to the business park. The company is now planning to double the size <br />of its Lino Lakes facility, keeping its corporate headquarters here r than <br />expanding at its North Carolina facility. This decision is based, in part, on the <br />commitment of $54,000 in additional pay-as-you-go TIF to pay for the remaining <br />1.4 acres: This expansion will increase the industrial tax base and provide the <br />capacity for 25 additional ity jobs. <br />This development `between the EDA and Nol-Tec outlines the conditions <br />for public assistan for.tl onal TIF..In.this agreement, the city will <br />continue to be reimbursed assessments first from available tax increment, <br />and Nol-Tec will be reimbursed the additional $54,000 from the remaining <br />available tax increment. Pays c on the entire project vvi#I be cx mplete in 2004. <br />1. Approve the contract for private c eEve <br />Nol-Tec Systems, Inc. <br />2. Return to-staff for further r oonside tion <br />�t'on 1 <br />Lino Lakes EDA and <br />