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Home My WebLink About06-12-1995 EDA PacketAGENDA CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY Monday, June 12, 1995 6 p.m. 1. CaII to Order and Roll CaII 2. Approval of Minutes of EDA meeting: June 7, 1995 3. Public Hearing on the proposed sale of property in the Apollo Business Park to Blue Heron Ltd. 3A. Consideration of Resolution #95-06 Authorizing Sale of Property to Blue Heron, Ltd. 4. Consideration of Resolution #95-07 adopting modified Tax Increment Financing Plan for TIF District No. 1-4 5. Set Economic Development Authority meeting for Thursday, June 29, 1995 at 5 p.m. 6. Adjourn AGENDA ITEM 3 STAFF ORIGINATOR Brian Wessel DATE TOPIC June 12, 1995 Public Hearing on the proposed sale of property in the Apollo Business Park to Blue Heron Ltd. The Economic Development Authority has authorized the preparation of Tax increment Financing District No. 1-4 to provide financial assistance to Blue Heron Ltd. to build a leasable office/warehouse facility in the privately owned portion of the Apollo Business Park. A public hearing is required when the EDA is writing down the cost of the land for a proposed project. The EDA is currently negotiating with Blue Heron Ltd. whereby the EDA will purchase property from the property owner, G.M. Development, for $78,408 and resell it to Blue Heron for $43,408. This hearing is to allow public comment on the sale of the property. 1. Open the public hearing 2. Continue the public hearing Option 1 AGENDA ITEM BA STAFF ORIGINATOR Brian Wessel DATE June 12, 1995 TOPIC Consideration of Resolution # 95-06 authorizing sale of property to Blue Heron Ltd. The sale of property to Blue Heron Ltd. in the privately owned portion of the Apollo Business Park has been found to be in the best interests of the city. This resolution authorizes the EDA to execute the sale of the property to the developer. 1. Adopt Resolution #95-06 authorizing the sale of property to Blue Heron Ltd. 2. Return to staff for further consideration Option 1 Member introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95-06 RESOLUTION AUTHORIZING SALE OF PROPERTY BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals 1.01. The City of Lino Lakes (the "City") approved a tax increment financing plan (the "Plan") for the Tax Increment Financing District No. 1-4 ("TIF District No. 1-4") on March 26, 1990. 1.02. The City established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and transferred to it control of TIF District No. 1-4. 1.03. On June 12, 1995 the Authority adopted and the City approved an amendment to the Plan for TIF District No. 1-4 authorizing the Authority to write down the cost of land for a proposal project. 1.04. The Authority is currently negotiating a development agreement with River Woods Development Corporation whereby the Authority will agree to purchase property legally described on Exhibit A attached hereto (the "Property") from the property owner for $78,408 and to resell it to the developer for $43,408, subject to the Authority's compliance with the requirements of Minnesota Statutes, section 469.105. 1.05. Pursuant to Minnesota Statutes, section 469.105, the Authority has held a public hearing on the proposed sale of the Property, following published notice as required by law, at which hearing all person wishing to express an opinion were given an opportunity to do so. Section 2. Findings. 2.01. It is hereby found and determined that the sale of the Property is in the best interest of the Authority. 2.02. It is hereby found and determined that the sale of the Property furthers the Authority's general plan of economic development of the community. RHB90058 LN140-35 Section 3. Authorization. 3.01. The President and Executive Director are hereby authorized and directed to execute a deed and other appropriate documents to facilitate sale of the Property to the developer. 