HomeMy WebLinkAbout08-22-2011 EDA MinutesEDA MINUTES August 22, 2011
APPROVED
1
DATE : August 22, 2011
TIME STARTED : 7:05 p.m.
TIME ENDED : 7:12 p.m.
MEMBERS PRESENT : Commissioners Gallup, O’Donnell, Roeser,
Reinert, Rafferty
MEMBERS ABSENT : None
OTHERS PRESENT: : Mary Divine, Mike Grochala
The meeting was called to order at 7:05 p.m. by President Rafferty.
CONSIDERATION OF THE MINUTES OF JANUARY 10, 2011
EDA Member Reinert moved to approve the January 10, 2011 minutes. EDA Member Gallup
seconded the motion. Motion passed unanimously.
CONSIDERATION OF RESOLUTION NO. 11-01 MODIFYING DEVELOPMENT
PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND TIF PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 1-10
Mary Divine, Economic Development Coordinator, introduced Resolution No. 11-01 modifying
the Development Program for Development District No. 1 and TIF Plan for Tax Increment
Financing District No. 1-10. She explained that special legislation was passed in the Minnesota
Legislature in the 2011 session. Minnesota Laws, Ch. 112, Art. 11, Section 18 authorized the
City to extend the duration of Lino Lakes Tax Increment Financing District No. 1-10 through
December 31, 2023. This allows the EDA to used increments collected from the District to pay
debt service on bonds issued to finance the I-35W/County Road 23 interchange reconstruction
and the improvements serving Legacy at Woods Edge development. These expenditures would
not be subject to the general law restrictions on pooling, including the 5-year rule and limits on
the type of purpose for which economic development district increments may be spent.
As required by Minnesota Statutes, Section 469.175, Development District No. 1 and the Plan
for TIF District 1-10 must be modified to reflect the extended duration of the district and the
increased budget, and to ensure the modification conforms to the Comprehensive Plan.
EDA Member O’Donnell moved to approve Resolution No. 11-01 Modifying the Development
Program for Development District No. 1 and the TIF Plan for Tax Increment Financing District
No. 1-10. EDA Member Roeser seconded the motion. Motion passed unanimously.
ADJOURNMENT
There being no further business, EDA Member Reinert moved to adjourn. EDA Member Gallup
seconded the motion. Motion carried unanimously.
Meeting adjourned at 7:12 p.m.