Resolution No. 95-08 EDA - Laserfiche WebLink

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Member Elliott adoption: introduced the following resolution and moved its LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95-08 RESOLUTION ADOPTING THE PROGRAM FOR DEVELOPMENT DISTRICT NO. 3 AND THE PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-1 BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals. 1.01. The Lino Lakes Economic Development Authority (the "EDA") is authorized under Minnesota Statutes, section 469.090 through 469.108 (the "EDA Act") , and sections 469.174 through 469.179 (the "TIF Act") and sections 469.124 through 469.134 (the "City Development Districts Act") to establish development districts and tax increment financing districts within the City in areas in which private development has not occurred to a degree or within a time period which could be anticipated in light of the area's potential. 1.02. The EDA has identified such an area in the eastern portion of the community along the I -35E corridor. 1.03. In response to several developments proposal in the area, the Authority has authorized the preparation of a development district program (the "Program") and a tax increment financing plan (the "Plan") for a new development district (the "Development District No. 3") and a new tax increment financing district ("Tax Increment Financing District No. 3-1") . The Program and Plan are contained in a document entitled "Development District Program, Development District No. 3 and Tax Increment Financing Plan, Tax Increment Financing District No. 3-1, Lino Lakes Economic Development Authority" dated June 29, 1995 which is on file with the Authority. Section 2. Authority Approval. 2.01. The Authority has reviewed the Program and the Plan. The Authority finds that the objectives of the Authority and the City of encouraging development and redevelopment within Lino Lakes will be advanced by adoption of the Program and the Plan. 2.02. The Program and the Plan are hereby adopted by the Authority. The boundaries of Development District No. 3 and of Tax Increment Financing District No. 3-1 are as described in the Program and Plan. Section 3. Further Proceedings. 3.01. It is noted that copies of the Plan were transmitted on May 31, 1995 to the boards of Independent School District Nos. 12 and No. 624 and the board of RHB90911 LN140-37