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HomeMy WebLinkAbout06-12-1995 EDA MinutesDATE: TIME: MEMBERS PRESENT: MEMBERS ABSENT: OTHER PRESENT: CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES June 12, 1995 6:05 p.m. A. Neal, V.Reinert, L. Elliott, J. Bergeson S. Kuether Brian Wessel, Community Development Director Ron Batty, Bond Consultant Mary LaForest, Economic Development Assistant CONSIDERATION OF MINUTES EDA Member Elliott moved to approve the minutes from the June 7, 1995 EDA meeting. EDA Member Bergeson seconded the motion. Minutes were approved unanimously. CONSIDERATION OF RESOLUTION #95-07 ADOPTING MODIFIED TAX INCREMENT FINANCING PLAN FOR TIF DISTRICT NO. 1-4 Mr. Wessel explained to the EDA that this modification of the district was in response to a development proposal for a leasable office/warehouse facility in the privately owned portion of the Apollo Business Park. Copies of the modified plan were sent to the Centennial School District and Anoka County. The resolution the EDA is considering states that the EDA finds the objectives for encouraging development to be met with this modification of the plan. Mr. Batty added that EDA action is to amend the budget for the district. By adopting the plan, this does not commit the EDA to anything. The development agreement, which will be considered June 29, will be the EDA's commitment to the project. EDA Member Elliott moved to adopt the modified Tax Increment Financing Plan for TIF District No. 1-4. EDA Member Neal seconded the motion. Motion passed unanimously. PUBLIC HEARING ON THE PROPOSED SALE OF PROPERTY IN THE APOLLO BUSINESS PARK TO BLUE HERON LTD. Mr. Wessel explained that under the modification of the plan for TIF District 1-4, 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 the property from the property owner, G.M. Development. G.M. Development has raised the price to $97,408. The $35,000 in TIF commitment towards the land write down will not change. Therefore Blue Heron Ltd. will pay $ 62, 408. EDA President Reinert opened the public hearing at 6:11 p.m. After asking for and receiving no comments, EDA member Elliott moved to close the hearing. The motion was seconded by EDA Member Neal. Motion passed unanimously. CONSIDERATION OF RESOLUTION #95-06 AUTHOR/ZING SALE OF PROPERTY TO BLUE HERON LTD. Mr. Batty pointed out that because of the change in the price of the land to Blue Heron Ltd., the amount the EDA will pay to G.M. Development and the amount Blue Heron will pay to the EDA should be changed in the resolution. EDA Member Elliott moved to approve Resolution #95-06 authorizing the sale of property to Blue Heron with the changes reflected. EDA member Neal seconded the motion. Motion passed unanimously. SET ECONOMIC DEVELOPMENT A UTHORI TY MEETING FOR THURSDA Y, JUNE 29, 1995AT5P.M. Mr. Wessel explained that the EDA had authorized the plan for TIF District 3-1. Anoka County and Centennial and White Bear Lake School Districts have been sent copies of the plan for review, and the county had signed off on it. A City Council will be scheduling a public hearing on Thursday, June 29 at 5:15 p.m. The purpose of this EDA meeting is to approve the plan. EDA Member Elliott moved to set the EDA meeting for 5 p.m. on Thursday, June 29. EDA Member Neal seconded the motion. Motion passed unanimously. ADJOURNMENT EDA Member Elliott moved to adjourn. EDA Member Neal seconded the motion. Meeting adjourned 6:20 p.m.