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APPROVED <br /> <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT <br />ADVISORY COMMITTEE <br />MINUTES <br /> <br />DATE: Thursday, January 8, 2004 <br />MEMBERS <br />PRESENT: D.Gorowsky, K. Hansmann, H. Juni, T. Vacha, J. Milbauer, F. Chase, J. <br />Schwartz, H. Karth <br />MEMBERS <br />ABSENT: None <br />OTHERS <br />PRESENT: M. Divine <br /> <br />GENERAL/MINUTES <br /> <br />Minutes of November 6, 2003 were approved. <br />Members agreed to wait until members had been reappointed to elect a 2004 chair. <br /> <br />UPDATES <br /> <br />LEGACY AT WOODS EDGE <br /> <br />Ms. Divine stated all comments are in from other agencies for the EAW. The main issue <br />is with MnDot and traffic, but staff has been proactive in working with them. The TIF <br />district was established in November. The Tagg property is in the TIF district, the city- <br />owned land will not be, so anything built on that part will be on the tax rolls immediately. <br />Hartford has not submitted a formal TIF application. When they do, Springsted will <br />perform the analysis of the request. <br /> <br />Ms. Divine exhibited a graph that showed the maximum taxes that would be generated <br />over the life of the district, both inside and outside the district, provided the project is <br />built out. The budget of the district is the amount that will be generated over the life of <br />the district. This is not the amount that will be provided in subsidy. That amount has not <br />been determined. The city hopes to use some of the district’s capacity to pay its portion <br />of the 35W bridge reconstruction and improvements to Lake Drive. <br /> <br />Mr. Juni asked if members had specific questions about the TIF District. He stated there <br />was a 3 to 2 split vote on establishment of the district. No decisions have been made <br />regarding TIF except to establish a district to provide the capacity. Mr. Chase asked if the <br />project doesn’t go, would the city still have the capacity to provide TIF. Ms. Divine <br />stated the district won’t be certified with the county until the project is approved. Once it <br />is certified the clock starts ticking on the district. She explained that the current budget is <br />based on full buildout of the Hartford project. If a project of lesser value is built within <br /> 1