08-11-2003 EDA Packet - Laserfiche WebLink

Home Search

City of Lino Lakes, Minnesota improve the tax base of the City, the County and the School District, thereby enabling them to better provide needed public services; and to improve the general economy of the City, the County and the State. Section D Statement of Objectives The Authority seeks to achieve the following objectives through the establishment of TIF District No. 1-10; 1. provide employment opportunities within the community. 2. improve the tax base of Lino Lakes and the general economof the City and State; 3. encourage industrial development in an area of the Pfrt!tunity which has not been utilized to its full potential; and 4. implement relevant, portions of the Comprehensive Plan. The Authority's specific purpose in establishing T.IDistrict No. 1 10 to promote public improvements to Lake Drive and the development" of four manufacturing facilities in the Marshan Lake Business Park. The Panattorn*p fect will consist of an approximate 265,000 square foot distribution facility. Future expansions may alsoinclude three additional outlot buildings totaling 160,000 square feet. The Authorityintends to use increment generated by the new developments to write down land costs and the of special assessments, including the interest portion and for public improvements to LakeeDnye. Section E Designation of Tax Increment Firtai Economic Development District District as an Economic development disricts a; a type of increment financing district which consist of anyproject, or o its ~'of a ro ect, which the Authorityfinds to be in the public interest P j P .,, P I_. �._ because: (1) it will discouragexv mmer idustry-or manufacturing from moving their e ationsto another state or municipality; it will result in in a ed employment in the state; or it will result preservation and enhancement of the tax base of the state. The TIF District qualifies as an economic development district in that the proposed development described in t isTlF Pl=:(see Section I) meets all of the criteria listed above. Without establishment of the TIF DiOtt, the proposed development would not occur within the City, but would be located in another municipality. The proposed development will also result in increased employment and enhancement of the tax base in both the City and the State. Tax increments from an economic development district must be used to provide improvements, loans, subsidies, grants, interest rate subsidies, or other assistance in which at least 85% of the square footage of the facilities to be constructed are used for any of the following purposes: (1) manufacturing, production, or processing of tangible personal property; (2) warehousing, storage and distribution of tangible personal property, excluding retail sales; (3) research and development related to the activities listed in (1) or (2) above; SPRINGSTED Page 2