Resolution No. 97-08 EDA - Laserfiche WebLink

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Member KI]Pj'} r introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 97-08 RESOLUTION ADOPTING A MODIFIED PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND A PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-8 BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals. 1.01. The City Council of the City of Lino Lakes (the "City") established Development District No. 1 ("the Development District") on January 26, 1987. 1.02. The City established the Development District in order to promote development within areas of the city which have not developed solely through private efforts in a manner consistent with their prominence. 1.03. The City established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and conferred upon it responsibility for economic development within Lino Lakes. 1.04. In the past the Development District Program (the "Program") has been modified to assist improvements within the Development District pursuant to Minnesota Statutes, sections 469.174 through 469.179 (the "TIF Act") and sections 469.124 through 469.134 (the "City Development District Act"). 1.05. In response to a development proposal, the Authority has authorized the preparation of a modification of the Program for Development District No. 1 and drafting a Tax Increment Financing Plan (the "TIF Plan") for Tax Increment Financing District No. 1-8 (the "TIF District"), which are contained in a document entitled "Modified Development District Program, Development District No. 1 and Tax Increment Financing Plan, Tax Increment Financing District No. 1-8," dated April 28, 1997 and on file with the Authority. Section 2. Authority Approval. 2.01. The Authority finds that the objectives of the Authority and the City of encouraging development and redevelopment within the Development District will be advanced by adoption of the modified Program and the Plan.