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04-10-1995 EDA Minutes
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04-10-1995 EDA Minutes
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EDA
EDA Document Type
EDA Minutes
Meeting Date
04/10/1995
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CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />DATE: April 10, 1995 <br />TIME: 6:05 p.m. <br />MEMBERS <br />PRESENT: V. Reinert, S. Kuether, A. Neal, J. Bergeson, L. Elliott <br />MEMBERS <br />ABSENT: None <br />OTHER <br />PRESENT: Community Development Director, Brian Wessel <br />CONSIDERATION OF MINUTES <br />EDA member Neal moved to approve the minutes from the Aug. 11, 1994 EDA <br />meeting. EDA member Kuether seconded the motion. Minutes were approved <br />unanimously. <br />CONSIDERA TION OF RESOLUTION AUTHORIZING PREPARA TION OF TAX <br />INCREMENT FINANCING DISTRICT PLAN FOR TIF DISTRICT 1-7 <br />Mr. Wessel informed the board that Nol-Tec Systems, Inc., a Forest Lake based <br />company, was interested in purchasing three acres in the city -owned portion of the <br />Apollo Business Park. Nol-Tec is an engineering and light assembly company which <br />designs pneumatic conveying systems. The company looked at numerous other cities <br />before selecting Lino Lakes. The company is planning to build a 16,256 square foot <br />facility, and has plans for doubling the building size in the future. No%Tec currently <br />employs approximately 35, and has demonstrated consistent growth. It is selling its <br />building in Forest Lake and wishes to move quickly to begin construction in the <br />business park. <br />Mr. Wessel explained that the city's TIF attorney, Ron Batty, recommended the <br />remaining city -owned portion of the business park be included in a new TIF district to <br />take advantage of the current low economic adjustment factor. In 1994 the decision <br />was made to create a TIF district for each project. The situation has changed in 1995, <br />however, and the valuation of properties within the city -owned portion of the park will <br />be accelerating and there are several prospects considering an Apollo Business Park <br />relocation. Putting all property within the TIF district before the valuations increase <br />
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