11-13-2000 EDA Minutes - Laserfiche WebLink

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CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE MEMBERS PRESENT MEMBERS ABSENT OTHERS PRESENT : November 13, 2000 : J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, J. Reinert : None : Mary Divine and Dan Tesch CONSIDERATION OF MINUTES OF MONDAY, AUGUST 14, 2000 EDA Member Dahl moved to approve the August 14, 2000, minutes, as presented. EDA Member O'Donnell seconded the motion. Motion passed unanimously. PUBLIC HEARING: PROPOSED BUSINESS SUBSIDY TO NORTH AMERICAN COMPOSITES Ms. Divine advised North American Composites, a subsidiary of Interplastic Corporation, has requested tax increment financing (TIF) assistance in the amount of $122,250 for the purpose of constructing a 25,000 square foot distribution facility in the Apollo Business Center. North American Composites is a national distributor of polyester resins, fiberglass, and related products to the composites industry. The local distributor will employ 21 at this new facility, including management, warehouse, drivers, office and sales positions. The company has committed to hiring at least three new employees within two years at no less than $25,000 annual salary, plus benefits. EDA President Bergeson opened the public hearing at 6:07 p.m. EDA Member Carlson moved to close the public hearing at 6:07 p.m. EDA Member Dahl seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 00 — 04 APPROVING A BUSINESS SUBSIDY FOR NORTH AMERICAN COMPOSITES Ms. Divine advised this resolution recognizes that North American Composites meets one or more of the goals and objectives outlined by the EDA in its business subsidy criteria. Those goals include: Light industrial projects in the Apollo Business Center are consistent with the City's comprehensive plan designed to encourage economic growth and diversity.