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HomeMy WebLinkAbout08-25-1997 EDA MinutesCITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE: August 25, 1997 MEMBERS PRESENT: J. Landers, S. Kuether, C. Lyden, J. Bergeson, A. Neal OTHERS PRESENT: B. Wessel, M. Divine CONSIDERATION OF MINUTES EDA Member Neal moved to approve the minutes of June 23, 1997. EDA Member Lyden seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 97-10 AUTHORIZING PREPARATION OF A MODIFIED PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND MODIFIED PLANS FOR TIF DISTRICT NOS. 1-1 AND 1-2 Mr. Wessel explained that this modification is required to transfer funds from the two TIF Districts to use for public improvements elsewhere in the Development District. TIF District 1-1 was created in 1987 and had no expenses related to it. The budget was to be increased by $630,000 to be able to use the available funds. TIF District 1-2 was to be increased by $257,000 to make use of the funds available in that district. Once the funds have been transferred the districts will be decertified. If these funds are not used by the city for such purposes as land acquisition, site improvements, utilities or administration, the city would forfeit the funds. Mr. Wessel said the funds were expected to be used for public improvements in the Village, but it was not necessary to decide on the use at this time. Mr. Landers noted that only two TIF districts had been created in residential areas of the city, and former councils must accept that responsibility. TIF District No. 1-1 was completed just days before the law changed so that TIF could no longer be used for residential development. EDA Member Bergeson moved to approve Resolution No. 97-10. EDA Member Lyden seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 97-11 AUTHORIZING PREPARATION OF A MODIFIED PLAN FOR TIF DISTRICT NO. 1-7 Mr. Wessel explained that Rice Industries wished to purchase the last remaining parcel in the city -owned portion of the Apollo Business Park. The 20-year-old distribution company was currently located in Shoreview. It is one of four distributors for Ashland Chemical, and last annual sales were $7 million. They plan to build 10,000 square feet, with the potential to expand to 20,000 square feet. They plan to get all approvals complete this fall and begin construction in March 1998. Mr. Wessel explained that the TIF proposal was within 12% of the estimated market value. The TIF would be used to pay off $51,260 in assessments, $8,583 in land write down, and $8,000 in administrative fees. EDA Member Kuether moved to adopt Resolution No. 97-11. EDA Member Neal seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 97-12 SETTING A PUBLIC HEARING FOR THE PROPOSED SALE OF PROPERTY TO RICE INDUSTRIES Mr. Wessel reminded the members that a public hearing is required when the EDA is writing down the cost of city owned land. He requested that hearing be set for 6 p.m. on Monday, October 13. EDA Member Kuether moved to approve Resolution No. 97-12. EDA Member Neal seconded the motion. Motion passed unanimously. ADJOURNMENT EDA Member Neal moved to adjourn. EDA Member Kuether seconded the motion. Motion passed unanimously. Meeting adjourned at 6:15 p.m.