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07-25-2016 EDA Packet
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07-25-2016 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
07/25/2016
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Lino Lakes Economic Development Authority, Minnesota <br />Section A Definitions <br />The terms defined in this section have the meanings given herein, unless the context in which they are used indicates <br />a different meaning: <br />"Authority" means the Lino Lakes Economic Development Authority. <br />"City" means the City of Lino Lakes, Minnesota; also referred to as a "Municipality". <br />"City Council" means the City Council of the City; also referred to as the "Governing Body". <br />"Countyā€˛ means Anoka County, Minnesota <br />"Development District" means Development District No. 1 in the City, which is described in the corresponding <br />Development Program. <br />"Development Program" means the Development Program for the Development District. <br />"Project Area" means the geographic area of the Development District. <br />"School District" means Independent School District No. 12, Minnesota. <br />"State" means the State of Minnesota. <br />"TIF Act" means Minnesota Statutes, Sections 469.174 through 469.1794, both inclusive. <br />"TIF District" means Tax Increment Financing (Economic Development) District No. 1-12. <br />"TIF Plan" means the tax increment financing plan for the TIF District (this document). <br />Section B Statutory Authorization <br />The Development District Act authorizes the City and Authority, upon certain public purpose findings by the City <br />Council, to establish and designate development districts within the City and to develop and administer development <br />programs therefore to meet the needs and accomplish the public purposes specified in Section C. In accordance with <br />the purposes set forth in Section 469.124 of the Development District Act, the City Council and Authority have <br />established the Development District comprising the area described in Section E and have adopted this Development <br />Program. <br />Section C Statement of Need and Public Purpose <br />The City Council and Authority have determined that there is a need for the City to take certain actions they deem <br />necessary in order to encourage, ensure and facilitate development and redevelopment by the private sector of <br />underutilized, inappropriately used and unused land located within the corporate limits of the City. Such actions are <br />necessary in order to provide additional employment opportunities for residents of the City and the surrounding area; <br />to improve the tax base of the City, the County and the School District, thereby enabling them to better provide <br />needed public services; and to improve the general economy of the City, the County and the State. <br />Section D Statement of Objectives <br />The Authority seeks to achieve the following objectives through the establishment of TIF District No. 1-12; <br />SPRINGSTED Pagel <br />
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