07-25-2016 Council Packet* - Laserfiche WebLink

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Lino Lakes Economic Development Authority, Minnesota SPRINGSTED Page 4 24-31-22-34-0002 TTH PRT OF SE1/4 OF SW1/4 OF SEC 24-31-22 LYG WITHIN A 50 FT WIDE STRIP WITH A C/L DESC AS FOL: BEG AT A PT ON E LINE OF SD SEC 21.5 FT S OF E1/4 COR THEREOF, TH S 52 DEG 27 MIN W 4599.2 FT TO A PT ONS LINE OF SD SEC 1592.7 FT E OF SW COR THEREOF & THERE TERM; EX RDS; SUBJ TO EASE OF RECHE SE1/4 OF SW1/4 OF SEC 34 TWP 31 RGE 22, EX THAT PRT OF SD 1/4 1/4 LYG SELY OF CSAH NO 32, ALSO EX E 594 FT OF N 885.5 FT THEREOF, EX RD, SUBJ TO EASE OF REC 24-31-22-31-0001 * THE NE1/4 OF SW1/4 OF SEC 24 TWP 31 RGE 22, EX THAT PRT THEREOF LYG WLY OF FOL DESC LINE: BEG AT A PT ON N LINE OF SD 1/4 1/4 16.5 FT ELY OF NW COR THEREOF, TH SLY TO SW COR OF SD 1/4 1/4 & SD LINETHERE TERM, EX RD, SUBJ TO EASE OF REC 24-31-22-31-0002 THAT PRT OF NE1/4 OF SW1/4 OF SEC 24 TWP 31 RGE 22 LYG S OF ELY EXTN OF N LINE OF S 662.45 FT OF NW1/4 OF SD 1/4 & LYG WLY OF FOL DESC LINE: BEG AT A PT ON N LINE OF SD NE1/4 16.5 FT ELY OF NW COR THEREOF, TH SLY TO SW COR OF SD 1/4 1/4 & THERE TERM, SUBJ TO EASE OF REC 24-31-22-31-0003 THAT PRT OF NE1/4 OF SW1/4 OF SEC 24 TWP 31 RGE 22 LYG NLY OF ELY EXTN OF N LINE OF S 662.45 FT OF NW1/4 OF SD 1/4 & LYG WLY OF FOL DESC LINE: BEG AT A PT ON N LINE OF SD NE1/4 16.5 FT ELY OF NW COR THEREOF, TH SLY TO SW COR OF SD 1/4 1/4 & THERE TERM, SUBJ TO EASE OF REC ‘* parcel will be split and only a portion will be included within the TIF District. The area encompassed by the TIF District shall also include all street or utility right-of-ways located upon or adjacent to the property described above. Section H Property to be Acquired in the TIF District The Authority may acquire and sell any or all of the property located within the TIF District; however, the Authority does not anticipate acquiring any such property at this time. Section I Specific Development Expected to Occur Within the TIF District The proposed development is expected to consist of the construction of a new 402,000 square foot warehousing and distribution facility for Distribution Alternatives within the City of Lino Lakes. The development will result in increased tax base and retained employment within the City, in compliance with statutory requirements. It is anticipated tax increment will be used to finance a portion of the extraordinary site development, soil correction, public improvements, and infrastructure costs related to the project. In addition, the Authority anticipates using available tax increment for related administrative expenses and any other eligible expenditures associated with the development of the site. Construction of the facility is projected to start in summer/fall of 2016 and is expected to be fully constructed by December 31, 2017, and be 100% assessed and on the tax rolls as of January 2, 2018 for taxes payable in 2019. At the time this document was prepared there were no signed construction contracts with regards to the above described development.