Resolution No. 03-03 EDA - Laserfiche WebLink

Home Search

LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 03-03 RESOLUTION AUTHORIZING PREPARATION OF A MODIFIED PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND A PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-10 WHEREAS, on January 26, 1987 the city council of the City of Lino Lakes (the "City") established Development District No. 1 ("Development District") and adopted a program ("The Program") for same; and WHEREAS, the area of the city within the Development District and previously established as that portion of Tax Increment Financing District No. 1-9, generally known as Lakes Business Park has not developed solely through private efforts in a manner consistent with its prominence within the city; and WHEREAS, it appears that it will be necessary to utilize tax increment financing to assist in the area to achieve the purpose for which the business parks were established; and WHEREAS, it has been proposed that the following parcels: 17-31-22-23-0012 17-31-22-32-0006 currently within Tax Increment Financing District No. 1-9 be deleted from the District and incorporated into a new tax increment financing district ("TIF District No. 1-10") pursuant to Minnesota Statutes, sections 469.174 through 469.179 ("The TIF Act"). WHEREAS, it has been proposed that the following parcel: 17-31-22-32-0003 also be incorporated into TIF District No. 1-10 pursuant to the TIF Act. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority ("The EDA") of the City of Lino Lakes, Minnesota, as follows: 1. Springsted, Inc. is hereby authorized and directed to prepare a modified program for Development District No. 1 and a tax increment financing plan ("the Plan") for TIF District No. 1-10. 2. The executive director of the EDA is authorized and directed to schedule a meeting on Monday, August 11, 2003 at 6 p.m. in the council chamber at city hall, at which time the EDA will consider adoption of the modified Program for the Development District and a Plan for TIF District No. 1-10.