07/09/2003 P&Z Packet - Laserfiche WebLink

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• • • 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 t- "Governing Body ". "County" means Anoka County, Minnesota. "Development District" means Municipal Development DI described in the corresponding Development Program. "Development Program" means the Development Pr "Project Area" means the geographic area of th,' 1 in the City, which is 'Mtn for the Develop ivelopment Restrict. "School District" means Independent School District "State" means the State of Minnesot t District. esota. "TIF Act" means Minnesota Statutes, S 4 throu 9.1799, both inclusive. "TIF District" means Tax Inrrf - nt Financ "TIF Plan" means the to creme financing p ent) District No. 1 -10. for the TIF District (this document). Section B Statu The Deve City Co and �t purpo of the compn to sinister devel is specified in S elopment Distn sib area describe`' 'strict W' fish uthorizes th = tty, upon certain public purpose findings by the signate development districts within the City and to develop nt p�`t ms therefore to meet the needs and accomplish the public n C. ' I ccordance with the purposes set forth in Section 469.124 ct, t e City Council has established the Development District in Section E and has adopted this Development Program. City to establish and administer tax increment financing districts rict. Eligible public costs of the Development District and TIF ncrements collected from the TIF District. The TIF Act a within the Devet District may be pal uthorize, ent Section C Statement of Need and Public Purpose The City Council has determined that there is a need for the City to take certain actions it deems 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