HomeMy WebLinkAbout12-20-2004 EDA Minutes1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
DATE
MEMBERS PRESENT
MEMBERS ABSENT
OTHERS PRESENT
CITY OF LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY
MINUTES
: December 20, 2004
: J. Bergeson, D. Carlson, C. Dahl, J. Reinert, D. Stoltz
: None
Mary Divine, Gordon Heitke, Steve Bubul and Barry
Sullivan
CONSIDERATION OF MINUTES OF SEPTEMBER 27, 2004
EDA Member Bergeson moved to approve the September 27, 2004 minutes, as presented. EDA
Member Stoltz seconded the motion. Motion passed unanimously.
CONSIDERATION OF RESOLUTION NO. 04-04 TERMINATING TAX INCREMENT
FINANCING DISTRICT NO. 1-8 AND DIRECTING THE DECERTIFICATION BY THE
COUNTY AUDITOR
Ms. Divine summarized the Staff report, noting that Staff is recommending approval.
EDA Member Carlson noted she is a member of the Fairview Board; however she will not abstain
because this is not a benefit to Fairview and she was not a part of the City Council when this TIF
District was set up.
EDA Member Bergeson moved to adopt Resolution No. 04-04 terminating Tax Increment Financing
District No. 1-8 and Directing Decertification by the County Auditor. EDA Member Carlson
seconded the motion.
Motion carried unanimously.
CONSIDERATION OF RESOLUTION NO. 04-05 APPROVING MODIFICATION OF TAX
INCREMENT FINANCING DISTRICT PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 1-11
Ms. Divine summarized the Staff report, indicating that Staff is recommending approval.
•
EDA Member Carlson asked if this would create a net loss or gain in size and dollars. Ms. Divine
indicated that originally there would have been a small amount of development on the site, but
because the YMCA has moved, and does not pay taxes, there may be a slight loss
EDA Member Carlson asked if the City gained additional environmental benefit by gaining woods.
Ms. Divine stated there was significant preservation.
EDA MINUTES DECEMBER 20, 2004
DRAFT
46 EDA Member Stoltz moved to adopt Resolution No. 04-05 approving modification of Tax Increment
47 Financing Plan for Tax Increment Financing District No. 1-11. EDA Member Carlson seconded the
48 motion.
49
50 Motion carried unanimously.
51
52 CONSIDERATION OF RESOLUTION NO. 04-06 AWARDING THE SALE OF, AND
53 PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR THE
54 ISSUANCE OF ITS $1,000,000 TAXABLE TAX INCREMENT REVENUE NOTE, SERIES
55 2004
56
57 Ms. Divine summarized the Staff report, stating that Staff is recommending approval.
58
59 EDA Member Bergeson moved to adopt Resolution No. 04-06 awarding the sale of, and providing
60 the form, terms, covenants and directions for the issuance of its $1,000,000 taxable tax increment
61 revenue note, series 2004. EDA Member Stoltz seconded the motion.
62
63 Motion carried. Vote: 3:2 EDA Members Carlson and Dahl opposed.
64
65 CONSIDERATION OF RESOLUTION NO. 04-07 AUTHORIZING INTERNAL LOAN IN
66 CONNECTION WITH TAX INCREMENT FINANCING DISTRICT NO. 1-11
67
68 Ms. Divine summarized the Staff report, indicating that Staff is recommending approval.
69
70 EDA Member Stoltz moved to adopt Resolution No. 04-07 authorizing internal loan in connection
71 with Tax Increment Financing District No. 1-11. EDA Member Bergeson seconded the motion.
72
73 EDA Member Bergeson asked if this is for the same number of years as originally presented. Ms.
74 Divine stated it is up one year, and also shows payments twice a year.
75
76 EDA Member Carlson noted that the balance increases the first few years. She asked if that was
77 because they do not have TIF yet but are paying interest. Mr. Bubul indicated that is correct. He
78 stated there would not be incremental financing until 2004, but the loan starts collecting interest right
79 away. He added they were also charging 4% interest, which is the maximum they can charge. He
80 stated this rate can be reviewed every year, so if the maximum allowable rate goes up it can be
81 adjusted. He indicated this loan is also for the full amount, however if the Metropolitan Council grant
82 comes in, the loan amount can be reduced.
83
84 EDA Member Stoltz asked when the Metropolitan Council decision is expected. Ms. Divine stated
85 they will discuss it on January 2nd, with a decision at the full meeting on January 12`h.
86
87 Motion carried. Vote: 3:2 EDA Members Carlson and Dahl opposed.
88
2
EDA MINUTES DECEMBER 20, 2004
DRAFT
89 ADJOURNMENT
90
91 There being no further business, EDA Member Carlson moved to adjourn. EDA Member Dahl
92 seconded the motion. Motion passed unanimously.
93
94 Meeting adjourned at 6:00 p.m.
95
96
97 Transcribed by:
98 Karen Bucklen
99 TimeSaver Off Site Secretarial, Inc.
100
3