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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA ITEM 5 <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE June 25, 2007 <br />TOPIC Consider Resolution 07-03 Authorizing Execution of a Tax <br />Increment Pledge Agreement with the City of Lino lakes Relating <br />to $4,215,000 G.O. Tax Increment Bonds, Series 2007A <br />VOTE REQUIRED <br />Simple Majority <br />The Lino Lakes City Council approved a contract with Lunda Construction for the reconstruction of <br />the interchange of Interstate 35W and Lake Drive. The cost of this reconstruction is to be partially <br />borne by tax increments generated by Tax Increment Financing (TIF) District Nos. 1-10 and 1-11. <br />Resolution 07-03 authorizes the execution of a Tax Increment Pledge Agreement with the City of <br />Lino Lakes in which the EDA is pledging available tax increments generated from TIF Districts 1- <br />10 and 1-11, as outlined in the agreement, toward the payment of payment of principal and <br />interest of $4,215,000 G.O. Tax Increment Bonds, Series 2007A and setting out the method of <br />providing for such payments. This action was provided for and included in the TIF Plans for <br />each of the above TIF districts. <br />Staff recommends the approval of EDA Resolution 07-03. <br />1. Adopt Resolution 07-0%' <br />2. Refer to Staff for further eview. <br />3. Deny Resolution 07-02. <br />Option 1 <br />A-3 <br />