09-22- 2003 EDA Minutes - Laserfiche WebLink

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DRAFT CITY OF LINO LAKES 1 ECONOMIC DEVELOPMENT AUTHORITY 2 MINUTES 3 4 5 DATE : September 22, 2003 6 MEMBERS PRESENT : J. Bergeson, D. Carlson, C. Dahl, J. O'Donnell, J. Reinert 7 MEMBERS ABSENT : None 8 OTHERS PRESENT : Mary Divine, Dan Tesch, Michael Grochala and Bill 9 Hawkins 10 11 CONSIDERATION OF MINUTES OF AUGUST 11, 2003 12 13 EDA Member Bergeson moved to approve the August 11, 2003 minutes, as presented. EDA Member 14 O’Donnell seconded the motion. Motion passed unanimously. 15 16 PUBLIC HEARING: PROPOSED BUSINESS SUBSIDY TO PANATTONI DEVELOPMENT, 17 LLC 18 19 EDA President Carlson opened the public hearing at 6:09 p.m. 20 21 Ms. Divine summarized the Staff report, indicating the Economic Development Advisory Committee 22 has reviewed this project. The committee recommended the EDA support the project, since it met the 23 necessary subsidy criteria, building standards, zoning codes and the Comprehensive Plan land use 24 designation. 25 26 EDA Member Bergeson indicated there was discussion at the work session about fiscal disparities. 27 He asked Ms. Divine to review that topic. Ms. Divine indicated the question was whether the city had 28 to take fiscal disparities from within this TIF District, which reduces the amount available for TIF. 29 She stated she has since learned that last year Legislation was passed that requires it be taken from 30 within the District, if it is an Economic Development District. 31 32 EDA Member O'Donnell stated they talked about costs associated with TIF. He questioned what the 33 project cost will be. Ms. Divine indicated about $12 million. 34 35 Rob Davidson, representing DAI, indicated one thing that was undetermined at the work session was 36 the number of years that might be appropriate. He indicated they are in a 10-year district, and will 37 create eight years of increment within that district. He noted the City’s TIF consultant said there 38 really is not a right answer, and he has to agree. He indicated the only person who can answer the 39 question is the person who will pay the taxes each year, which is the President of the company, and he 40 believes eight years is the length of time that would allow him to make this project work on this site. 41 42 EDA Member Bergeson asked if eight years represented the $1.1 million figure. Mr. Davidson 43 indicated that was correct. 44 45