3.02. The President, Executive Director, staff and consultants are hereby authorized and directed to take any and all other steps necessary or convenient in order to accomplish the sale of the Property. Dated: , 1995. Vernon F. Reinert, President A 1"1'BST: Randall Schumacher, Executive Director The motion for the adoption of the foregoing resolution was duly seconded by member and upon vote being taken thereon, the following voted in favor thereof: and the following voted against same: Whereupon said resolution was declared duly passed and adopted. RHB90058 LN140-35 z 74TH STREET Site Location \ \i y- -55\8 N\ N P CITY OF fiNO LAK&S APOLLO BUSINESS CENTER AGENDA ITEM 4 STAFF ORIGINATOR Brian Wessel DATE June 12, 1995 TOPIC Resolution #95-07 adopting modified Tax Increment Financing Plan for TIF District 1-4 (Blue Heron Ltd.) The preparation of modification of Tax Increment Plan for TIF District 1-4 was authorized by the EDA on May 8, 1995. This modification was due to the nature and extent of public and private improvements to be constructed within TIF District 1-4 in response to a development proposal for a leasable office/warehouse facility in the privately owned portion of the Apollo Business Parka Copies were sent to Centennial School District and Anoka County for review. This resolution states that the EDA finds the objectives for encouraging development to be met with this modification of the plan. 1. Adopt resolution #95-07 for modification of the Tax increment Financing Plan for TIF District No. 1-4 2. Return to staff for further consideration Option 1 Member introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95-07 RESOLUTION ADOPTING MODIFIED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DIS 1'RICT NO. 1-4 BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals. 1.01. The City Council of the City of Lino Lakes (the "City") adopted a tax increment financing plan (the "Plan") for Tax Increment Financing District No. 1-4 on March 26, 1990. 1.02. The City established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and transferred to it control of Tax Increment Financing District No. 1-4. 1.03. Due to changes in the nature and extent of public and private improvements to be constructed, the City and the Authority have found it necessary and convenient from time to time to modify the Plan. 1.04. In response to a development proposal from the River Woods Development Corporation, the Authority and the City have authorized the preparation of a modified Plan which is contained in a document entitled "Modified Tax Increment Financing Plan, Tax Increment Financing District No. 1-4" dated June 12, 1995 and on file with the Authority. Section 2. Authority Approval. 2.01. The Authority finds that the objectives of the Authority and the City of encouraging development and redevelopment within Tax Increment Financing District No. 1-4 will be advanced by adoption of the modified Plan. 2.02. The modified Plan is hereby adopted by the Authority. Section 3. Further Proceedings. 3.01. It is noted that copies of the modified Plan have been transmitted to the board of Independent School District No. 12 and the board of commissioners of Anoka County for review and comment and that said public bodies have been notified of the hearing to be held on the modified Plan by the City. RHB62062 LN140-11 3.02. The Authority requests that the City hold a public hearing on the modified Plan pursuant to Minnesota Statutes, section 469.175 as soon hereafter as is practicable and recommends that the modified Plan be approved by the City. 3.03. Upon approval of the modified Plan by the City, the Authority's executive director is authorized and directed to file a copy of the modified Plan with the Minnesota commissioner of revenue. Adopted by the Lino Lakes Economic Development Authority, Lino Lakes, Minnesota this day of , 1995. Vernon F. Reinert, President ATTEST: Randall Schumacher, Executive Director The motion for the adoption of the foregoing resolution was duly seconded by member and upon vote being taken thereon, the following voted in favor thereof: and the following voted against same: Whereupon said resolution was declared duly passed and adopted. RHB62062 LN140-?1- AGENDA ITEM 5 STAFF ORIGINATOR Brian Wessel TOPIC June 12, 1995 Consideration of setting an EDA meeting for Thursday, June 29, 1995 at 5 p.m. The EDA has authorized preparation of a Tax Increment Financing Plan for TIF District No. 3-1. The Centennial and White Bear Lake School Districts and Anoka County were sent copies of the plan for review. A City Council will be scheduling a public hearing on Thursday, June 29 at 5:15 p.m. to receive public comment. The EDA may consider adoption of the plan before the public hearing. 1. Set an EDA meeting for Thursday, June 29, 1995 at 5 p.m. 2. Return to staff for further consideration Option 1