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EDA MINUTES JUNE 25, 2007 <br /> APPROVED <br /> <br />1 <br /> <br /> 1 <br /> 2 <br />CITY OF LINO LAKES 3 <br />ECONOMIC DEVELOPMENT AUTHORITY 4 <br />MINUTES 5 <br /> 6 <br />DATE : June 25, 2007 7 <br />MEMBERS PRESENT : D. Carlson, J. Reinert, J. O’Donnell 8 <br />MEMBERS ABSENT : D. Stoltz, J. Bergeson 9 <br />OTHERS PRESENT : Mary Divine, Gordon Heitke, Al Rolek and Julie 10 <br />Bartell 11 <br /> 12 <br /> 13 <br />The meeting was called to order by Vice President Carlson at 6:15 p.m. 14 <br /> 15 <br />CONSIDERATION OF MINUTES OF JANUARY 22, 2007 16 <br /> 17 <br />EDA Member Reinert moved to approve the January 22, 2007 minutes, as presented. EDA 18 <br />Member O’Donnell seconded the motion. Motion passed unanimously. Stoltz and Bergeson 19 <br />were absent. 20 <br /> 21 <br />RESOLUTION NO. 07-01 APPROVING THE MODIFICATION OF TAX INCREMENT 22 <br />FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-11 23 <br /> 24 <br />Finance Director Rolek explained that staff is presenting an administrative amendment to this tax 25 <br />increment plan that is required based on the restructuring of the Lake Drive Interchange Project 26 <br />financing plan. The City Council will consider this modification at their meeting this evening. 27 <br /> 28 <br />EDA Member O’Donnell moved to approve Resolution No. 07-01, as presented. EDA Member 29 <br />Reinert seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent. 30 <br /> 31 <br />RESOLUTION NO. 07-02, AUTHORIZING AN INTERFUND LOAN IN CONNECTION 32 <br />WITH THE LAKE DRIVE INTERCHANGE PROJECT AND TAX INCREMENT 33 <br />FINANCING DISTRICT NO. 1-11 34 <br /> 35 <br />Finance Director Rolek explained that this loan action is based on the restructured financing plan 36 <br />for the Lake Drive Interchange Project. There should be sufficient capacity in the district to fully 37 <br />fund this so staff is recommending approval of the loan. 38 <br /> 39 <br />EDA Member Reinert moved to approve Resolution No. 07-02, as presented. EDA Member 40 <br />O’Donnell seconded the motion. Motion carried unanimously. Stoltz and Bergeson were absent. 41 <br /> 42 <br />RESOLUTION NO. 07-03 APPROVING TIF PLEDGE AGREEMENT 43 <br /> 44 <br />Finance Director Rolek explained that staff is requesting authorization to execution a tax 45 <br />increment pledge agreement between the City of Lino Lakes and the EDA that would pledge 46