Resolution No. 11-01 EDA - Laserfiche WebLink

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STAFF ORIGINATOR: AGENDA ITEM 3 Mary Alice Divine DATE: August 22, 2011 TOPIC: Consideration of Resolution No. 11-01, Modifying Development Program for Development District No. 1 and TIF Plan for Tax Increment Financing District No.1-10 Vote Required: Simple Majority BACKGROUND: Special legislation was passed in the Minnesota Legislature this session. Minnesota Laws, Ch. 112, Art.11, Section 18 authorizes the City to extend the duration of Lino Lakes Tax Increment Financing District No. 1-10, located along Lake Drive, through December 31, 2023. If the EDA elects to use this authority, it must use increments collected from the district after February 1, 2011, to pay debt service on bonds issued to finance the I-35W/County Highway 23 interchange reconstruction and the improvements serving Legacy at Woods Edge development. These expenditures would not be subject to the general law restrictions on pooling, including the 5- year rule, and limits on the type of purposes for which economic development district increments may be spent. As required by Minnesota Statutes, Section 469.175, Development District No. 1 and the Plan for TIF District 1-10 must now be modified to reflect the extended duration of the district and the increased budget, and to ensure that the modification conforms to the Comprehensive Plan. The new legislation was approved by Centennial School District and Anoka County, and the draft plan modification was sent to them for review and comment. The Planning and Zoning Board found the plan consistent with the Comprehensive Plan at its meeting on August 10, 2011. RECOMMENDATION: Approve Resolution No. 11-01