HomeMy WebLinkAbout01-28-2008 EDA PacketEDA MINUTES
JUNE 25, 2007
DRAFT
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CITY OF LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY
MINUTES
DATE
MEMBERS PRESENT
MEMBERS ABSENT
OTHERS PRESENT
: June 25, 2007
: D. Carlson, J. Reinert, J. O'Donnell
: D. Stoltz, J. Bergeson
: Mary Divine, Gordon Heitke, Al Rolek and Julie
Bartell
The meeting was called to order by Vice President Carlson at 6:15 p.m.
CONSIDERATION OF MINUTES OF JANUARY 22, 2007
EDA Member Reinert moved to approve the January 22, 2007 minutes, as presented. EDA
Member O'Donnell seconded the motion. Motion passed unanimously. Stoltz and Bergeson
were absent.
RESOLUTION NO. 07-01 APPROVING THE MODIFICATION OF TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-11
Finance Director Rolek explained that staff is presenting an administrative amendment to this tax
increment plan that is required based on the restructuring of the Lake Drive Interchange Project
financing plan. The City Council will consider this modification at their meeting this evening.
EDA Member O'Donnell moved to approve Resolution No. 07-01, as presented. EDA Member
Reinert seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent.
RESOLUTION NO. 07-02, AUTHORIZING AN INTERFUND LOAN IN CONNECTION.
WITH THE LAKE DRIVE INTERCHANGE PROJECT AND TAX INCREMENT
FINANCING DISTRICT NO. 1-11
Finance Director Rolek explained that this loan action is based on the restructured financing plan
for the Lake Drive Interchange Project. There should be sufficient capacity in the district to fully
fund this so staff is recommending approval of the loan.
EDA Member Reinert moved to approve Resolution No. 07-02, as presented. EDA Member
O'Donnell seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent.
RESOLUTION NO. 07-03 APPROVING TIF PLEDGE AGREEMENT
Finance Director Rolek explained that staff is requesting authorization to execution a tax
increment pledge agreement between the City of Lino Lakes and the EDA that would pledge
certain tax increment revenue toward the payment of principal and interest on the general
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EDA MINUTES JUNE 25, 2007
DRAFT
48 obligation bonds being issued for the Lake Drive Interchange Project. In addition to pledging the
49 revenue, the agreement sets forth the method of payment.
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51 EDA Member O'Donnell moved to approve Resolution No. 07-03, as presented. EDA Member
52 Reinert seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent.
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54 ADJOURNMENT
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56 There being no further business, EDA Member Reinert moved to adjourn. EDA Member
57 O'Donnell seconded the motion. Motion passed unanimously. Stoltz and Bergeson were absent.
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60 Meeting adjourned at 6:25 p.m.
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AGENDA ITEM 3
STAFF MEMBER Mary Alice Divine
DATE January 28, 2008
SUBJECT Annual Appointments
VOTE REQUIRED Simple Majority
BACKGROUND
Each year the Economic Development Authority is required to make a number of
appointments at its annual meeting. The following is a list of appointments for your
consideration:
2007
2008 Recommended
1. President
Dan Stoltz
(Council Prerogative)
2. Vice President
Donna Carlson
(Council Prerogative)
3. Treasurer
Jeff O'Donnell
(Council Prerogative)
4. Secretary
Economic Development
Coordinator
Economic Development
Coordinator
5. Assistant Treasurer
Finance Director
Finance Director
6. Executive Director
City Administrator
City Administrator
7. Official Newspaper
Quad Community Press
Quad Community Press
8. Legal Depositories
Community National Bank
Wells Fargo
US Bank
Merrill Lynch
RBC Dain Rauscher
Wachovia Prudential
Securities
Patriot State Bank
LMC 4M Fund
Smith,Barney, Citi Group
Bank of the West
Others as needed
Community National Bank
Wells Fargo
US Bank
Merrill Lynch
RBC Dain Rauscher
Wachovia Prudential
Securities
Patriot State Bank
LMC 4M Fund
Smith, Barney, Citi Group
Bank of the West
Others as needed
2007
2008 Recommended
9. Legal Services
Kennedy & Graven
Kennedy & Graven
Barna, Guzy & Steffan, Ltd.
Barna, Guzy & Steffan, Ltd.
Hawkins & Associates
Hawkins & Associates
RECOMMENDATION:
Staff is recommending Council prerogative or as recommended.
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