10-03-2022 Council Work Session Packet

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City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 4 Section G Property to be Included in the TIF District The TIF District is an approximate 37-acre area of land comprising of the parcels listed below that are located within the Project Area. A map showing the boundaries of the TIF District is shown in Exhibit I. Parcel ID Number Legal Description 24-31-22-31-0004 Outlot A, Clearwater Creek Business Park 24-31-22-24-0009 Outlot A, Clearwater Creek Business Center 24-31-22-24-0008 Lot 2, Block 2, Clearwater Creek Business Center 24-31-22-24-0002 That part of the Southeast Quarter of the Northwest Quarter (SE ¼ of NW ¼) of Section 24, Township 31, Range 22, described as follows, to-wit: Commencing at the Southwest corner of said Southeast Quarter of Northwest Quarter (SE ¼ of NW ¼) of Section 24, thence running East along the South line of said Southeast Quarter of Northwest Quarter (SE ¼ of NW ¼) a distance of 275 feet; thence running North parallel with the West line of said Southeast Quarter of Northwest Quarter (SE ¼ of NW ¼) a distance of 375 feet; thence West parallel with the South line of said Southeast Quarter of Northwest Quarter (SW ¼ of NW ¼) a distance of 275 feet to the West line of said Southeast Quarter of Northwest Quarter (SE ¼ of NW ¼); thence running South along the West line of said Southeast Quarter of Northwest Quarter (SE ¼ of NW ¼) a distance of 375 feet to the point of beginning; Anoka County, Minnesota. * The parcels listed above are anticipated to be replatted and will be site upon which the new industrial building development with 3 separate buildings will be built. The area encompassed by the TIF District shall also include all street or utility right-of-ways located upon or adjacent to the property described above. Section H Property to be Acquired in the TIF District The Authority may acquire and sell any or all of the property located within the TIF District. It will not be acquiring any property at this time and will not be selling the property to facilitate development. Section I Specific Development Expected to Occur Within the TIF District The proposed project is anticipated to include the construction of approximately 451,000 square feet of light industrial manufacturing, warehousing and distribution space to be constructed in 2 phases within 3 buildings – each building will be approximately 189,000, 147,000 and 115,000, respectively. Tax increment is a financing tool the Authority is planning to use for financing of a portion of the eligible costs associated with construction of the project to offset extraordinary costs. The square footage of the completed buildings will comply with the requirements of an economic development district with at least 85% being used for a qualifying purpose (industrial warehousing, distribution, manufacturing project). It is anticipated that the Authority will use the tax increment to finance a portion of the site development, soils correction, infrastructure, public improvement and other related costs that are necessary for this project to proceed. In addition, the city may use tax increment for related administrative expenses, and any other eligible expenditures associated with development of the site that may include additional necessary public improvements.