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City of Lino Lakes and Lino Lakes Economic Development Authority <br />School District, thereby enabling them to better provide needed public services; and to improve the <br />general economy of the City, the County and the State. <br />Section D Statement of Objectives <br />The Authority seeks to achieve the following objectives through the establishment of TIF District No. 1-14; <br />1. redevelop blighted areas as identified <br />2. provide employment opportunities within the community. <br />3. improve the tax base of Lino Lakes and the general economy of the City and State; <br />4. implement relevant portions of the Comprehensive Plan. <br />The Authority's specific purpose in establishing TIF District No. 1-14 is to aid in the construction of 3 large <br />warehousing/distribution facilities that will comprise of approximately 451,000 total square feet. The <br />Authority intends to use increment generated by the new development to assist with financing a portion of <br />the extraordinary site improvements and soil correction costs and significant offsite improvements that <br />include streets, public utilities, and public improvements to gain access to the site and maximize building <br />size on the development parcels. <br />Section E Designation of Tax Increment Financing District as an <br />Economic Development District <br />Economic development districts are a type of tax increment financing district which consist of any project, <br />or portions of a project, which the City finds to be in the public interest because: <br />(1) it will discourage commerce, industry, or manufacturing from moving their <br />operations to another state or municipality; <br />(2) it will result in increased employment in the state; or <br />(3) it will result in preservation and enhancement of the tax base of the state; or <br />(4) it satisfies the requirements of a workforce housing project as defined <br />The TIF District qualifies as an economic development district in that the proposed development <br />described in this TIF Plan (see Section 1) meets the criteria listed above in (2) and (3). Without <br />establishment of the TIF District, the proposed development would not occur within the City. The <br />proposed development will also result in increased employment and enhancement of the tax base in both <br />the City and the State. <br />Tax increments from an economic development district must be used to provide improvements, loans, <br />subsidies, grants, interest rate subsidies, or other assistance in which at least 85% of the square footage <br />of the facilities to be constructed are used for any of the following purposes: <br />(1) manufacturing, production, or processing of tangible personal property; <br />(2) warehousing, storage and distribution of tangible personal property, excluding retail <br />sales; <br />(3) research and development related to the activities listed in (1) or (2) above; <br />Draft <br />Baker Tilly Municipal Advisors, LLC Page 2 <br />