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10-26-1998 EDA Minutes
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10-26-1998 EDA Minutes
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EDA
EDA Document Type
EDA Minutes
Meeting Date
10/26/1998
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CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT AUTHORITY <br />MINUTES <br />DATE: Monday, October 26, 1998 <br />MEMBERS <br />PRESENT: K. Sullivan, J. Bergeson, C. Dahl, C. Lyden, A. Neal <br />MEMBERS <br />ABSENT: <br />OTHERS <br />PRESENT: Brian Wessel, Mary Divine, Mark Ruff <br />CONSIDERATION OF MINUTES <br />EDA Member Bergeson moved to approve the minutes from the September 28, 1998 <br />EDA meeting. EDA Member Dahl seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF RESOLUTION NO. 98-05 AUTHORIZING PREPARATION <br />OF A PLAN TO MODIFY DEVELOPMENT DISTRICT NO. 1 AND TO ESTABLISH <br />TAX INCREMENT FINANCING DISTRICT NO. 1-9 <br />Mr. Wessel explained to the Authority that the city had a request for tax increment <br />financing from three businesses interested in locating in Apollo Business Center. This <br />resolution authorized preparation of the modification of Development District No. 1 to <br />delete the remaining G.M. Development parcels and the Rehbein business park parcels <br />from TIF District No. 1-7, and to reconstitute them into a new TIF District No. 1-9. <br />Additional parcels that were in TIF District No. 1-7 that were unlikely to develop as light <br />industrial uses were removed from the district altogether. The only parcels remaining in <br />1-7 had businesses with development agreements with the city. <br />Ms. Divine explained that Midwest Veneer and Pressing intends to purchase four acres <br />for a 40,000 square foot facility. H&L Mesabi was considering three acres for a 30,000 <br />square foot facility, and All Test and Inspection was planning to purchase two acres for a <br />6,500 square foot building. <br />Mr. Ruff explained that the budget in this new TIF plan would be large enough to cover <br />all future development within the business park, which will eliminate the need for <br />modifications of the district in the future. Development agreements will be completed <br />later, spelling out the detail of the TIF assistance. The local contribution, which is 10 <br />percent of the increment, will be included as part of the development agreement. <br />EDA President Sullivan questioned if TIF was needed in Rehbein's Lake Business Park. <br />Mr. Ruff stated that TIF allowed the city to control the type and quality of development <br />that would go in the park. <br />
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