HomeMy WebLinkAbout06-25-2007 EDA MinutesEDA MINUTES JUNE 25, 2007
APPROVED
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CITY OF LINO LAKES 3
ECONOMIC DEVELOPMENT AUTHORITY 4
MINUTES 5
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DATE : June 25, 2007 7
MEMBERS PRESENT : D. Carlson, J. Reinert, J. O’Donnell 8
MEMBERS ABSENT : D. Stoltz, J. Bergeson 9
OTHERS PRESENT : Mary Divine, Gordon Heitke, Al Rolek and Julie 10
Bartell 11
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The meeting was called to order by Vice President Carlson at 6:15 p.m. 14
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CONSIDERATION OF MINUTES OF JANUARY 22, 2007 16
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EDA Member Reinert moved to approve the January 22, 2007 minutes, as presented. EDA 18
Member O’Donnell seconded the motion. Motion passed unanimously. Stoltz and Bergeson 19
were absent. 20
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RESOLUTION NO. 07-01 APPROVING THE MODIFICATION OF TAX INCREMENT 22
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-11 23
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Finance Director Rolek explained that staff is presenting an administrative amendment to this tax 25
increment plan that is required based on the restructuring of the Lake Drive Interchange Project 26
financing plan. The City Council will consider this modification at their meeting this evening. 27
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EDA Member O’Donnell moved to approve Resolution No. 07-01, as presented. EDA Member 29
Reinert seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent. 30
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RESOLUTION NO. 07-02, AUTHORIZING AN INTERFUND LOAN IN CONNECTION 32
WITH THE LAKE DRIVE INTERCHANGE PROJECT AND TAX INCREMENT 33
FINANCING DISTRICT NO. 1-11 34
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Finance Director Rolek explained that this loan action is based on the restructured financing plan 36
for the Lake Drive Interchange Project. There should be sufficient capacity in the district to fully 37
fund this so staff is recommending approval of the loan. 38
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EDA Member Reinert moved to approve Resolution No. 07-02, as presented. EDA Member 40
O’Donnell seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent. 41
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RESOLUTION NO. 07-03 APPROVING TIF PLEDGE AGREEMENT 43
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Finance Director Rolek explained that staff is requesting authorization to execution a tax 45
increment pledge agreement between the City of Lino Lakes and the EDA that would pledge 46
EDA MINUTES JUNE 25, 2007
APPROVED
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certain tax increment revenue toward the payment of principal and interest on the general 47
obligation bonds being issued for the Lake Drive Interchange Project. In addition to pledging the 48
revenue, the agreement sets forth the method of payment. 49
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EDA Member O’Donnell moved to approve Resolution No. 07-03, as presented. EDA Member 51
Reinert seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent. 52
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ADJOURNMENT 54
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There being no further business, EDA Member Reinert moved to adjourn. EDA Member 56
O’Donnell seconded the motion. Motion passed unanimously. Stoltz and Bergeson were absent. 57
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Meeting adjourned at 6:25 p.m. 60
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