Resolution No. 16-04 EDA - Laserfiche WebLink

Home Search

�-� LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala, Community Development Director MEETING DATE: July 25, 2016 TOPIC: Consider Resolution No. 16-04, Approving Tax Increment Financing Plan for TIF District 1-12 and a Modified Development Plan for Development District No. 1. VOTE REQUIRED: 3/5 INTRODUCTION Staff is requesting Board consideration to approve the Tax Increment Financing Plan for District 1-12 and a Modified Plan for Development District No. 1. BACKGROUND United Properties is proposing to develop 56 Acre area parcel as the Clearwater Creek Business Park. The developer is currently working with a warehouse/distribution company to construct a 402,000 square foot facility on approximately 30 acres of the park. The project will include a 2,100 -foot extension of 21St Avenue. The developer has submitted an application for public assistance to offset infrastructure and soil correction costs associated with the site development. The proposed public assistance would be provided in the form of Tax Increment Financing (TIF). The establishment of a Tax Increment Financing (TIF) District requires the preparation of a TIF plan and review by both the school district and county. No comments were received from Centennial School District or Anoka County. The Planning and Zoning Board, on July 13, 2016, determined that the proposed TIF Plan was consistent with the Comprehensive Plan. The City Council will be holding a public hearing on July 25, 2016 prior to considering the request. Tax Increment Financing (TIF) Plan The TIF plan provides the framework for the use of tax increment for development purposes. The plan includes the statutory authorization, purpose and objectives of the district. The City/EDA are proposing to establish an Economic Development District. The maximum duration of the district is 8 years from the date of receipt of the first increment. The primarily purpose of the district is to aid in the construction of the proposed warehousing/distribution facility. Tax increment is intended to be used to offset costs related to soil corrections, site improvements and public street and utility improvements. The project will include the extension of 21' Avenue which is identified as a collector street in the City's Comprehensive Plan.