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CITY OF LINO LAKES 1 <br />ECONOMIC DEVELOPMENT AUTHORITY 2 <br />MINUTES 3 <br /> 4 <br /> 5 <br />DATE : November 24, 2003 6 <br />MEMBERS PRESENT : J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, 7 <br /> J. Reinert 8 <br />MEMBERS ABSENT : None 9 <br />OTHERS PRESENT : Mary Divine, Dan Tesch, and Bill 10 <br /> Hawkins 11 <br /> 12 <br />CONSIDERATION OF MINUTES OF OCTOBER 27, 2003 13 <br /> 14 <br />EDA Member Dahl moved to approve the October 27, 2003 minutes, as presented. EDA Member 15 <br />Bergeson seconded the motion. Motion passed. 16 <br /> 17 <br />CONSIDERATION OF RESOLUTION NO. 03-11 ADOPTING A MODIFIED PROGRAM 18 <br />FOR DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT 19 <br />FINANCING DISTRICT NO. 1-11 (WOODS EDGE) 20 <br /> 21 <br />Ms. Divine summarized the Staff report, stating at the last work session there was a question 22 <br />regarding the benefits they might see from this district. She indicated Paul Steinman is here from 23 <br />Springsted with updates. She indicated he has a comparison of the Marketplace site and Woods 24 <br />Edge, as well as a comparison of tax generated within the TIF and outside TIF. She advised 25 <br />$25,801,343 is the total amount of tax expected to be generated within the TIF District, but as 26 <br />discussed, part of the project is set to take place outside of the TIF district, which is $11,191,706 over 27 <br />25 years. 28 <br /> 29 <br />EDA Member Reinert asked if that $11 million takes into consideration no other growth. Mr. 30 <br />Steinman indicated it considers the Hartford project outside TIF, but no inflationary growth. He 31 <br />noted this is a tax comparison based on City, County and School District taxes. 32 <br /> 33 <br />EDA President Carlson asked what the difference is between the $25,801,343 and $26,450,000 that 34 <br />they had discussed previously. Mr. Steinman stated $26,450,000 is the bottom line of the budget, and 35 <br />probably contains an interest component. He noted there is also a $450,000 livable communities 36 <br />grant, which is part of the budget amount of $26,450,000. 37 <br /> 38 <br />EDA President Carlson clarified that on the Woods Edge Tax Revenue Comparison, $26 million 39 <br />represents the total project, and $11 million is taxes they will collect right away. Mr. Steinman stated 40 <br />that was correct. 41 <br /> 42 <br />EDA Member O'Donnell verified that $25,801,343 is the capacity of the TIF District and in no way 43 <br />represents what may be granted. Mr. Steinman stated that was correct. 44 <br /> 45