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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 />previous five calendar years before the filing of the request for certification only and therefore the project must meet <br />the following qualifications: <br />(1) a district in which 85 percent or more of the planned buildings and facilities (determined on the basis of <br />square footage) are a qualified manufacturing facility or a qualified distribution facility or a combination of both; or <br />(2) a housing district. <br />A distribution facility means buildings and other improvements to real property that are used to conduct activities in at <br />least each of the following categories: <br />(i) to store or warehouse tangible personal property; <br />(ii) to take orders for shipment, mailing, or delivery; <br />(iii) to prepare personal property for shipment, mailing, or delivery; and <br />(iv) to ship, mail, or deliver property. <br />A manufacturing facility includes space used for manufacturing or producing tangible personal property, including <br />processing resulting in the change in condition of the property, and space necessary for and related to the <br />manufacturing activities. <br />To be a qualified facility, the owner or operator of a manufacturing or distribution facility must agree to pay and pay 90 <br />percent or more of the employees of the facility at a rate equal to or greater than 160 percent of the federal minimum <br />wage for individuals over the age of 20. <br />The proposed project will be a qualified distribution facility. <br />Section F Duration of the TIF District <br />Economic development districts may remain in existence 8 years from the date of receipt by the Authority of the first <br />tax increment. The Authority anticipates that the TIF District may remain in existence the maximum duration allowed <br />by law (projected to be through the year 2026). However the Authority will decertify the TIF District earlier upon <br />fulfillment of all District obligations. <br />Section G Property to be Included in the TIF District <br />The TIF District is an approximate 42 acre area of land located within the Project Area. A map showing the location <br />of the TIF District is shown in Exhibit I. The boundaries and area encompassed by the TIF District are described <br />below: <br />Parcel ID Number Legal Description <br />24-31-22-34-0001 THE SE1/4 OF SW1/4 OF SEC 24 TWP 31 RGE 22, EX THAT PRT OF FOL <br />DESC TRACT LYG WITHIN SD 1/4 1/4: A STRIP OF LAND 25 FT IN WIDTH <br />ON EACH SIDE OF FOL DESC C/L: BEG AT A STAKE ON E LINE OF SD <br />SEC 2421.5 FT S OF E1/4 COR THEREOF, TH S 52 DEG 27 MIN W 4599.2 <br />FT TO A STAKE ON S LINE OF SD SEC 1592.7 FT E OF SW COR THEREOF <br />& THERE TERM, EX RDS, SUBJ TO EASE OF REC <br />SPRINGSTED Page 3 <br />
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