Resolution No. 03-11 EDA (Approved)

Home Search

LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 03-11 RESOLUTION MODIFYING DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1-11 WHEREAS, the Economic Development Authority (the “Authority”) for the City of Lino Lakes (the “City”) has proposed to modify the Program (the “Program”) for Development District No. 1 and to establish Tax Increment Financing District No. 1-11 (“District No. 1-11”) and adopt the Tax Increment Financing Plan (the “Plan”) therefore, all pursuant to and in conformity with existing law, including Minnesota Statutes, Sections 469.090 through 469.1081, and Sections 469.174 to 469.179, inclusive, all as reflected in the Program and Plan and presented for the Authority’s consideration. WHEREAS, the Authority has investigated the facts relating to the modification of the Program and the establishment of the Plan, and has caused to be prepared a “Modified Development Program, Development District No.1 and a “Tax Increment Financing Plan for Tax Increment Financing (Redevelopment) District No. 1-11”; and WHEREAS, the Authority has performed all actions required by law to be performed prior to the adoption of the modified Program and the Plan, including but not limited to notification of Anoka County and School District No. 831 having taxing jurisdiction over the property to be included in District No. 1-11, a request for review of and written comment on the Plan by the City Planning & Zoning Board, and a request that the Council schedule a public hearing on the Plan upon published notice as required by law. NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Lino Lakes as follows: That the modified Program for Development District No. 1 is hereby approved in substantially the form on file in City Hall. The Plan is hereby approved in substantially the form on file in City Hall. Upon approval of the Plan by the City Council, the staff, the Authority’s advisors and legal counsel are authorized and directed to proceed with the implementation of the Plan and for this purpose to negotiate, draft, prepare and present to this Authority for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. Approval of the Plan does not constitute approval of any project or a development agreement with any developer.