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04-28-1997 EDA Packet
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04-28-1997 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
04/28/1997
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Member introduced the following resolution and moved its adoption: <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 97-08 <br />RESOLUTION ADOPTING A MODIFIED PROGRAM FOR DEVELOPMENT DISTRICT <br />NO. 1 AND A PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-8 <br />BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: <br />Section 1. Recitals. <br />1.01. The City Council of the City of Lino Lakes (the "City") established Development <br />District No. 1 ("the Development District") on January 26, 1987. <br />1.02. The City established the Development District in order to promote development <br />within areas of the city which have not developed solely through private efforts in a manner <br />consistent with their prominence. <br />1.03. The City established the Lino Lakes Economic Development Authority (the <br />"Authority") in 1990 and conferred upon it responsibility for economic development within Lino <br />Lakes. <br />1.04. In the past the Development District Program (the "Program") has been modified to <br />assist improvements within the Development District pursuant to Minnesota Statutes, sections <br />469.174 through 469.179 (the "TIF Act") and sections 469.124 through 469.134 (the "City <br />Development District Act"). <br />1.05. In response to a development proposal, the Authority has authorized the preparation <br />of a modification of the Program for Development District No. 1 and drafting a Tax Increment <br />Financing Plan (the "TIF Plan") for Tax Increment Financing District No. 1-8 (the "TIF District"), <br />which are contained in a document entitled "Modified Development District Program, <br />Development District No. 1 and Tax Increment Financing Plan, Tax Increment Financing District <br />No. 1-8," dated April 28, 1997 and on file with the Authority. <br />Section 2. Authority Approval. <br />2.01. The Authority finds that the objectives of the Authority and the City of encouraging <br />development and redevelopment within the Development District will be advanced by adoption of <br />the modified Program and the Plan. <br />
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