Resolution No. 00-04 EDA - Laserfiche WebLink

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Member Carl Gn introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 00-04 RESOLUTION AUTHORIZING APPROVING BUSINESS SUBSIDY TO NORTH AMERICAN COMPOSITES BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals 1.01. The Lino Lakes Economic Development Authority (the "Authority") approved a tax increment financing plan (the "Plan") for the Tax Increment Financing District No. 1-9 (TIF District No. 1-9) on December 14, 1998. 1.02. On December 14, 1998, the City Council of the City of Lino Lakes (the "City") approved the Plan. 1.03 On November 8, 1999, following a public hearing, the Authority approved the Lino Lakes Economic Development Authority Business Subsidy Criteria (the "Criteria"), pursuant to Minnesota Statute, sections 1161993 through 1161995 (the `Business Subsidy Act.") 1.04. North American Composites Company, a subsidiary of Interplastic Corporation, a Minnesota Corporation, (the 'Developer") has requested a business subsidy through tax increment financing in the amount of $122,250 for the construction of a light industrial facility in the Apollo Business Center. 1.05. Pursuant to Section 116J.994, subd. 5 of the Business Subsidy Act, the Authority has on this date held a public hearing on the proposed subsidy to the Developer, following published notice as required by law, at which hearing all persons wishing to express an opinion were given an opportunity to do so. Section 2. Findings. 2.01. It is hereby found and determined that the business subsidy is in the best interest of the Authority because it is consistent with and promotes the goals established by the Authority in adopting the Criteria. 2.02. It is hereby found and determined that granting the business subsidy to the Developer furthers the Authority's general plan of economic development of the community by encouraging growth and expansion of an industrial park which has not been used to its full potential. 2.03. Pursuant to the Criteria established by the Authority, it is hereby found and determined that the business subsidy promotes the following: