HomeMy WebLinkAbout08-22-2011 EDA PacketEDA MINUTES January 10, 2011
DRAFT
DATE : January 11, 2010
TIME STARTED : 7:15 p.m.
TIME ENDED : 7:22 p.m.
MEMBERS PRESENT : Commissioners Gallup, O'Donnell, Roeser,
Reinert, Rafferty
MEMBERS ABSENT : None
OTHERS PRESENT: : Mary Divine, Mike Grochala
The meeting was called to order at 7:10 p.m. by President Rafferty.
CONSIDERATION OF THE MINUTES OF JULY 12, 2010
EDA Member Gallup moved to approve the July 12, 2010 minutes. EDA Member Reinert
seconded the motion. Motion carried.
CONSIDERATION OF ANNUAL APPOINTMENTS
Mary Divine, Economic Development Coordinator, informed the members that each year the
EDA is required to hold an annual meeting and make a number of appointments; the list was
before the authority for consideration.
EDA Member O'Donnell moved that EDA appointments of President, Vice President and
Treasurer remain the same as was appointed in 2010; with Rob Rafferty as President, Jeff
O'Donnell as Vice -President, and Jeff Reinert as Treasurer; and all other appointments as
outlined in the staff report. EDA Member Roeser seconded the motion. Motion carried
unanimously.
Ms. Divine handed out an annual report of 2010 EDA activity and economic development
initiatives that were carried out in 2010, and new marketing materials for EDA members' review.
ADJOURNMENT
There being no further business, EDA Member Reinert moved to adjourn. EDA Member Gallup
seconded the motion. Motion carried unanimously.
Meeting adjourned at 7:20 p.m.
AGENDA ITEM 3
STAFF ORIGINATOR: Mary Alice Divine
DATE: August 22, 2011
TOPIC: Consideration of Resolution No. 11-01, Modifying
Development Program for Development District No. 1
and TIF Plan for Tax Increment Financing District
No.1-10
Vote Required: Simple Majority
BACKGROUND:
Special legislation was passed in the Minnesota Legislature this session.
Minnesota Laws, Ch. 112, Art.11, Section 18 authorizes the City to extend the
duration of Lino Lakes Tax Increment Financing District No. 1-10, located along
Lake Drive, through December 31, 2023.
If the EDA elects to use this authority, it must use increments collected from the
district after February 1, 2011, to pay debt service on bonds issued to finance
the I-35W/County Highway 23 interchange reconstruction and the improvements
serving Legacy at Woods Edge development. These expenditures would not be
subject to the general law restrictions on pooling, including the 5- year rule, and
limits on the type of purposes for which economic development district
increments may be spent.
As required by Minnesota Statutes, Section 469.175, Development District No. 1
and the Plan for TIF District 1-10 must now be modified to reflect the extended
duration of the district and the increased budget, and to ensure that the
modification conforms to the Comprehensive Plan.
The new legislation was approved by Centennial School District and Anoka
County, and the draft plan modification was sent to them for review and
comment. The Planning and Zoning Board found the plan consistent with the
Comprehensive Plan at its meeting on August 10, 2011.
RECOMMENDATION:
Approve Resolution No. 11-01
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 11-01
RESOLUTION MODIFYING DEVELOPMENT PROGRAM
FOR DEVELOPMENT DISTRICT NO. 1 AND TIF PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 1-10
WHEREAS, the City of Lino Lakes ("City") and the Lino Lakes Economic
Development Authority (the "Authority") created and administer Development District No.
1 (the "Development District") under Minnesota Statutes, Sections 469.124 to 469.134 (the
"Municipal Development Act:"); and
WHEREAS, within the Development District, the Authority and City previously
established Tax Increment Financing District No. 1-10 (the "TIF District") pursuant to
Minnesota Statutes, Sections 469.174 to 469.1799 (the "TIF Act:"); and
WHEREAS, under 2011 Minnesota Laws, Ch. 112, Art. 11, Section 18 (the "Special
Law"), the Authority is authorized to collect tax increments from the TIF District through
December 31, 2023 and use such increments to pay debt service on bonds issued to fmance
the interchange of Anoka County Highway 23 and Interstate 35W, and bonds issued to
finance public improvements serving the development known as Legacy at Woods Edge;
and
WHEREAS, the City and Authority have determined to modify the tax increment
financing plan for the TIF District in order to implement the Special Law, and to hold a
public hearing thereon in accordance with the TIF Act; and
WHEREAS, on this date the City Council held a public hearing regarding the
Amended Program and Amended TIF Plan at which all persons were given the
opportunity to be heard, and thereafter the City Council approved the Amended Program
and Amended TIF Plan conditioned only upon approval of those documents by the
Authority.
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Economic Development Authority of the City of Lino Lakes as follows:
1. The Amended Program and Amended TIF Plan are hereby approved in
substantially the form on file in City Hall.
2. The Authority's advisors and legal counsel are authorized and directed to
proceed with the implementation of the Amended TIF Plan and Amended
Program.
390471v1 SJB LN140-80
Approved by the board of commissioners of the Lino Lakes Economic Development
Authority this 22°a day of August, 2011.
ATTEST:
Secretary
390471v1 SJB LN140-80
2
President