06/11/2015 EDAC Minutes - Laserfiche WebLink

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1 CITY OF LINO LAKES ECONOMIC DEVELOPMENT ADVISORY COMMITTEE MINUTES DATE: June 11, 2015 MEMBERS PRESENT: Nathan Vojtech, Lou Masonick, Chad Wagner. MEMBERS ABSENT: Thomas Colgan, Rebecca Glewwe, Tami Wier, Don Johnson, Julie Schwartz. OTHERS PRESENT: Michael Grochala, Kirsten Barsness APPROVAL OF MINUTES It was moved by N. Vojteck to approve the minutes of March 5, 2015. The motion was seconded by C. Wagner and passed unanimously. FIRE STATION UPDATE L. Masonick requested an update on the construction of the Fire Station due to a recent article in the Quad Press. Mr. Grochala stated that there appeared to be some inaccuracies within the article. Specifically, Mr. Grochala noted that use of Lease/Revenue Bonds for construction of public facilities is common. City Hall, constructed in 1998 used the same financing. He also stated that the use of Lease/Revenue Bonds does not increase costs 10 to 15 percent as claimed in the paper. Cost differences are primarily the interest rate difference compared to issuance of general obligation bonds. L Masonick suggested that additional information be provided to residents to clarify this issue. BUSINESS RETENTION & EXPANSION PROGRAM Mr. Grochala introduced Kirsten Barsness to discuss next steps in the development of a Business Retention Program. Ms. Barsness provided an overview of the work plan and identified two steps in the process. First, City needs to decide the scope of the program including, identifying what businesses, who will reach them and what will be provide. Secondly, we need to develop the program and provide training for those involved. Committee members discussed the value of maintaining and expanding communication with local businesses. Mr. Grochala stated that he would work with Ms. Barsness to develop a work plan and cost estimate.