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08-22-2011 EDA Packet
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08-22-2011 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
08/22/2011
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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: August 22, 2011 <br />TOPIC: Consideration of Resolution No. 11-01, Modifying <br />Development Program for Development District No. 1 <br />and TIF Plan for Tax Increment Financing District <br />No.1-10 <br />Vote Required: Simple Majority <br />BACKGROUND: <br />Special legislation was passed in the Minnesota Legislature this session. <br />Minnesota Laws, Ch. 112, Art.11, Section 18 authorizes the City to extend the <br />duration of Lino Lakes Tax Increment Financing District No. 1-10, located along <br />Lake Drive, through December 31, 2023. <br />If the EDA elects to use this authority, it must use increments collected from the <br />district after February 1, 2011, to pay debt service on bonds issued to finance <br />the I-35W/County Highway 23 interchange reconstruction and the improvements <br />serving Legacy at Woods Edge development. These expenditures would not be <br />subject to the general law restrictions on pooling, including the 5- year rule, and <br />limits on the type of purposes for which economic development district <br />increments may be spent. <br />As required by Minnesota Statutes, Section 469.175, Development District No. 1 <br />and the Plan for TIF District 1-10 must now be modified to reflect the extended <br />duration of the district and the increased budget, and to ensure that the <br />modification conforms to the Comprehensive Plan. <br />The new legislation was approved by Centennial School District and Anoka <br />County, and the draft plan modification was sent to them for review and <br />comment. The Planning and Zoning Board found the plan consistent with the <br />Comprehensive Plan at its meeting on August 10, 2011. <br />RECOMMENDATION: <br />Approve Resolution No. 11-01 <br />
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