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HomeMy WebLinkAbout01-23-2023 EDA PacketLINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MEETING Monday, January 23, 2023 Immediately Following Regular City Council Meeting City Council Chambers 1. Call to Order and Roll Call 2. Consideration of Minutes of December 12, 2022 3. Action Items A) Consideration of 2023 Annual Appointments B) 2022 Annual Report 4. Adjourn EDA MINUTES DRAFT 1 DATE : December 12, 2022 1 TIME STARTED : 7:30 p.m. 2 TIME ENDED : 7:38 p.m. 3 MEMBERS PRESENT : EDA Members Rafferty, Stoesz, 4 Cavegn, Ruhland, Lyden 5 MEMBERS ABSENT : 6 OTHERS PRESENT : Community Development Director 7 Michael Grochala; City Administrator 8 Sarah Cotton; City Clerk Julie Bartell 9 10 The meeting was called to order at 7:30 p.m. by EDA President Ruhland 11 12 CONSIDERATION OF THE MINUTES OF NOVEMBER 14, 2022 AND 13 DECEMBER 5, 2022 14 15 Economic Development Authority (EDA) Member Cavegn moved to approve the minutes 16 of November 14, 2022 and December 5, 2022 as presented. EDA Member Lyden 17 seconded the motion. Motion carried on a voice vote. 18 19 ACTION ITEM 20 21 3A) A. Consider Amendment to Purchase and Development Agreement with 22 Silver Creek Equity, LLC. , L ots 1 -3, Outlot B & C, The Village No. 4 - Community 23 Development Director Grochala summarized the written report and reviewed discussion of 24 this subject over the past months. Based on last week’s EDA work session discussion, 25 the board directed staff to put together an amendment related to Option 3 – amend 26 purchase agreement to allow for extensions to due diligence period with additional, 27 partially non-refundable, earnest money deposits. Remaining elements of the agreement 28 would remain intact, with the adjustment of some. The amendment would allow the 29 buyer to extend the due diligence period several times with a deposit. Only half of earnest 30 money is refundable. Other elements of the agreement were reviewed. 31 32 Councilmember Stoesz asked if zoning changes will be required and Community 33 Development Director Grochala noted that there are anticipated modifications to the PUD 34 and there could be some other minor changes. 35 36 Councilmember Lyden asked Director Grochala for his opinion on the amendment. Mr. 37 Grochala said based on the developers current concerns and the council concerns, this 38 option allows for time to bring forward commercial. Mr. Grochala added that, contingent 39 upon the amendment, the developer will be bringing in a broker and adding signs to the 40 site. 41 42 Councilmember Stoesz asked what happens if Silver Creek Equity changes in some way 43 EDA MINUTES DRAFT 2 (i.e. membership, name). Mr. Grochala explained that the agreement is with a specific 44 entity. 45 46 EDA Member Rafferty moved to approve Resolution No. 22-03. EDA Member Lyden 47 seconded the motion. Motion carried on a voice vote. 48 49 The meeting was adjourned at 7: 38 p.m. 50 51 52 LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala MEETING DATE: January 23, 2023 TOPIC: Consideration of 2023 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 2022 2023 Recommended 1. President Michael Ruhland Tony Cavegn 2. Vice President Tony Cavegn Rob Rafferty 3. Treasurer Rob Rafferty Dale Stoesz 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 PMA Financial Networks PMA Securities Moreton Capital Markets US Bank First Resource Bank LMC 4M Fund PMA Financial Networks PMA Securities Moreton Capital Markets US Bank Position 2022 2023 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 Board appointments 2013 - 2022 EDA Advisory Board (2013-2022) 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 2022 • President – Michael Ruhland • Vice President- Tony Cavegn • Treasurer- Rob Rafferty LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY AGENDA ITEM 3B STAFF ORIGINATOR: Michael Grochala MEETING DATE: January 2 3, 2023 TOPIC: 2022 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 2022, the EDA undertook the following development activities. 1. Approved a Purchase Agreement and 1st and 2nd Amendments with Silver Creek Equites for the sale of 6.27 acres in the Legacy at Woods Edge Development 2. App roved the Tax Increment Financing Plan for District 1-14, Clearwater Creek Business Park Overall, t he City continued to see substantial development activity in 2022. 137 new residential construction permits were issued in 2022. Total building permit valuation was approximately $103,040,000. This is the highest new construction valuation on record. Approximately $51,000,000 was related to the Lyngblomsten and Northpoint Garden Estates projects. 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