Resolution No. 96-02 EDA - Laserfiche WebLink

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Member x u P t her introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 96-02 RESOLUTION AUTHORIZING PREPARATION OF A MODIFIED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7 WHEREAS, on May 22, 1995 the city council of the City of Lino Lakes (the "City") and the Lino Lakes Economic Development Authority (the "EDA") established Tax Increment Financing District No. 1-7 ("TIF District No. 1-7") and adopted a tax increment financing plan (the "TIF Plan") in order to promote development within areas of the community which have not developed solely through private efforts in a manner which is consistent with their prominence; and WHEREAS, the TIF Plan was modified on October 23, 1995; and WHEREAS, it has been proposed that the TIF Plan be modified again to assist two industrial facilities and to add additional land to TIF District No. 1-7, pursuant to Minnesota Statutes, section 469.174 through 469.179 (the "TIF Act"). NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: 1. Staff and Kennedy & Graven, Chartered are hereby authorized and directed to prepare a modification to the TIF Plan for TIF District No. 1-7 for the above purposes. 2. The executive director of the EDA is authorized and directed to schedule a meeting on March 25, 1996 at 6 p.m. in the council chambers at city hall, at which time the EDA will consider adoption of the modified TIN Plan for TIF District No. 1-7. RHB100118 LN140-41