HomeMy WebLinkAbout08-14-1995 EDA Packet6:00 P.M.
Call to Order and Roll Call
Consideration of Minutes of June 29, 1995
3. PUBLIC HEARING, ,Sale of City -owned Land in the Apollo Business Park
to Mag-Con, Inc.
Consideration of EDA Resolution No. 95 - 09 Authorizing Sale of Property to
Mag-Con, Inc.
5. Consideration of Contract for Private Development by and Between the City
of Lino Lakes and Maw Con, Inc.
Adjourn
AGENDA ITEM 3
STAFF ORIGINATOR Brian Wessel
DATE
TOPIC
BACKGROUND
August 14, 1995
Public Hearing on the proposed sale of property in the Apollo
Business Park to Mag-Con, Inc.
The Economic Development Authority approved Tax Increment Financing District 1-7
to provide financial assistance to Mag-Con, Inc. to build a manufacturing facility in the
Apollo Business Park. The City Council passed an ordinance authorizing the sale of
city -owned property, which became effective July 20. A public hearing is also
required when the EDA is writing down the cost of the land for a proposed project.
The EDA will purchase the property from the city and convey it to Mag-Con at a
discounted price, as outlined in the development agreement.
OPTIONS
1. Open the public hearing
2. Continue the public hearing
RECOMMENDATION'
Option 1
`STAFF ORIGINATOR Brian Wessel
DATE
TOPIC
BACKGROUND
August 14, 1995
Consideration of Resolution 95-09 authorizing sale of
property to Mag-Con, Inc.
The sale of property to Mag-Con, Inc. in 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.
.. ....... ... . .
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OPTIONS
1. Adopt Resolution #95-09 authorizing the sale of property to Mag-Con, Inc.
2. Return to staff for further consideration
RECOMMENDATION''
Option 1
ORIGINATOR Brian Wessel
August 14, 1995
Consideration of the Contract for Private Development
between Lino Lakes EDA and Mag-Con, Inc.
GROUND
lopment contract between the EDA and Mag-Con Inc. is required to outline the
ans for public assistance and for the conveyance of city property to Mag-Con.
ireement allows the EDA to purchase the property from the city for $89,700
I the property to Mag-Con for $74,000. Mag-Con will pay the EDA $74,000
losing and the EDA will reimburse Mag-Con $74,000 plus $15,000 in interest
es on a pay-as-you-go basis.
reement also arranges for the city to remove $59,781 in special assessments
ompletion of the new building.
)NS
rove the contract for private development between Lino Lakes EDA and Mag-
c.
irn to staff for further consideration
fNIENDA`TION'