08-11-2003 EDA Packet - Laserfiche WebLink

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City of Lino Lakes, Minnesota (4) (5) (6) (7) telemarketing if that activity is the exclusive use of the property; tourism facilities (see M.S. Section 469.174, Subd. 22); qualified border retail facilities (see M.S. Section 469.176, Subd. 4c); or space necessary for and related to the activities listed in (1) through (6) above. In addition to the uses specified above, tax increments may also be used to provide assistance for up to 15,000 square feet of any separately owned commercial facility located within a "small city" (see M.S. Section 469.176, Subd. 4c), or to pay for excessivesite preparation and public improvement costs in a district containing bedrock soils conditions in 80% or more of its acreage (see M.S. Section 469.176, Subd. 4c). Tax increments from the TIF District will be used to provide financial assistance to the proposed development (see Section I), in which over 85% of the square footage the facilities to be constructed will be used for manufacturing or otherpdrposes as listed in (1) above. Section F Duration of the TIF District and th M eer`''Rule Economic development districts may retain in existence 8 years from the date of receipt by the authority of the first tax increment. TheAuthority anticipa s that the TIF District will remain in existence the maximum duration allowed b law (projecte to be through the year 2014). Modifications of this plan (see Section AA) -shall not B end these,imitations. In addition, no tax incrementshall be paid to, t Authorityfrom the TIF District after three years from the date ofFcertificatioon unless within.;that time period: Fed in aid ofthe Project Area (except revenue bonds issued (1) bon pursua ave been iss o M.S. S Oils 469.152 t6,469.165); thorny h acquired property within the TIF District; or the Autfto ty has constructed public improvements within the TIF District. Section Property to tie,Included in the TIF District .44 A, r. The TIF Distrint is an approximate 32 acre area of land located within the Project Area. A map showing the Io' ►on of TIF District is shown in Exhibit I. The boundaries and area encompassed by ill= District are described below: Parcel ID Number 17-31-22-23-0012 Legal Description TH PRT OF SW1/4 OF NW1/4 LYG ELY OF THE ELY R/W LINE OF IH #35 W & SLY OF THE FOL DESC LINE; COM AT THE SE COR OF SD % 1/4 , TH NLY ALG E LINE OF SD '/a '/a 541 FT TO THE POB OF SD LINE TO BE DESC TH S 87 DEG 40 MIN 38 SEC W 123.03 FT TH S 81 DEG W 100 FT TH S 66 DEG 51 MIN 01 SEC W 103 FT TH S 46 DEG 15 MIN 14 SEC W SPRINGSTED Page 3