08-11-2003 EDA Packet - Laserfiche WebLink

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STAFF ORIGINATOR: AGENDA ITEM 7A-(i) & (ii) Mary Alice Divine DATE: 08/11/03 TOPIC: Public Hearing: Consideration of adopting a Modified Program for Development District No. 1 and establishing Tax Increment Financing District No. 1-10 7A-(i), Resolution No. 03-123, Adopting a Modified Program for Development District No. 1 and establishing Tax Increment Financing District No. 1-10 7A-(ii), Resolution No. 03-124, Approving the Modification of Tax Increment Financing District No. 1-9, eliminating two parcels from the district Vote Required: Simple Majority BACKGROUND: Earlier this evening the Lino Lakes Economic Development Authority considered a modified program for Development District No. 1 and the plan for the establishment of a new TIF District No. 1-10. The developers of Marshan Lake Industrial Park on 35W have proposed to plat the 30-acre park into sites for light industrial users. In conjunction with the plat, the developers are working with a potential light industrial user that is proposing to construct a 265,000 sq. ft. facility on approximately 13 acres in the park. It is anticipated that development of the business park, along with other development that may occur, may justify some public expenditure for infrastructure improvements to Lake Drive and the interchange. In addition, the business park has not developed solely through private efforts and may require public participation to develop in a manner consistent with the city's goals for commercial and industrial development. The draft plan was sent to Centennial School District and Anoka County for review and comment. The Planning and Zoning Board found the plan consistent with the Comprehensive Plan. According to Minnesota Statutes, a public hearing before the city council is required before consideration of approval of this new District. RECOMMENDATION: Open the public hearing