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12-17-2001 EDA Minutes
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12-17-2001 EDA Minutes
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EDA
EDA Document Type
EDA Minutes
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12/17/2001
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<br /> 1 <br /> <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br /> <br /> <br /> <br />DATE : December 17, 2001 <br />MEMBERS PRESENT : J. Bergeson, D. Carlson, C. Dahl, J. O’Donnell, <br /> J. Reinert <br />MEMBERS ABSENT : None <br />OTHERS PRESENT : Ann Blair, Mary Divine, and Linda Waite <br />Smith and Dan Tesch <br /> <br /> <br /> <br />CONSIDERATION OF MINUTES OF MONDAY, MARCH 12, 2001 <br /> <br />EDA Member Carlson moved to approve the March 12, 2001, minutes, as presented. <br />EDA Member O’Donnell seconded the motion. Motion passed unanimously. <br /> <br />CONSIDERATION OF RESOLUTION NO. 01-03 APPROVING THE <br />ELIMINATION OF PARCELS FROM TAX INCREMENT FINANCING <br />DISTRICT NO. 1-5 WITHIN DEVELOPMENT DISTRICT NO. 1 <br /> <br />Ms. Divine advised in 1992 the Economic Development Authority created Tax Increment <br />Financing District No. 1-6 for the purpose of providing TIF assistance for the Cottages of <br />Willow Ponds senior housing. The original intent of the developer was to construct 98 <br />units of rental housing with maximum income limitations on the parcel. <br /> <br />Ms. Divine indicated that the project was later downsized to 48 units, and the developer <br />sold off some of the parcel for 10 single-family lots. In the process of gathering annual <br />documentation for income compliance, it was decided that that those lots should have <br />been removed from the District since there is no documentation that income limitations <br />were applied to the single-family homes. <br /> <br />Ms. Divine stated that Cottage Homesteads began receiving increment in 1997 and has <br />been receiving the benefit of those homes being in the District. This Resolution removes <br />the parcels from the District and directs staff to notify Anoka County of the reduction of <br />the size of the District and return the increment from the District up to an amount of <br />$50,525. Anoka County will then redistribute it to the City, County and School District. <br />Payments to Cottage Homesteads will be withheld until that increment is recovered. <br /> <br />Ms. Divine advised it is recommended that the City Council adopt Resolution No. 01-03 <br />Approving the Elimination of Parcels from TIF District No. 1-5. <br />
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