08-22-2011 EDA Minutes - Laserfiche WebLink

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EDA MINUTES August 22, 2011 APPROVED 1 DATE : August 22, 2011 TIME STARTED : 7:05 p.m. TIME ENDED : 7:12 p.m. MEMBERS PRESENT : Commissioners Gallup, O’Donnell, Roeser, Reinert, Rafferty MEMBERS ABSENT : None OTHERS PRESENT: : Mary Divine, Mike Grochala The meeting was called to order at 7:05 p.m. by President Rafferty. CONSIDERATION OF THE MINUTES OF JANUARY 10, 2011 EDA Member Reinert moved to approve the January 10, 2011 minutes. EDA Member Gallup seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 11-01 MODIFYING DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND TIF PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-10 Mary Divine, Economic Development Coordinator, introduced Resolution No. 11-01 modifying the Development Program for Development District No. 1 and TIF Plan for Tax Increment Financing District No. 1-10. She explained that special legislation was passed in the Minnesota Legislature in the 2011 session. Minnesota Laws, Ch. 112, Art. 11, Section 18 authorized the City to extend the duration of Lino Lakes Tax Increment Financing District No. 1-10 through December 31, 2023. This allows the EDA to used increments collected from the District to pay debt service on bonds issued to finance the I-35W/County Road 23 interchange reconstruction and the improvements serving Legacy at Woods Edge development. These expenditures would not be subject to the general law restrictions on pooling, including the 5-year rule and limits on the type of purpose for which economic development district increments may be spent. As required by Minnesota Statutes, Section 469.175, Development District No. 1 and the Plan for TIF District 1-10 must be modified to reflect the extended duration of the district and the increased budget, and to ensure the modification conforms to the Comprehensive Plan. EDA Member O’Donnell moved to approve Resolution No. 11-01 Modifying the Development Program for Development District No. 1 and the TIF Plan for Tax Increment Financing District No. 1-10. EDA Member Roeser seconded the motion. Motion passed unanimously. ADJOURNMENT There being no further business, EDA Member Reinert moved to adjourn. EDA Member Gallup seconded the motion. Motion carried unanimously. Meeting adjourned at 7:12 p.m.