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1 <br />1 <br />1 <br />COUNCIL MEETING JUNE 12, 1995 <br />audit will be much larger and contain much more information. <br />Mayor Reinert said that this report is actually a "report card" <br />for the financial portion of the City. It is a good indicator of <br />how well the City is managed. The City is very well off when <br />compared to other growing communities. <br />Mr. Schumacher noted that the City has asked to have its bond <br />rating upgraded. This information will be very helpful to <br />document that the City does pay its debts in a timely manner. <br />Mayor Reinert noted that some legislators think that local <br />governments cannot manage their affairs. He said that they <br />should know that Lino Lakes is doing very well. <br />Mr. Schumacher explained that the City had anticipated that the <br />1993 growth would extend into 1994. This did not happen and yet <br />the City's financial condition was not negatively impacted. When <br />the growth slowed, department heads adjusted their budgets <br />accordingly and the City Council made midyear adjustments so that <br />the budget was not impacted. <br />Mr. Schumacher will provide this information to the Quad Press so <br />that all citizens can be made aware of the financial condition of <br />the City. <br />PUBLIC HEARING, MODIFICATION OF TAX INCREMENT FINANCING DISTRICT <br />NO. 1 -4, BLUE HERON, LTD. <br />Mayor Reinert opened the public hearing at 6:52 P.M. Mr. Wessel <br />used the overhead projector to show the proposed location of <br />where Blue Heron, LTD. plans to build a facility in the Apollo <br />Business Park. He explained that this site is located in the Tax <br />Increment Financing (TIF) District No. 1 -4. Modification of Tax <br />Increment District No. 1 -4 is required to facilitate this <br />project. <br />The modification of TIF No. 1 -4 has been adopted by the Economic <br />Development Authority to provide financial assistance to Blue <br />Heron, LTD. in the private portion of the Apollo Business Park. <br />Blue Heron, LTD. is planning to build a leasable office /warehouse <br />facility. This facility is in accordance with the Economic <br />Development Authority Advisory Board's (EDAAB) goal to establish <br />an incubator growth program to build a stronger <br />commercial /industrial tax base and support long term tax <br />diversity. Copies of the Plan have been sent to the Centennial <br />School District and Anoka County for their comments. No comments <br />were received from either entity. <br />PAGE 5 <br />77 <br />