Loading...
HomeMy WebLinkAbout04-12-1999 EDA MinutesCITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE: Monday, April 12, 1999 MEMBERS PRESENT: K. Sullivan, J. Bergeson, C. Dahl, C. Lyden, A. Neal MEMBERS ABSENT: OTHERS PRESENT: Brian Wessel, Mary Divine CONSIDERATION OF MINUTES EDA Member Dahl moved to approve the minutes from the March 22, 1999 EDA meeting. EDA Member Neal seconded the motion. Motion passed unanimously. CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN LINO LAKES EDA AND LINO LAKES BUSINESS CENTER PHASES 5, 6, 7 & 8 Mr. Wessel outlined the conditions for public assistance for the Lino Lakes Business Center project, which is locating on 6 acres just north of the Apollo Business Park on the Hawkins Chemical property. In the agreement, the city agrees to provide a maximum amount of tax increment financing in of $532,720. A total of $131,488 will be presented upfront to pay assessments. The developer will receive a portion of his escrow back upon completion of each building. The remainder will be reimbursed over time from available increment. Estimated payback is 2007. This project requires a 10% local contribution from the city's general fund. EDA Member Lyden said he could approve the project if the developer would remove building C and keep that piece of land in General Business to address the concerns of the North Suburban Family Physicians Clinic. Ms. Divine explained the development contract they had before them to approve provided incentives to the developer to complete all four buildings and had penalties for not completing them. A new development contract would be required if the project changed in scope. ACTION: EDA Member Neal moved to continue the EDA meeting until after the ensuing council meeting, when zoning and site plan issues would be resolved. EDA Member Lyden seconded the motion. Motion passed unanimously at 6:24 p.m. The meeting was reopened at 11:45 p.m. EDA Member Lyden moved to approve the development contract. EDA Member Neal seconded the motion. Motion passed unanimously. ADJOURNMENT EDA Member Lyden moved to adjourn. EDA Member Neal seconded the motion. Motion passed unanimously.