08-11-2003 EDA Minutes - Laserfiche WebLink

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CITY OF LINO LAKES 1 ECONOMIC DEVELOPMENT AUTHORITY 2 MINUTES 3 4 5 DATE : August 11, 2003 6 MEMBERS PRESENT : J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, J. Reinert 7 MEMBERS ABSENT : None 8 OTHERS PRESENT : Mary Divine, Dan Tesch, Michael Grochala and Bill 9 Hawkins 10 11 CONSIDERATION OF MINUTES OF JUNE 23, 2002 12 13 EDA Member O’Donnell moved to approve the June 23, 2002 minutes, as presented. EDA Member 14 Bergeson seconded the motion. Motion passed unanimously. 15 16 Ms. Divine noted that at the work session Councilmember Dahl asked for a worksheet on Tax 17 Increment Financing, which she has tonight for review. She indicated the Finance Director put the 18 information together, which shows the different TIF Districts that are open, the year they were 19 certified, which projects received assistance, etc. She advised TIF District 1-7 will be decertified at 20 the end of 2003, as will TIF District 3-1, and TIF District 1-8 at the end of next year. She further 21 advised TIF District 1-9 will run its full course. 22 23 EDA Member Bergeson asked if the taxes would be collected in 2004 or 2005. Ms. Divine indicated 24 it would be on the tax roles of 2004, collected in 2004. 25 26 EDA Member Bergeson noted there are budget preparations taking place, and he wonders if they 27 included this as coming on line. Ms. Divine indicated she was not sure, but believes they have been, 28 as they have been looking at this for some time. 29 30 CONSIDERATION OF RESOLUTION NO. 03-04, ADOPTING A MODIFIED PROGRAM 31 FOR DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT 32 FINANCING DISTRICT NO. 1-10 (MARSHAN LAKE INDUSTRIAL PARK) 33 34 Ms. Divine summarized the Staff report, clarifying what is being considered is adoption of the TIF 35 plan, not approving any assistance within that TIF District. She indicated Staff recommends adoption 36 of Resolution No. 03-04 adopting a modified program for Development District No. 1 and 37 establishing TIF District No. 1-10. 38 39 EDA Member Bergeson moved to adopt Resolution No. 03-04 adopting a modified program for 40 Development District No. 1 and establishing TIF District No. 1-10. EDA Member O'Donnell 41 seconded the motion. 42 43