07-25-2016 EDA Packet - Laserfiche WebLink

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Lino Lakes Economic Development Authority, Minnesota 1. redevelop blighted areas as identified 2. provide employment opportunities within the community. 3. improve the tax base of Lino Lakes and the general economy of the City and State; 4. implement relevant portions of the Comprehensive Plan. The Authority's specific purpose in establishing TIF District No. 1-12 is to aid in the construction of a large warehousing/distribution facility that will comprise of 402,000 square feet. The Authority intends to use increment generated by the new development to assist with financing a portion of the extraordinary site improvements and soil correction costs and significant offsite improvements that include streets, public utilities, and public improvements to gain access to the site. Section E Designation of Tax Increment Financing District as an Economic Development District Economic development districts are a type of tax increment financing district which consist of any project, or portions of a project, which the Authority finds to be in the public interest because: (1) it will discourage commerce, industry, or manufacturing from moving their operations to another state or municipality; (2) it will result in increased employment in the state; or (3) it will result in 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 this TIF Plan (see Section 1) meets the criteria listed above in (1), (2) and (3). Without establishment of the TIF District, the proposed development would not occur within the City. 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 or production of tangible personal property, including processing, resulting in the change of the condition of the 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; (4) telemarketing if that activity is the exclusive use of the property; (5) tourism facilities (see M.S. Section 469.174, Subd. 22); (6) qualified border retail facilities (see M.S. Section 469.176, Subd. 4c); or (7) space necessary for and related to the activities listed in (1) through (6) above. Tax increments from the TIF District will be used to provide financial assistance to the proposed development (see Section 1), in which over 85% of the square footage of the facilities to be constructed will be used for warehousing, storage and distribution of tangible personal property, excluding retail sales as listed in (2) above. In addition, the parcels to be included within the district have qualified for inclusion under the provisions of chapter 473H in the SPRINGSTED Page 2