HomeMy WebLinkAbout06-23-1997 EDA MinutesCITY OF LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY
MINUTES
DATE: June 23, 1997
MEMBERS
PRESENT: J. Landers, S. Kuether, C. Lyden, J. Bergeson, A. Neal
OTHERS
PRESENT: R. Schumacher, B. Wessel, M. Divine
CONSIDERATION OF MINUTES
EDA Member Kuether moved to approve the minutes of April 28, 1997. EDA Member
Neal seconded the motion. Motion passed unanimously.
CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN
LINO LAKES EDA AND NORTHERN DEVELOPMENT, LLC
Mr. Wessel explained to the board that the development agreement outlines the conditions
for public assistance to Northern Development, LLC., which is locating on 4.2 acres in the
Clearwater Creek Development Center. Northern Development plans to house GNW
Machine and Uptech Engineering, and lease 9,000 square feet to Prime Yield, a precision
parts manufacturer.
In this agreement the EDA agrees to reimburse the developer 12% of the project costs for
a total of $197,737 towards the cost of the land and special assessments. A total of
$120,142 for assessments and administrative fees will be presented "upfront" and the
remaining $77,595 will be reimbursed over time from available tax increment. Estimated
payback is 3 1/2 years. The agreement also gives the city the right to preapprove any
tenants that will be occupying the building to ensure compliance with zoning and TIF
regulations.
Mr. Bergeson noted that this was a quality company that was paying close to $100,000 in
property taxes, while having no impact on the school district and little impact on the city.
He said the business owners were not warmly welcomed when they appeared before the
council. EDA President Landers apologized for the lack of city support shown to the
owners.
EDA Member Kuether moved to approve the development agreement. EDA Member
Neal seconded the motion. Motion passed unanimously.
ADJOURNMENT
EDA Member Kuether moved to adjourn. EDA Member Neal seconded the motion.
Motion passed unanimously. Meeting adjourned at 6:23 p.m.