08-11-2003 EDA Packet - Laserfiche WebLink

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District No. 1 as stated in the modified Program or in the Plan for any of the tax increment fmancing districts within Development District No. 1 or any obligations issued to refund any Tax Increment Bonds, and including any interfund loans or advances within the meaning of the TIF Act; "Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes, sections 469.174 through 469.179, as amended; "Tax Increment Financing District" or "TIF District" means any tax increment financing district established or to be established within Development District No. 1 pursuant to the TIF Act; and "Tax Increment Financing Plan" or "Plan" means the Plan for any of the TIF Districts within the Development District. -B. Statutory Authority The Authority has determined that it is necessary, desirable and in the public interest to modify the Program for Development District No. 1, pursuant to the provisions of the Act. The Authority has also determined that funding for the necessary activities and improvements in Development District No. 1 will continue to be accomplished in part or in whole through tax increment fmancing in accordance with the TIF Act. C. Statement of Public Purpose The Authority has previously determined there to be a need to offer assistance to encourage development of the area of the community established as Development District No. 1 in order to increase employment opportunities, improve the tax base and improve the general economy of Lino Lakes and the State. The City established the Development District on January 26, 1987, and subsequently transferred control and administration of the District to the Authority. The boundaries of the Development District were most recently expanded on April 28, 1997 in connection with the establishment of TIF District No. 1-8. Within the District, the City and/or Authority have previously created nine TIF Districts. The purpose of this modification of the Program is to acknowledge the Authority's intent to establish TIF District No. 1-10 in order to further the economic development goals for the District. This modified Program does not change the boundaries of the District from those established at the time the Authority established TIF District No. 8. D. Statement of Objectives The Authority will continue to seek to achieve the following objectives through the modified Development District Program: 1. promote and secure the prompt development of property in Development District No. 1 in a manner consistent with the Comprehensive Plan and with minimal adverse impact on the environment, which property is currently less productive SJB-234068v1 LN 140-81