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HomeMy WebLinkAbout05-22-1995 EDA MinutesCITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE: May 22, 1995 TIME: 6: 05 p.m. MEMBERS PRESENT: V. Reinert, S. Kuether, A. Neal, L. Elliott, J. Bergeson MEMBERS ABSENT: None OTHER PRESENT: Brian Wessel, Community Development Director Ron Batty, Bond Consultant Mary LaForest, Economic Development Assistant CONSIDERA TION OF MINUTES EDA member Neal moved to approve the minutes from the May 8, 1995 EDA meeting. EDA member Kuether seconded the motion. Minutes were approved unanimously. CONSIDERATION OF RESOLUTION 95-03 ADOPTING TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT #1-7 Mr. Wessel reviewed with the board that the new TIF District 1-7 had been authorized to provide TIF assistance to Nol-Tec Systems, Inc. and Mag-Con, Inc. in the city - owned portion of the Apollo Business Park. The remaining unsold parcels are also to be included within the TIF District. Mr. Wessel explained that a revision had been made on the Mag-Con property, moving it across the street. While the plan authorized a maximum expenditure of $220,000 to No%Tec, the actual expenditure is $160, 649. The city's expenditure to Mag-Con is $151,928, rather than the $175,000 estimated in the plan. Mr. Batty explained that the timing of this new district was important. Creating the larger district will save the city administrative costs at a time when it is likely the business park will develop quickly. Also, impending legislation could affect cities' ability to provide TIF assistance in the future. The new district will last through nine years of increment, or 11 years from its creation, whichever comes first. EDA member Kuether questioned if the city would be competing with private developers if the entire Apollo Business Park was TIFFed. Mr. Wessel said the city has made an effort not to compete with private developers, but the Apollo Business Center is an older TIF district and does not have as much TIF capacity as the city - owned portion. However, development of the park will create more value in the privately owned portion and will likely make the parcels more attractive to business. Mr. Batty informed board members that the private developers in TIF District 1-4 had the same advantage as the city, they just had it earlier. Mr. Reinert stated private developers need to contribute to the overall effort of economic development in the same way the city does. Mr. Wessel said one new development is scheduled for the private portion of the park this summer, and another is anticipated next year. Mr. Wessel stated he was recommending adoption of Resolution No. 95-03 adopting TIF Plan for TIF District 1-7. EDA member Elliott moved adoption of the plan. EDA member Bergeson seconded the motion. Motion passed unanimously. SET EDA MEETING FOR WEDNESDA Y, JUNE 7, 1995 AT 5 P.M. Mr. Wessel explained an EDA meeting must be called to hold a public hearing on the proposed sale of property to Nol-Tec Systems, Inc. in the Apo/% Business Park. At that meeting the development agreement between the company and the city will also be considered. EDA member Elliott moved to set the hearing for June 7 at 5 p.m. EDA member Bergeson seconded the motion. Motion passed unanimously. ADJOURNMENT EDA member Elliott moved to adjourn. EDA member Bergeson seconded the motion. Motion passed unanimously. Meeting adjourned at 6:30 p.m.