HomeMy WebLinkAbout05-22-2023 EDA Meeting MinutesCITY OF LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY
MEETING
DATE: May 22, 2023
TIME STARTED: 7:04 PM
TIME ENDED: 7:10 PM
EDA MEMBERS PRESENT: Rafferty, Lyden, Stoesz, Ruhland, Cavegn
STAFF PRESENT: Michael Grochala, Community Development Director,
Sarah Cotton, EDA Executive Director
The meeting was called to order at 7:04 PM by EDA President Cavegn.
CONSIDERATION OF JANUARY 23, 2023 MEETING MINUTES
EDA Member Lyden moved to approve the January 23, 2023 meeting minutes. The motion was
seconded by EDA member Stoesz. All voted in favor; the motion carried unanimously.
ACTION ITEM
3A. Consider Resolution No. 23-01, Approving Assignment of Contract for Private
Development and TIF Note, AX Lino Lakes, LP (TIF District 1-12).
Community Development Director Michael Grochala provided background of a 2016 approval for
a Contract for Private Development with United Properties; the action also included the
authorization for Tax Increment Revenue Note. In 2017, following the construction of the
property, the TIF Note was assigned to AX Lino Lakes, LP, new purchaser of the property. Now,
OIVF III Clearwater LLC, is purchasing the project which requires assignment and assumption of
the contract for private development, the TIF note, and related documents as allowed for in the
contract. EDA Resolution 23-01 approves that action.
EDA Member Stoesz moved approval of EDA Resolution 23-01; EDA Member Ruhland seconded
the motion. The motion carried unanimously with all members voting in favor.
ADJOURN
With no further business before the EDA, the meeting was adjourned at 7:10 PM.