Resolution No. 95-01 EDA - Laserfiche WebLink

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Member .) £IJ& l)t 1/122 _.�/ introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95-01 RESOLUTION AUTHORIZING PREPARATION OF A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7 WHEREAS, the area of the city generally known as the Apollo business park has not developer solely through private efforts in a manner which is consistent with its prominence within the city and which justifies the public expenditures for infrastructure improvements which have been made; and WHEREAS, it appears that it will be necessary to utilize tax increment financing to assist development in the area to achieve the purpose for which the business park was established; and WHEREAS, it has been proposed that the area generally known as the Apollo buisness park be incorporated into a new tax increment financing district ("TIF District No. 1-7") in order to offer developers assistance pursuant to Minnesota Statutes, sections 469.174 through 469.179 (the "TIF Act"). NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development Authority (the "EDA") as follows: 1. Staff and Holmes & Graven, Chartered are hereby authorized and directed to prepare a tax increment financing plan (the "Plan") for TIF District No. 1-7. 2. The executive director of the EDA is authorized and directed to schedule a meeting on May 22, 1995 at tom. mac? p.m. in the council chambers at city hall, at which time the EDA will consider adoption of the Plan and the establishment of TIF District No. 1-7. 3. The staff and consultants are authorized and directed to take all steps necessary to bring the Plan before the EDA at the May 22, 1995 meeting. RHB86628 LN140-36