HomeMy WebLinkAbout01-22-2007 EDA PacketAGENDA
ECONOMIC DEVELOPMENT AUTHORITY
MONDAY, JANUARY 22, 2007
City Council Chambers
Following the regular City Council Meeting
1. Call to Order and Roll Call
2. Consideration of Minutes of December 18, 2006
3. Consideration of Annual Appointments
4. Adjourn
EDA MINUTES DECEMBER 18, 2006
DRAFT
1
2
3 CITY OF LINO LAKES
4 ECONOMIC DEVELOPMENT AUTHORITY
5 MINUTES
6
7 DATE : December 18, 2006
8 MEMBERS PRESENT : J. Bergeson, D. Carlson, D. Stoltz, J. Reinert,
9 MEMBERS ABSENT : J. O'Donnell
10 OTHERS PRESENT : Mary Divine, Gordon Heitke, Al Rolek, Mike
11 Grochala, Dave Pecchia and Julie Bartell
12
13
14 Meeting called to order by President Stoltz at 6:16 p.m.
15
16 CONSIDERATION OF MINUTES OF NOVEMBER 13, 2006
17
18 EDA Member O'Donnell moved to approve the November 13, 2006 minutes, as presented. EDA
19 Member Reinert seconded the motion. Motion passed unanimously.
20
21 RESOLUTION NO. 06-04, APPROVING ASSIGNMENT AND RELEASE OF CERTAIN
22 OBLIGATIONS UNDER THE CONTRACT FOR PRIVATE DEVELOPMENT
23 BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, THE
24 CITY OF LINO LAKES, AND HARTFORD DEVELOPMENT, INC.,
25
26 Ms. Divine advised LLAH Limited Partnership is the limited liability corporation (subdeveloper)
27 formed for the development of Lakewood Apartments. This EDA action releases the Hartford
28 Group from the conditions that will be assumed by the subdeveloper for the construction of
29 Lakewood Apartments. This release will be delivered upon approval of the site development
30 agreement with LLAH Limited Partnership.
31
32 Ms. Divine stated the Assignment and Release also included a provision that extends the
33 Timeline for Commencement and Completion of Construction of the Lakewoods Apartments.
34 Due to delays in project financing and approvals, project initiation was delayed. The new
35 provisions require that construction must commence by January 15, 2007 and be completed by
36 April 15, 2008.
37
38 EDA Member Reinert moved to approve Resolution No. 06-04, as presented. EDA Member
39 Bergeson seconded the motion. Motion carried unanimously.
40
41 RESOLUTION NO. 06-05, APPROVING EXTENSION OF METROPOLITAN
42 COUNCIL GRANT AGREEMENT AND LOAN TO LLAH LIMITED PARTNERSHIP
43
44 Ms Divine stated the City of Lino Lakes obtained a $225,000 grant under the Livable
45 Communities Act Local Housing Incentives Account on December 16, 2005 for the purpose of
46 helping to finance Lakewood Apartments in the Legacy at Woods Edge project.
1
EDA MINUTES DECEMBER 18, 2006
DRAFT
47
48 Ms. Divine advised Hartford Group and LLAH Limited Partnership are expected to close on the
49 financing of the property in late December and begin construction shortly thereafter. Due to
50 delay in the start of construction, the City Council will be requested consider an extension of the
51 grant agreement at the regular Council meeting this evening.
52
53 Ms. Divine noted the developer has requested, in order to facilitate their financing, that the grant
54 be provided in the form of a 30-year interest free loan. Because the EDA is the administrator of
55 Development District No. 1 in which this project will occur, legal counsel has advised the EDA
56 is the appropriate authority to provide this loan.
57
58 EDA Member O'Donnell moved to approve Resolution No. 06-05, as presented. EDA Member
59 Carlson seconded the motion. Motion carried unanimously.
60
61 ADJOURNMENT
62
63 There being no further business, EDA Member Bergeson moved to adjourn. EDA Member
64 O'Donnell seconded the motion. Motion passed unanimously.
65
66 Meeting adjourned at 6:22 p.m.
67
2
AGENDA ITEM 3
STAFF MEMBER Mary Alice Divine
DATE January 22, 2007
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:
2006
2007 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
2006
2007 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.