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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA ITEM 3 <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE June 25, 2007 <br />TOPIC Consider Resolution 07-01 Approving the Modification of Tax <br />Increment Financing Plan for Tax Increment Financing District No. <br />1-11 <br />VOTE REQUIRED 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 />bome by tax increments generated by Tax Increment Financing (TIF) District No. 1-11. This <br />project was originally included in the tax increment financing plan budget for this district. The cost <br />of the interchange project came in higher than original estimates. The TIF plan budget is <br />adequate to accommodate the increased cost. However, it is necessary to adjust the line items <br />within the existing budget to more accurately reflect the costs of improvements within the district. <br />Therefore, it is necessary to approve an administrative modification to the TIF plan to approve the <br />amended budget. <br />Staff recommends the approval of EDA Resolution 07-01. <br />1. Adopt Resolution 07-01. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 07-01. <br />Option 1 <br />A-3 <br />