02-12-1996 EDA Packet - Laserfiche WebLink

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AGENDA ITEM 5 STAFF ORIGINATOR: Brian Wessel DATE: 2/12/96 TOPIC: Resolution No. 96-02 authorizing preparation of a modified Tax Increment Financing Plan for TIF District 1-7 (Apollo Business Park) BACKGROUND: This modification of the TIF plan serves two purposes. The first is to add parcels to TIF District 1-7. This will enable the city to expand its Tight industrial tax base by providing financial assistance to businesses wishing to locate in Lino Lakes. The parcels being added to the district include the G.M. Development property in the business park, Glenn Rehbein's light industrial property on the southwest quadrant of I-35W/Lake Drive, and the Hawkins Chemical property just north of the business park. The second purpose of the modification is to enable the city to provide financial assistance to Progressive Engineering Technology and Ballantine Trench -ALL. Progressive Engineering is purchasing 2.2 acres of land in the city -owned portion of the business park. They intend to build a 16,000 square foot facility for their custom precision machining business. Ballantine is interested in three acres in the privately owned portion of the park. The company wants to build a 30,000 square facility for the maryesrcturing of trencher parts. Once the EDA authorizes preparation of the modification of this plan, the City Council will set a date for a public hearing. OPTIONS: 1. Adopt Resolution No. 96-02 authorizing preparation of a modified tax increment financing plan for TIF District No. 1-7 2. Return to staff for further consideration. RECOMMENDATION: Option 1