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<br /> 1 <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT <br />ADVISORY COMMITTEE <br />MINUTES <br /> <br />DATE: October 05, 2017 <br /> <br />MEMBERS <br />PRESENT: Thomas Colgan, Jim Schueller, Don Johnson, Michael Ruhland, Nathan Vojtech, <br />Lou Masonick, Chad Wagner, Patrick Kohler <br /> <br />MEMBERS <br />ABSENT: Julie Schwartz <br /> <br /> <br />OTHERS PRESENT: Michael Grochala, Kirsten Barsness, Joe Widing <br /> <br /> <br />APPROVAL OF MINUTES <br /> <br />It was moved by Mr. Kohler to approve the minutes from August 8, 2017. The motion was <br />seconded by Mr. Wagner and passed unanimously. <br /> <br /> <br />DISCUSSION ITEMS <br />a. Lino Lakes Tax Increment and Abatement Financial Incentives Policy <br /> <br />Kirsten Barsness shared a policy update on tax increment and tax abatement financing <br />options for the Board. <br /> <br />Ms. Barsness explained that in June of 2016 the City revised its Business Subsidy Criteria as <br />required by State Law. The criteria are intended to set minimum requirements which <br />recipients must meet to be eligible to receive business subsidies. All business subsidy <br />requests must comply with the State’s Business Subsidy Act. A business subsidy must meet a <br />public purpose such as increasing the tax base. The requirements must include a specific <br />wage floor for the wages to be paid for jobs created. <br />In addition the City has both a Tax Increment Financing Policy and a Tax Abatement Policy. <br />These documents are intended to provide a guide for use of these financial tools for private <br />development above and beyond the requirements of set forth by state law. Staff is proposing <br />to update and combine these two policies into one overall policy documen t. <br /> <br />The committee asked if the City could make one piece of financing development <br />abatement and the other piece increment financing.