HomeMy WebLinkAbout12-18-1995 EDA MinutesDATE:
TIME:
MEMBERS
PRESENT:
MEMBERS
ABSENT:
OTHER
PRESENT:
CITY OF LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY
MINUTES
Monday, December 18, 1995
6:25 p.m.
V. Reinert, L. Elliott, S. Kuether, J. Bergeson, A. Neal
None
Brian Wessel, Community Development Director
Ron Batty, Bond Consultant
Randy Schumacher, City Administrator
Mary LaForest, Recording Secretary
CONSIDERATION OF MINUTES
EDA Member Elliott moved to approve the minutes from the November 13, 1995 meeting. EDA
Member Kuether seconded the motion. Motion passed unanimously.
CONSIDERATION OF RESOLUTION NO. 95-16 ADOPTING MODIFICATIONS OF TAX
INCREMENT FINANCING PLANS FOR TIF DISTRICT NOS. 1-1 AND 1-2
Mr. Wessel explained that in the late 1980s the city self financed with service area funds the West
Central Trunk sewer project within these two TIF Districts. Modifications of these plans will
allow accumulated TIF within the districts to be used to reimburse the fund. EDA Member Elliott
moved to adopt Resolution No. 95-16. EDA Member Neal seconded the motion. Motion passed
unanimously.
CONSIDERATION OF RESOLUTION NO. 95-17 AUTHORIZING EXECUTION OF
REIMBURSEMENTS OF DEVELOPMENT AGREEMENTS
Mr. Wessel informed the board that the EDA had been entering into a series of development
agreements with businesses moving into Apollo Business Park, and assuming revenue obligations
on behalf of the city. No formal means of transferring funds from the EDA to the city had been
established. This resolution would oblige the EDA to repay its obligations with interest to the city
out of tax increment, as increment is received. EDA Member Elliott moved to adopt Resolution
No. 95-17. EDA Member Neal seconded the motion. Motion passed unanimously.
Meeting adjourned, 6:29 p.m.