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P40 City of Lino Lakes, Minnesota Section A Definitions The terms defined in this section have the meanings given herein, unless the context in which they are used indicates a different meaning: "Authority" means the Lino Lakes Economic Development Authority. "City" means the City of Lino Lakes, Minnesota; also referred to as a "Municipality ". "City Council" means the City Council of the City; also referred to as the "Governing Body ". "County" means Anoka County, Minnesota. "Development District" means Municipal Development District No. 1 in the City, which is described in the corresponding Development Program. "Development Program" means the Development Program for the Development District. "Project Area" means the geographic area of the Development District. "School District" means Independent School District No. 12, Minnesota. "State" means the State of Minnesota. "TIF Act" means Minnesota Statutes, Sections 469.174 through 469.1799, both inclusive. "TIF District" means Tax Increment Financing (Economic Development) District No. 1 -10. "TIF Plan" means the tax increment financing plan for the TIF District (this document). Section B Statutory Authorization The Development District Act authorizes the City and Authority, upon certain public purpose findings by the City Council, to establish and designate development districts within the City and to develop and administer development programs therefore to meet the needs and accomplish the public purposes specified in Section C. In accordance with the purposes set forth in Section 469.124 of the Development District Act, the City Council and Authority have established the Development District comprising the area described in Section E and have adopted this Development Program. The TIF Act also authorizes the Authority, with approval by the City, to establish and administer tax increment financing districts within the Development District. Eligible public costs of the Development District and TIF District may be paid for tax increments collected from the TIF District. Section C Statement of Need and Public Purpose The City Council and Authority have determined that there is a need for the City to take certain actions they deem necessary in order to encourage, ensure and facilitate development and redevelopment by the private sector of underutilized, inappropriately used and unused land located within the corporate limits of the City. Such actions are necessary in order to provide additional employment opportunities for residents of the City and the surrounding area; to improve the tax base of the City, the County and the School District, thereby enabling them to better provide needed public services; and to improve the general economy of the City, the County and the State. SPRINGSTED Page 1 • • •