HomeMy WebLinkAbout03-22-1999 EDA MinutesCITY OF LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY
MINUTES
DATE: Monday, March 22, 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 Neal moved to approve the minutes from the December 21, 1998 EDA
meeting. EDA Member Dahl seconded the motion. Motion passed unanimously.
CONSIDERATION OF ANNUAL APPOINTMENTS
ACTION: EDA Member Lyden moved to approve 1999 offices: Kim Sullivan, President;
Caroline Dahl, Vice-president; Andy Neal, Treasurer; Mary Divine, Secretary; Daryl
Sulander, Assistant Treasurer; Linda Waite Smith, Executive Director. EDA Member Neal
seconded the motion. Motion passed unanimously.
CONSIDERATION OF OFFICIAL NEWSPAPER
ACTION: EDA Member Neal moved to appoint the Quad Community Press as the official
EDA newspaper. EDA Member Lyden seconded the motion. Motion passed unanimously.
CONSIDERATION OF OFFICIAL DEPOSITORIES
ACTION: EDA Member Neal moved to approve Norwest Bank, First Bank NA, Firstar
Bank, Merrill Lynch, Dain Bosworth, Juran and Moody, Prudential Bach, Lino Lakes
State Bank, Lakeland National Bank, and League of Minnesota Cities 4M Fund as EDA
official depositories. EDA Member Bergeson seconded the motion. Motion passed
unanimously.
CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN
LINO LAKES EDA AND CONTRACT HARDWARE (MCLAD, LLP)
Mr. Wessel outlined the conditions for public assistance for Contract Hardware, which is
locating on 2.1 acres in the Apollo Business Center. In the agreement, the city agrees to
provide tax increment financing in the amount of $126,076. A total of $60,853 will be
presented upfront to pay assessments and administrative fee. The remained will be
reimbursed over time from available increment. Estimated payback is 2006. This project
requires a 10% local contribution from the city's general fund.
ACTION: EDA Member Neal moved to approve the development agreement. EDA
Member Lyden seconded the motion. Motion passed unanimously.
ADJOURNMENT
EDA Member Neal moved to adjourn. EDA Member Lyden seconded the motion.
Motion passed unanimously.