10/13/1997 Council Minutes - Laserfiche WebLink

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COUNCIL MINUTES OCTOBER 13, 1997 Council Member Kuether moved to adopt Resolution No. 97 - 138, as presented. Council • Member Bergeson seconded the motion. Motion carried unanimously. • • Resolution No. 97 - 138 can be found at the end of these minutes. Ron Beaty addressed Council regarding an inquiry by Kim Sullivan about how TIF money relates to assessments. Mr. Beaty stated that he is not certain of the exact Village improvements proposed for assessment, but that he sees both sources as viable for funding these public improvements. He added that some improvements are, by nature, particularly difficult to assess; therefore, TIF is useful in supplying the balance of funds needed beyond assessment in order to complete a project. Conversely, certain public improvements may be nonassessable or not desirable for assessment, in which case TIF funds can play a significant role in supplying funds to complete a project of this nature. In summary, TIF and assessment can easily work hand-in- hand but not overlap for use in public improvement in The Village. Economic Development Report - Mr. Wessel explained that Economic Development established a five-year plan in 1994 that has been updated each year. Through use of a detailed Lino Lakes Economic Development Status report and graphic display, Mr. Wessel pointed out specific areas of significant industrial and commercial growth in the form of the following mid- course update of the five-year plan: 1. Presently, 26 new businesses have committed to building new facilities in Lino Lakes. 2. Industrial and commercial project commitments through 1997 will generate $1,717,880 in additional tax revenues for our community. 3. Projected industrial and commercial projects will generate $2,259,800 in additional tax revenues through the year 2000, for a total tax revenue of committed and projected projects of $3,977,680. 4. Of the total tax revenues committed or projected through the year 2000, Lino Lakes' portion amounts to approximately 25%, or $994,420. 5. Approximately 1,800 new employees will be working in Lino Lakes by the year 2000. 6. Approximately $70 million in real estate value will be added to the Lino Lakes tax base by the year 2000. Mr. Wessel added that the City Council's priority and support to economic development over the past five years has resulted in a substantial increase in tax base and jobs. Capitalizing on the momentum that has been established will result in a strong Lino Lakes commercial and industrial tax base, as well as much-needed commercial services for the community by the end of this decade. Council Member Bergeson stated that the numbers presented by Mr. Wessel are amazing, and commended Mr. Wessel's efforts on behalf of Lino Lakes. Mayor Landers echoed Council Member Bergeson's praise, commending Mr. Wessel for his personal leadership with respect to economic development. Funkhauser Land Proposal - Mr. Wessel presented the following background for this item: The City has been negotiating with Jim Funkhauser to purchase 6.6 acres, more or less, in The Village on I-35W/Lake Drive. This will enable the City to respond to community needs by