07/19/2000 Council Minutes - Laserfiche WebLink

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CITY OF LINO LAKES MINUTES DATE : July 19, 2000 TIME STARTED : 5:10 p.m. TIME ENDED : 9:20 p.m. MEMBERS PRESENT : Council Member Carlson, Dahl, O'Donnell, Reinert, and Mayor Bergeson : None MEMBERS ABSENT Staff members present: Administration Director, Dan Tesch; City Engineer, John Powell; City Planner, Jeff Smyser, Community Development Director, Brian Wessel; Economic Development Assistant, Mary Divine (part); Planning Co • t tor, Mary Kay Wyland (part); Finance Director, Al Roleck (part); and Fire Chi - f, to :a nett (part) TIF PRESENTATION FROM EHLERS & ASSOCIICE DIVINE Mr. Mark Ruff, Ehlers & Associates, came forw an overview of Tax Increment Financing and in detail noting that TIF is the ability to new development within a defined g types of TIF districts including r Mr. Ruff advised the eli demolition and clearanc administration, an pay-as-you-go, an detail including LG ibu d a handout regarding . He reviewed the overview the property tax revenues from . Ruff reviewed the different ousing, and economic development. TIF include the following: land acquisition, p ements, utilities, relocation, interest on financing, ending upon the district. Financing of TIF includes bonds, loans. Mr. Ruff reviewed the penalties for use of TIF in A loss and local match option. Ms. Shelly Eldridge, Ehlers & Associates, came forward and reviewed each TIF district within the City of Lino Lakes in detail. A map was distributed indicating the location of each district. Mr. Roleck came forward and distributed graphs regarding the use of TIF in Lino Lakes. The graphs included information relating to the growth in tax base, % of tax base by type, C/I tax capacity comparison, values as a % of C/I values, and Lino Lakes employment data. Ms. Divine came forward and reviewed the process used to determine if a business qualifies for TIF.