07-25-2016 Council Packet* - Laserfiche WebLink

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Lino Lakes Economic Development Authority, Minnesota SPRINGSTED Page 3 previous five calendar years before the filing of the request for certification only and therefore the project must meet the following qualifications: (1) a district in which 85 percent or more of the planned buildings and facilities (determined on the basis of square footage) are a qualified manufacturing facility or a qualified distribution facility or a combination of both; or (2) a housing district. A distribution facility means buildings and other improvements to real property that are used to conduct activities in at least each of the following categories: (i) to store or warehouse tangible personal property; (ii) to take orders for shipment, mailing, or delivery; (iii) to prepare personal property for shipment, mailing, or delivery; and (iv) to ship, mail, or deliver property. A manufacturing facility includes space used for manufacturing or producing tangible personal property, including processing resulting in the change in condition of the property, and space necessary for and related to the manufacturing activities. To be a qualified facility, the owner or operator of a manufacturing or distribution facility must agree to pay and pay 90 percent or more of the employees of the facility at a rate equal to or greater than 160 percent of the federal minimum wage for individuals over the age of 20. The proposed project will be a qualified distribution facility. Section F Duration of the TIF District Economic development districts may remain in existence 8 years from the date of receipt by the Authority of the first tax increment. The Authority anticipates that the TIF District may remain in existence the maximum duration allowed by law (projected to be through the year 2026). However the Authority will decertify the TIF District earlier upon fulfillment of all District obligations. Section G Property to be Included in the TIF District The TIF District is an approximate 42 acre area of land located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. The boundaries and area encompassed by the TIF District are described below: Parcel ID Number Legal Description 24-31-22-34-0001 THE SE1/4 OF SW1/4 OF SEC 24 TWP 31 RGE 22, EX THAT PRT OF FOL DESC TRACT LYG WITHIN SD 1/4 1/4: A STRIP OF LAND 25 FT IN WIDTH ON EACH SIDE OF FOL DESC C/L: BEG AT A STAKE ON E LINE OF SD SEC 2421.5 FT S OF E1/4 COR THEREOF, TH S 52 DEG 27 MIN W 4599.2 FT TO A STAKE ON S LINE OF SD SEC 1592.7 FT E OF SW COR THEREOF & THERE TERM, EX RDS, SUBJ TO EASE OF REC