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AGENDA ITEM 4 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 6/8/98 <br />TOPIC: Consideration of a proposal from Teknapack, Inc., <br />Apollo Business Center <br />BACKGROUND: <br />In 1995 the City of Lino Lakes provided TIF to Blue Heron Development, the first <br />speculative office /manufacturing facility in the Apollo Business Park. This was <br />done as part of the economic development plan to provide incubator space to <br />small business. As these businesses grow and need their own facilities, the hope <br />is they will stay and build in Lino Lakes. These small entrepreneurs are the <br />backbone to long term economic stability and growth. <br />Fritz Johnson of Teknapack, Inc. is an excellent example of the entrepreneurial <br />spirit the city hoped to encourage through the incubator program. A Lino Lakes <br />resident, he started his company in 1995 and moved into Blue Heron. His <br />company manufactures "eco- compatible" specialty packing materials. <br />He and his neighbor in the Blue Heron building, Dana Madsen of NATRA, an <br />industrial electronics manufacturer, are interested in building a facility that <br />provides them with the space they need and offers leasable space to other small <br />manufacturers. Their desire is to stay in Lino Lakes, <br />As part of the economic development plan to support small business growth in <br />the city, staff recommends that Teknapack be given consideration for TIF based <br />on the creation of a new district to provide greater capacity to assist with the cost <br />of land and assessments <br />OPTIONS: <br />1. Direct staff and bond attorney to begin the process for providing assistance to <br />Teknapack based on the creation of a new district <br />2. Return to staff for further consideration <br />