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City of Lino Lakes and Lino Lakes Economic Development Authority, Minnesota <br />The Authority reserves the right to allow the TIF District to remain in existence the maximum <br />duration allowed by law (projected to be through the year 2031), but anticipates that the TIF <br />District will be decertified prior to that time (see Section P). All tax increments from taxes <br />payable in the year the TIF District is decertified shall be paid to the Authority. <br />In addition, no tax increments shall be paid to the Authority from the TIF District after three <br />years from the date of certification unless within that time period: <br />(1) bonds have been issued in aid of the Project Area (except revenue bonds <br />issued pursuant to M.S. Sections 469.152 to 469.165); <br />(2) the Authority has acquired property within the TIF District; or <br />(3) the Authority has constructed public improvements within the TIF District. <br />Section G Property to be Included in the TIF District <br />The TIF District is a 50 acre area of land located within the Project Area. A map showing the <br />location of the TIF District is shown in Exhibit I. The boundaries and area encompassed by the <br />TIF District are described below: <br />Parcel ID Number Legal Description <br />17- 31 -22 -12 -0002 <br />17 -31 22 12 0005 <br />17- 31 -22 -21 -0020 <br />17- 31 -22 -21 -0021 <br />THAT PRT OF N1/2 OF NE1 /4 OF SEC 17 <br />T31 R22 LYG SELY OF 1 35W; EX E 920 <br />FT THERE OF; ALSO EX S 180 FT OF W <br />1210 FT OF SD N1/2 OF NE1 /4 SUBJ TO <br />EASE OF REC. <br />THE N 60 FT OF S 180 FT OF E 100 FT <br />OF W 1210 FT OF NW1/1 OF NE1 /1 OF <br />TO EASE OF REC. <br />THAT PRT OF E1/2 OF NW1 /4 OF SEC 17 <br />TWP 31 RGE 22 DESC AS FOL: COM AT <br />INTER OF ELY R/W LINE OF T H NO 49 & <br />S LINE OF SD E112, TH N 24 DEG 56 MIN <br />E ALG SD ELY R/W LINE 1271.78 FT TO <br />POB, TH S 65 DEG 4 MIN E 524.62 FT <br />+OR- TO E LINE OF SD E1/2, TH N 0 DEG <br />4 MIN E ALG SD E LINE 537.94 FT +OR- <br />TO INTER /W FOL DESC LINE: COM AT <br />INTER OF C/L OF T H NO 49 & S LINE OF <br />SD E113, TH N 24 DEG 56 MIN E ALG SD <br />CIL 1778.6 FT, TH S 65 DEG 4 MIN E 40 <br />FT TO ELY R/W LINE OF SD RD & POB <br />OF SD E1/2 & SD LINE THERE TERM, TH <br />N 65 DEG 4 MIN E 295 FT +OR- TO SD <br />ELY R/W LINE, TH S 24 DEG 56 MIN W <br />ALG SD ELY R/W LINE 487.92 FT +0R- <br />TO POB, EX PRT PLATTED AS THE <br />VILLAGE NO 1, EX RD, SUBJ TO EASE <br />OF REC <br />THAT PRT OF NE1 /4 OF NW1 /4 OF SEC <br />17 TWP 31 RGE 22 DESC AS FOL: COM <br />SPRINGSTED Page 4 <br />