09/05/2001 Council Minutes - Laserfiche WebLink

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CITY COUNCIL WORK SESSION SEPTEMBER 5, 2001 CITY OF LINO LAKES MINUTES DATE : September 5, 2001 TIME STARTED 5:35 p.m. TIME ENDED : 9:10 p.m. MEMBERS PRESENT : Council Member Carlson, Dahl, O'Donnell, Reinert, and Mayor Bergeson MEMBERS ABSENT : None Staff members present: Administration Director, Dan Tesch; City En ineer, John Powell; Economic Development Director, Brian Wessel (part); Econopment Assistant, Mary Alice Divine; Chief of Police, Dave Pecchia (part); Co pity velopment Director, Mike Grochala; Finance Director, Al Rolek; and b • is =` es Director, Rick DeGardner Mayor Bergeson introduced Ann Blair, staff's position. TOWN CENTER UPDATE, BRIA tion for the City Clerk's Update on Lino Lakes Market o omic Development Director Wessel stated that last Monday the Council e ly ed the Marketplace project. Staff spent the week explaining why. Las determined that the project was approved. Currently, the City's reputa is of ti -growth and companies do not want to do business with the Cit - Lino es. Economic Developmen Director Wessel recommended the Council make a positive and productive decision Mo ay night. The City is in a position to move ahead with the Marketplace, Livable Communities Grant, and JADT land purchase. The subsidy request is the same as it was last week and the developer has agreed to it. Staff will continue to negotiate between now and Friday. Finance Director Rolek reviewed the figures in the business subsidy noting a portion of the waived fees can be collected at the end of the business subsidy term. Total pay back time is approximately 6'h years. He noted the pay back time could be less because the abatement could be higher due to inflation. It is also important that the retailers open as soon as possible even though there is a seven -(7) year cap on the subsidy. Finance Director Rolek explained how the interest component of the subsidy will work noting it is possible to have an agreement about the interest if the developer pays the