Resolution No. 16-04 EDA - Laserfiche WebLink

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 16-04 RESOLUTION APPROVING TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 1-12 AND A MODIFIED DEVELOPMENT PLAN FOR DEVELOPMENT DISTRICT NO. 1 WHEREAS, the City of Lino Lakes, Minnesota (the "City") and the Lino Lakes Economic Development Authority (the "Authority") have established, and the Authority administers, Development District No. 1 (the "Development District") located within the City and have caused to be created a Development Plan (the "Development Plan") therefor, pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended (the "EDA Act"); and WHEREAS, within the Development District the City and the Authority have created certain tax increment financing districts pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act"); and WHEREAS, the City and the Authority have determined to modify the Development Plan for the Development District and approve a tax increment financing plan (the "TIF Plan") relating to the creation of a new tax increment financing district within the Development District designated as the Tax Increment Financing (Economic Development) District No. 1-12 (the "TIF District"), all as described in a plan document presented to the Board of Commissioners of the Authority (the "Board") on the date hereof; and WHEREAS, the City and the Authority have determined to consider an additional modification of the Development Plan to expand the boundaries of the Development District to be coterminous with the City's boundaries; and WHEREAS, the TIF Plan was, in accordance with the TIF Act, referred to the Lino Lakes Planning and Zoning Board (the "Planning and Zoning Board") and by resolution adopted by the Board of Commissioners of the Planning and Zoning Board on July 13, 2016, the Planning and Zoning Board found that the TIF Plan conforms to the general plan for the development of the City as a whole; and WHEREAS, pursuant to Section 469.175, subdivision 2 of the TIF Act, the proposed TIF Plan and the estimates of the fiscal and economic implications of the TIF Plan were presented to the School Board of Independent School District No. 12 and to the County Board of Commissioners of Anoka County, Minnesota; and WHEREAS, on the date hereof, the City Council of the City (the "City Council") conducted a public hearing relating to the modified Development Plan, the TIF Plan, and the establishment of the TIF District, at the views of all interested parties were heard at the public hearing; and WHEREAS, following the public hearing, the City Council approved the modified Development Plan and the TIF Plan; and WHEREAS, the Board has reviewed the contents of the modified Development Plan and the TIF Plan, as approved by the City Council; and 483314v1 JAE LN140-116