11/18/1993 Council Minutes (2) - Laserfiche WebLink

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1 COUNCIL WORK SESSION NOVEMBER 18, 1993 CITY OF LINO LAKES COUNCIL MINUTES DATE TIME STARTED s TIME ENDED MEMBERS PRESENT: MEMBERS ABSENT November 18 1993 6:40 P.M. 7:50 P.M. Reinert, Kuether, Elliott, Bergeson Neal Staff members present: City Administrator, Randy Schumacher; Economic Development Authority Advisory Board (EDAAB) Chairman, Brian Wessel and Clerk -Treasurer Marilyn Anderson. Consideration of Greenhaven Press, Inc., Tax Increment Financing Proposal Mr. Wessel explained that a resolution of support is being prepared for consideration at the next City Council meeting for Greenhaven Press, Inc. A Tax Increment Financing (TIF) proposal will be outlined in the resolution. Mr. Wessel explained that Greenhaven Press, Inc. is proposing to build a facility across the pond from Emtech, Inc. on 2.1 acres of land. Ground breaking is scheduled for approximately December 1, 1993. The Planning and Zoning Board and the Economic Development Authority Advisory Board have reviewed and approved the proposal. The current proposal for development of Greenhaven Press, Inc. is as follows: construction will be completed on phase I which is approximately 16,400 square feet. Phase II will be constructed in about two (2) years doubling the size of the building. The building will be a distribution center for school materials and books. The cost of the entire package will be approximately $750,000.00 including about $675,000.00 for building construction, land and other "hard" costs. The cost of the land is approximately 90 cents per square foot. Greenhaven Press, Inc. looked at five (5) other locations in other cities before selecting Lino Lakes. The proposal is for a "pay as you go" TIF package up to $80,000.00. Greenhaven Press, Inc. originally asked for a larger dollar amount. An incentive is being considered that would PAGE 1 295