HomeMy WebLinkAbout12-14-1995 EDA PacketAGENDA ITEM 4
STAFF ORIGINATOR: Brian Wessel
DATE: 12/14/95
TOPIC: Resolution No. 95-17 authorizing execution of reimbursements of
development agreements
BACKGROUND:
The EDA has entered into a series of development agreements with businesses moving
into Apollo Business Park. In these agreements the EDA has assumed revenue obligations
on behalf of the city. Essentially, the EDA has been borrowing money from the city.
To date there has been no formal means for transferring of funds from the EDA to the
city. This resolution states that the EDA agrees to repay its obligations with interest to the
city out of tax increment, as increment is received.
OPTIONS:
1. Adopt Resolution No. 95-17 authorizing execution of reimbursements of
development agreements.
2. Return to staff for further consideration
RECOMMENDATION:
Option 1
Member
adoption:
introduced the following resolution and moved its
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 95 - 17
RESOLUTION AUTHORIZING EXECUTION OF REIMBURSEMENT
AGREEMENTS
WHEREAS, the City Council of the City of Lino Lakes (the "City) has established
Development District No. 1 (the "Development District:) and therein has
established seven tax increment financing district (the "TIF Districts"); and
WHEREAS, the City transferred authority for the Development District and the TIF
Districts in 1990 to the Lino Lakes Economic Development Authority (the
"EDA"); and
WHEREAS, since that time the EDA has assisted developments within the TIF Districts
by offering a variety of financial incentives; and
WHEREAS, in each instance in which assistance has been offered, the EDA has entered
into a development agreement specifying the terms and conditions under
which the financial incentives are to be made available; and
WHEREAS, the approved incentive package has frequently involved the EDA
borrowing funds from the City for land acquisition costs and/or assuming
responsibility for payment of special assessments levied or to be levied
against benefited property for public improvements; and
WHEREAS, it has been the intent of the parties that the EDA would repay the City
through tax increment generated by the developments as increment is
received; and
WHEREAS, the EDA and the City now need to formalize the financial arrangements
between them,
NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development
Authority as follows:
1. The president and executive director are authorized and directed to execute
reimbursement agreements on behalf of the EDA with the City in regards to the
projects in the TIF Districts which have received financial assistance. The
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reimbursement agreements shall be consistent with the previously executed
development agreements between the EDA and the developers.
2. The president, executive director and staff are hereby authorized and directed to
take any and all steps necessary or convenient in order to effect the purposes of
this resolution.
Adopted by the Lino Lakes Economic Development Authority this 18th day of December,
1995.
ATTEST:
Vernon F. Reinert, Mayor
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
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