26-2 - EDA Resolution - Approving Dev Dist No 2 and Econ Dev Program

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ECONOMIC DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO.2 I. DEFINITIONS The terms defined below have, for purposes of this Economic Development Program, the meanings herein specified, unless the context specifically requires otherwise: "Authority" means the Lino Lakes Economic Development Authority. "Bond" means any tax-exempt or taxable bonds issued by the City or the Authority to finance the Public Costs of the Development District, and any obligations issued to refund such bonds. "City" means the City of Lino Lakes, Minnesota. "County" means Anoka County, Minnesota. "Development District" means Development District No. 2 of the Authority established hereby, as the same may be amended, the boundaries of which are generally illustrated in the map attached hereto as EXHIBIT A. "Development Program" means this Economic Development Program for the Development District, dated April 13, 2026, as it may be amended or supplemented from time to time. "BDA Act" means Minnesota Statutes, Sections 469.090 through 469.1082, as amended. "Project" means construction of a new public works building or other public facilities to promote development in cooperation with the City or any other development of public or private property, consistent with the needs of the City as a whole, to be constructed in the Development District. "Public Costs of the Development District" means all legally permissible costs incurred or to be incurred by or on behalf of the Authority in carrying out the Development Program, including but not limited to: (a) the costs of any public facilities, public infrastructure and development activities consistent with the Development Program as originally adopted or subsequently amended; (b) costs of administering the Development District; and (c) debt service payments and any costs related to any obligations issued to finance Public Costs of the Development District authorized by the Development Program. "State" means the State of Minnesota. H. STATEMENT OF NEED AND PUBLIC PURPOSE The Authority fmds that there is a need for development and redevelopment within the City and the Development District to provide employment opportunities, including construction jobs, to maintain and improve the local tax base, to provide public facilities, and to improve the general economy of the City and the State. The sound development of the economic security of the residents of the City depends upon proper development of marginal and other property, which includes property that meets any one of a number of conditions, including without limitation properties whose values are too low to pay for the public services required or rendered and properties whose lack of use or improper or obsolete use has resulted in stagnant or unproductive land that could otherwise contribute to the public health, safety, and welfare and tax base of the City. 4896-5123-9318.1