07-25-2016 Council Packet* - Laserfiche WebLink

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483508v2 JAE LN140-116 “Tax Increment Bonds” means any general obligation or revenue tax increment bonds or notes issued by the Authority or the City to finance the public costs associated with Development District No. 1 as stated in the modified Program or in the Plan for any of the tax increment financing districts within Development District No. 1 or any obligations issued to refund any Tax Increment Bonds, and including any interfund loans or advances within the meaning of the TIF Act; “Tax Increment Financing Act” or “TIF Act” means Minnesota Statutes, sections 469.174 through 469.1794, as amended; “Tax Increment Financing District” or “TIF District” means any tax increment financing district established or to be established within Development District No. 1 pursuant to the TIF Act; and “Tax Increment Financing Plan” or “Plan” means the Plan for any of the TIF Districts within the Development District. B. Statutory Authority The Authority has determined that it is necessary, desirable and in the public interest to modify the Program for Development District No. 1, pursuant to the provisions of the EDA Act and the City Development District Act. The Authority has also determined that funding for the necessary activities and improvements in Development District No. 1 will continue to be accomplished in part or in whole through tax increment financing in accordance with the TIF Act. C. Statement of Public Purpose The Authority has previously determined there to be a need to offer assistance to encourage development of the area of the community established as Development District No. 1 in order to increase employment opportunities, improve the tax base and improve the general economy of Lino Lakes and the State. The City established the Development District on January 26, 1987, and subsequently transferred control and administration of the District to the Authority. The boundaries of the Development District were most recently expanded on April 28, 1997 in connection with the establishment of TIF District No. 1-8. Within the District, the City and/or Authority have previously created eleven TIF Districts. The purpose of this modification of the Program is to acknowledge the Authority’s intent to establish TIF District No. 1-12 and to create a TIF Plan therefor in order to assist with the development of an approximate 402,000 square foot warehouse and distribution facility with associated office space. Another purpose of this modification of the Program is to modify the boundaries of Development District to be coterminous with the corporate limits of the City. D. Statement of Objectives The Authority will continue to seek to achieve the following objectives through the modified Development District Program: