11-13-1995 EDA Minutes - Laserfiche WebLink

Home Search

DATE: TIME: MEMBERS PRESENT: MEMBERS ABSENT: OTHER PRESENT: CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES November 13, 1995 6:01 p.m. V. Reinert, L. Elliott, S. Kuether, J. Bergeson, A. Neal None Brian Wessel, Community Development Director Ron Batty, Bond Consultant Randy Schumacher, City Administrator Mary LaForest, EDA Secretary CONSIDERATION OF MINUTES EDA member Elliott moved to approve the minutes from the September 11, 1995 meeting. EDA member Neal seconded the motion. Motion passed unanimously. CONSIDERATION OF DISBURSEMENT Mr. Wessel explained to the board that the disbursement for $61,400 to Anoka County was for purchase of the Kaiser property on Hodgson Road and Birch Street. EDA member Kuether stated she wanted the money put into an interest bearing account until closing. She moved to disburse the funds contingent upon the funds being placed in an interest bearing account with interest to Lino Lakes until the title is transferred. EDA member Bergeson seconded the motion. Motion passed unanimously. CONSIDERATION OF CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN EDA AND FOGERTY DEVELOPMENT/CUSTOM REMODELERS Mr. Wessel explained to the board that a development contract between the EDA and Fogerty Development/Custom Remodelers allows the EDA to purchase the 3 acres of property in the Apollo Business Park from the city, and to write down the cost of the property and sell it to the developer for $100,603.50. In the agreement the developer agrees to pay the EDA $110,603.50 at closing, and the EDA will reimburse the developer that amount on a pay-as-you-go basis. The agreement also arranges for the city to remove $84,207 in special assessments once the building is complete. Mr. Wessel stated that minor details had not been finalized with Fogerty Development. He requested the EDA approve the development contract contingent upon Mr. Wessel and Mr. Batty being comfortable with the final agreement. If the developer required any substantial changes, Mr. Wessel will bring the contract back to the EDA for approval.