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DATE: <br />TIME: <br />MEMBERS <br />PRESENT: <br />MEMBERS <br />ABSENT: <br />OTHER <br />PRESENT: <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />Monday, December 18, 1995 <br />6:25 p.m. <br />V. Reinert, L. Elliott, S. Kuether, J. Bergeson, A. Neal <br />None <br />Brian Wessel, Community Development Director <br />Ron Batty, Bond Consultant <br />Randy Schumacher, City Administrator <br />Mary LaForest, Recording Secretary <br />CONSIDERATION OF MINUTES <br />EDA Member Elliott moved to approve the minutes from the November 13, 1995 meeting. EDA <br />Member Kuether seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF RESOLUTION NO. 95-16 ADOPTING MODIFICATIONS OF TAX <br />INCREMENT FINANCING PLANS FOR TIF DISTRICT NOS. 1-1 AND 1-2 <br />Mr. Wessel explained that in the late 1980s the city self financed with service area funds the West <br />Central Trunk sewer project within these two TIF Districts. Modifications of these plans will <br />allow accumulated TIF within the districts to be used to reimburse the fund. EDA Member Elliott <br />moved to adopt Resolution No. 95-16. EDA Member Neal seconded the motion. Motion passed <br />unanimously. <br />CONSIDERATION OF RESOLUTION NO. 95-17 AUTHORIZING EXECUTION OF <br />REIMBURSEMENTS OF DEVELOPMENT AGREEMENTS <br />Mr. Wessel informed the board that the EDA had been entering into a series of development <br />agreements with businesses moving into Apollo Business Park, and assuming revenue obligations <br />on behalf of the city. No formal means of transferring funds from the EDA to the city had been <br />established. This resolution would oblige the EDA to repay its obligations with interest to the city <br />out of tax increment, as increment is received. EDA Member Elliott moved to adopt Resolution <br />No. 95-17. EDA Member Neal seconded the motion. Motion passed unanimously. <br />Meeting adjourned, 6:29 p.m. <br />