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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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"Tax Increment Bonds" means any general obligation or revenue tax increment bonds or <br />notes issued by the Authority or the City to finance the public costs associated with Development <br />District No. I as stated in the modified Program or in the Plan for any of the tax increment financing <br />districts within Development District No. 1 or any obligations issued to refund any Tax Increment <br />Bonds, and including any interfund loans or advances within the meaning of the TIF Act; <br />"Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes, sections 469.174 <br />through 469.1794, as amended; <br />"Tax Increment Financing District" or "TIF District" means any tax increment financing <br />district established or to be established within Development District No. 1 pursuant to the TIF Act; <br />and <br />"Tax Increment Financing Plan" or "Plan" means the Plan for any of the TIF Districts <br />within the Development District. <br />B. Statutory Authority <br />The Authority has determined that it is necessary, desirable and in the public interest to <br />modify the Program for Development District No. 1, pursuant to the provisions of the EDA Act and <br />the City Development District Act. The Authority has also determined that funding for the <br />necessary activities and improvements in Development District No. 1 will continue to be <br />accomplished in part or in whole through tax increment financing in accordance with the TIF Act. <br />C. Statement of Public Purpose <br />The Authority has previously determined there to be a need to offer assistance to encourage <br />development of the area of the community established as Development District No. 1 in order to <br />increase employment opportunities, improve the tax base and improve the general economy of Lino <br />Lakes and the State. The City established the Development District on January 26, 1987, and <br />subsequently transferred control and administration of the District to the Authority. The boundaries <br />of the Development District were most recently expanded on April 28, 1997 in connection with the <br />establishment of TIF District No. 1-8. <br />Within the District, the City and/or Authority have previously created eleven TIF Districts. The <br />purpose of this modification of the Program is to acknowledge the Authority's intent to establish <br />TIF District No. 1-12 and to create a TIF Plan therefor in order to assist with the development of an <br />approximate 402,000 square foot warehouse and distribution facility with associated office space. <br />Another purpose of this modification of the Program is to modify the boundaries of Development <br />District to be coterminous with the corporate limits of the City. <br />D. Statement of Objectives <br />The Authority will continue to seek to achieve the following objectives through the <br />modified Development District Program: <br />483508v2 JAE LN140-116 <br />
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