Resolution No. 04-05 EDA (Approved)

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 04-05 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-11 WHEREAS, by Resolution No. 03-11 approved November 24, 2003, the Economic Development Authority (the “Authority”) for the City of Lino Lakes (the “City”) approved the Tax Increment Financing Plan (the “Plan”) for Tax Increment Financing District No. 1-11 (the “TIF District”), pursuant to and in conformity with Minnesota Statutes, Sections 469.090 through 469.1081 (the “EDA Act”) and Sections 469.174 to 469.179 (the “TIF Act”); and WHEREAS, by Resolution No. 03-209 approved November 24, 2003, the City Council of the City, after a duly notice public hearing, approved the Plan for the TIF District; and WHEREAS, since that time the City and Authority have diligently worked to negotiate a development agreement regarding the TIF District, and determined to postpone filing the TIF District for certification pending completion of such negotiations; and WHEREAS, on October 12, 2004, the City and Authority each approved a Contract for Private Development between the City, Authority and Legacy Holdings/Lino Lakes LLC (the “Contract”); and WHEREAS, in reviewing the development contemplated in the Contract, the AUTHORITY has determined that Parcel No. 17-31-22-12-0005 (the “Parcel”) should be eliminated from the TIF District; and WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority may modify the Plan for the TIF District without the notice and hearings required for a new district, if the only change is to eliminate parcels from the TIF District, and the current net tax capacity of those parcels equals for exceeds the net tax capacity of those parcels in the district’s original net tax capacity; and WHEREAS, the TIF District has not yet been filed for certification, but the City expects to file for certification by the end of December, 2004, in which event the original net tax capacity for all parcels in the TIF District will be the tax capacity as of January 2, 2004 (for taxes payable in 2005); and SJB-256717v1 LN140-80