HomeMy WebLinkAbout01-24-2022 EDA PacketLINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY MEETING Monday, January 24, 2022
Immediately Following Regular City Council Meeting City Council Chambers
1. Call to Order and Roll Call
2. Consideration of Minutes of October 11, 2021
3. Action Items
A) Consideration of 2022 Annual Appointments B) 2021 Annual Report
4. Adjourn
EDA MINUTES DRAFT
1
DATE : October 11, 2021 TIME STARTED : 7:13 p.m. TIME ENDED : 7:20 p.m. MEMBERS PRESENT : EDA Members Rafferty, Lyden, Stoesz, Cavegn MEMBERS ABSENT : EDA Member Ruhland OTHERS PRESENT : Community Development Director Michael Grochala; City Administrator Sarah Cotton; City Clerk Julie Bartell;
The meeting was called to order at 7:13 p.m. by EDA President Lyden.
CONSIDERATION OF THE MINUTES OF SEPTEMBER 7, 2021 Economic Development Authority (EDA) Member Stoesz moved to approve the minutes of September 7, 2021 as presented. EDA Member Rafferty seconded the motion. Motion carried
on a voice vote. ACTION ITEMS
A. Consider Resolution No. 21-02, Approving Assignment of Contract for Private Development and TIF Note With Lyngblomsten at Lino Lakes, LLC – Community
Development Director Grochala reviewed the written report. The council is being requested to approve agreements related to the Lyngblomsten project. The loan has been closed and construction should begin in the new few weeks. An agreement was entered into in September and part of the agreement provides tax increment financing to the project. The tax increment
financing note was issued through another city (as a conduit). An additional loan is being issued
to the developer. The request now is the assignment of the development contract and tax increment financing note.
EDA Member Stoesz asked the cost of the conduit financing and staff estimated $50,000. It was
clarified that the City didn’t have the opportunity to issue the debt because of another issuance scheduled this year. EDA Member Rafferty remarked that it’s exciting to see this project coming to fruition. It
should be a great improvement for a blighted corner of the City. EDA Member Rafferty moved to approve Resolution No. 21-02 as presented. EDA Member Cavegn seconded the motion. Motion carried on a voice vote.
ADJOURNMENT There being no further business for consideration, the meeting was adjourned at 7:20 p.m.
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala
MEETING DATE: January 24, 2022
TOPIC: Consideration of 2022 Annual Appointments VOTE REQUIRED: Simple Majority
BACKGROUND The Economic Development Authority (EDA) was established in 1990 pursuant to Minnesota Statutes, Chapter 469. The EDA is governed by a board of commissioners consisting of the City Council.
Each year, the Economic Development Authority is required by its by-laws to hold an annual meeting and to make a number of appointments. The President, Vice President, and Treasurer positions have historical rotated annually. The following is a list of appointments for your consideration:
Position 2021 2022 Recommended
1. President Chris Lyden Michael Ruhland
2. Vice President Michael Ruhland Tony Cavegn
3. Treasurer Tony Cavegn Rob Rafferty
4. Secretary Community Development Director Community Development Director
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 First Resource Bank LMC 4M Fund Wells Fargo Securities Wells Fargo Advisors
US Bank
RBC Capital Markets Moreton Capital Markets F&M Bank Others as needed
First Resource Bank LMC 4M Fund PMA Financial Networks PMA Securities
Moreton Capital Markets
US Bank
Position 2021 2022 Recommended
9. Legal Services Kennedy & Graven, Rupp, Anderson, Squires & Waldspurger
Kennedy & Graven, Rupp, Anderson, Squires & Waldspurger
The appointments can be made in one motion.
RECOMMENDATION
Staff is recommending Board prerogative or as recommended. ATTACHMENTS
1. Past appointments 2013 - 2021
EDA Advisory Board (2013-2021)
2013
• President – Dave Roeser
• Vice President – Jeff O'Donnell
• Treasurer – Dale Stoesz
2014
• President – Dave Roeser
• Vice President – Dale Stoesz
• Treasurer – William Kusterman
2015
• President – Dave Roeser
• Vice President – Dale Stoesz
• Treasurer – William Kusterman
2016
• President – William Kusterman
• Vice President – Rob Rafferty
• Treasurer – Michael Manthey
2017
• President – Rob Rafferty
• Vice President – Michael Manthey
• Treasurer – Melissa Maher
2018
• President – Michael Manthey
• Vice President – Melissa Maher
• Treasurer – Dale Stoesz
2019
• President – Melissa Maher
• Vice President – Dale Stoesz
• Treasurer – Rob Rafferty
2020
• President – Dale Stoesz
• Vice President – Chris Lyden
• Treasurer – Michael Ruhland
2021
• President – Chris Lyden
• Vice President- Michael Ruhland
• Treasurer- Tony Cavegn
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY AGENDA ITEM 3B STAFF ORIGINATOR: Michael Grochala
MEETING DATE: January 24, 2022
TOPIC: 2021 Annual Report VOTE REQUIRED: 3/5
BACKGROUND Each year staff is required to provide a recap of the prior year activities undertaken by the board. In 2021, the EDA undertook the following development activities.
1. Approved the Assignment Agreement and Restated and Amended Contract or Private Development with Lyngblomsten and associated approvals for the Lyngblomsten Housing Project. Overall, the City continued to see substantial development activity in 2021. 263 new residential
construction permits were issued in 2021. Total building permit valuation was approximately $90,797,000. These represent both the highest residential permit numbers in over 20 years and the highest new construction valuation on record. Approximately $75 million was related to residential construction.
Staff is also reporting that no modifications to the EDA enabling resolution are needed or proposed. RECOMMENDATION
Staff is recommending that the EDA accept the report. ATTACHMENTS
1. Enabling Resolution