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1 CITY OF LINO LAKES ECONOMIC DEVELOPMENT ADVISORY COMMITTEE MINUTES DATE: July 7, 2016 MEMBERS PRESENT: Thomas Colgan, Jim Schueller, Don Johnson, Rebecca Glewwe MEMBERS ABSENT: Julie Schwartz, Tami Wier, Nathan Vojtech, Lou Masonick, Chad Wagner OTHERS PRESENT: Michael Grochala, Alex McKenzie APPROVAL OF MINUTES It was moved by Rebecca Glewwe to approve the minutes from June 2, 2016. The Motion was seconded by Tomas Colgan and passed unanimously. United Properties Distribution Center-TAX INCREMENT FINANCING Mr. Grochala and staff have been working with United Properties regarding construction of a warehousing/distribution facility along 35E for the past six months. This has been previously discussed with EDAC, Planning & Zoning board and City Council. United Properties submitted a request for rezoning to Planned Unit Development, Development Stage Plan Approval and Preliminary Plat arrival which includes the 56 acre site and two outlots for future development. The Planning and Zoning board held a public hearing on June 8, 2016 which was continued for further discussion on July 13, 2016. Development of the site will require the extension of 21st Avenue, from Commerce Avenue 2,100 feet south. Extension of the street includes the crossing of Clearwater Creek and filling and mitigation of floodplain areas adjacent to the creek. The comprehensive plan states the extension of 21st Avenue to Cedar Street, and right of way will be considered to be obtained during this project. The total project cost is approximately $24,000,000 with an estimated building/site value of $18,200,000. The City is proposing to limit the duration of tax increment to approximately 5.5 years with an assistance of $1.2 million. The property is within the “Green Acres” tax designation and the facility must meet more restrictive conditions. To meet the tax increment