12-20-2004 EDA Packet - Laserfiche WebLink

Home Search

City of Lino Lakes and Lino Lakes Economic Development Authority, Minnesota better provide needed public services; and to improve the general economy of the City, the County and the State. Section D Statement of Objectives The Authority seeks to achieve the following objectives through the establishment of TIF District No. 1-11; 1. redevelop blighted areas as identified 2. provide employment and mixed housing 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. 1-11 is to aid in the creation of a mixed use project consisting of Iifecycle housing including townhomes, apartments, condos, and senior housing and commercial space. The project will consist of 161 owner -occupied housing units, 147 rental housing units, and approximately 153,200 square feet of commercial space. The Authority intends to use increment generated by the new developments to write down land costs and the cost of special assessments, including the interest portion, site improvements, streets, public utilities, and for public improvements to Lake Drive. Section E Designation of Tax Increment Financing District as a Redevelopment District Redevelopment districts are a type of tax increment financing district in which one or more of the following conditions exists and is reasonably distributed throughout the district: (1) parcels comprising at least 70% of the area of the district are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures and more than 50% of the buildings, not including outbuildings, are structurally substandard requiring substantial renovation or clearance. A parcel is deemed "occupied" if at least 15% of the area of the parcel contains buildings, streets, utilities, paved or gravel parking lots; or other similar structures. (2) the property consists of vacant, unused, underused, inappropriately used, or infrequently used railyards, rail storage facilities, or excessive or vacated railroad right- of-ways; or (3) tank facilities, or property whose immediately previous use was for tank facilities, as defined in section 115C.02, subdivision 15, if the tank facilities: (1) (2) (3) have or had a capacity of more than 1,000,000 gallons; are located adjacent to rail facilities; and have been removed or are unused, underused, inappropriately used, or infrequently used; or (4) a qualifying disaster area, as defined in section 469.174, subdivision 10b. For districts consisting of two more noncontiguous areas, each area must individually qualify under the provisions listed above, as well as the entire area must also qualify as a whole. SPRINGSTED Page 2