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CITY OF J .TNO LAKES RESOLUTION NO. 07 -97 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -11 WHEREAS, by Resolution No. 03 -11 approved November 24, 2003, the Economic Development Authority (the "Authority ") for the City of Lino Lakes (the "City ") approved the Tax Increment Financing Plan (the "Plan ") for Tax Increment Financing District No. 1 -11 (the " l'IE District"), pursuant to and in conformity with Minnesota Statutes, Sections 469.090 through 469.1081 (the "EDA Act ") and Sections 469.174 to 469.179 (the "'1'l1-' Act "); and WHEREAS, by Resolution No. 03 -209 approved November 24, 2003, the City Council of the City, after a duly notice public hearing, approved the Plan for the Tile District; and WHEREAS, by resolutions approved on December 15, 2004 and December 20, 2004, respectively, the City Council and the Authority board of commissioners approved resolutions modifying the Plan to eliminate a parcel from the Tile District; and WHEREAS, the City and Authority have determined a need to modify the budget of tax increment expenditures in the Plan and make other administrative changes to conform the Plan with current expectations; and WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority may modify the Plan for the 1'l e District without the notice and hearings required fora new district, if the changes are not those described in Section 469.175, subdivision 4(b), clauses (1) through (6); and WHEREAS, the proposed modifications to the 11r Plan include revised line items of expenditures and revised types of bonded indebtedness, but do not increase the total estimated cost of the project or the total amount of bonded indebtedness. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota as follows: 1. The administrative modification to the Plan is hereby approved in substantially the form on file in City Hall. 2. Upon approval of the modification to the Plan by the board of commissioners of the Authority, the Community Development Director is authorized to forward a copy of the modified Plan to the Department of Revenue and the State Auditor pursuant to Minnesota Statutes 469.175, subd.4a. 311946v2 SJB LN140 -100 - 62 - • •