08-11-2003 EDA Packet - Laserfiche WebLink

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City of Lino Lakes, Minnesota Section A Definitions The terms defined in this section have the meanings given herein, unless the context in which they are used indicates a different meaning: "Authority" means the Lino Lakes Economic Development Authority. "City" means the City of Lino Lakes, Minnesota; also referred to as a "Municipality "City Council" means the City Council of the City; also referred to a t '"Governing Body". "Countv" means Anoka County, Minnesota. "Development District" means Municipal Development District N 1 in the City, which is described in the corresponding Development Progra "Development Program" means the DevelopmenttPto ram for the Development District. "Project Area" means the geographic area of the DevelopmentDistrict. "School District" means Independent School District "State" means the State of Minnesota. "TIF Act" means Minnesota Statutes, Sect "TIF District" means Tax IncrementFinancing (E 000mic Development) District No. 1-10. "TIF Plan" means they incrementnancing pfat,for the TIF District (this document). Section B Statuto ough 469.1799, both inclusive. The DevelopmentDi strict Arkauthorizes the City and Authority, upon certain public purpose findings by the City Cecil, toestablish and designate development districts within the City and to develop and administer evelo ° ent programs therefore to meet the needs and accomplish the public purposes specified in Sion C. In accordance with the purposes set forth in Section 469124 of the Development District Act, the City Council and Authority have establishecr District comprising the area described in Section E and have adopted this Development = gram. The TIF Act also authorizesthe Authority, with approval by the City, to establish and administer tax increment financing. districts within the Development District. Eligible public costs of the Development District and TIF District may be paid for tax increments collected from the TIF District. Section C Statement of Need and Public Purpose The City Council and Authority have determined that there is a need for the City to take certain actions they deem necessary in order to encourage, ensure and facilitate development and redevelopment by the private sector of underutilized, inappropriately used and unused land located within the corporate limits of the City. Such actions are necessary in order to provide additional employment opportunities for residents of the City and the surrounding area; to SPRINGSTED Page 1