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10-27-2003 EDA Packet
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10-27-2003 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
10/27/2003
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STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 10/27/03 <br />TOPIC: Resolution No. 03-09 Decertifying Tax Increment Financing <br />District No. 1-7, Apollo Business Park <br />BACKGROUND: <br />Tax Increment Financing District No. 1-7 was established in 1995 to provide <br />assistance to businesses to develop the Apollo Business Park. The businesses <br />within the district are Mag Con, Emergency Apparatus Maintenance, Lino Lakes <br />Business Center Phases 1, 2, 3, and 4, Progressive Engineering, Nol-Tech and <br />Rice Industries. These businesses have added approximately $10 million in <br />market value to the city's tax base, hundreds of jobs and approximately $92,000 <br />in city taxes. <br />The obligations in that district have been satisfied. This resolution decertifies the <br />District as of November 15, 2003. <br />OPTION <br />1. Adopt Resolution No. 03-09 Decertifying Tax Increment Financing District <br />No. 17 <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />
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