Resolution No. 95-05 EDA - Laserfiche WebLink

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Member Elliott introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95-05 RESOLUTION AUTHORIZING PREPARATION OF A DEVELOPMENT DISTRICT PROGRAM FOR DEVELOPMENT DISTRICT NO. 3 AND A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-1 WHEREAS, the portion of the city generally known as the Clearwater Creek area has not developer solely through private efforts in a manner which is consistent with its prominence within the city; and WHEREAS, it appears that it will be necessary to utilize tax increment financing to assist development in the area to achieve the type and scale of development which is appropriate; and WHEREAS, it has been proposed that the Clearwater Creek area be included within a new development district ("Development District No. 3") and be incorporated into a new tax increment financing district ("TIF District No. 3-1 ") in order to offer 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 development district program (the "Program") for Development District No. 3 and a tax increment financing plan (the "Plan") for TIF District No. 3-1. 2. The executive director of the EDA is authorized and directed to schedule a meeting on Thursday, June 29, 1995 at ' • 1 5 p.m. in the council chambers at city hall, at which time the EDA will consider adoption of the Program and Plan and the establishment of TIF District No. 3-1. 3. The staff and consultants are authorized and directed to take all steps necessary to bring Program and the the Plan before the EDA at the June 29, 1995 meeting, RHB89769 LN140-37