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

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• • • City of Lino Lakes, Minnesota Section D Statement of Objectives The Authority seeks to achieve the following objectives through the establishment of TIF District No. 1 -10; 1. provide employment opportunities within the community. 2. improve the tax base of Lino Lakes and the general economy of the City and State; 3. encourage industrial development in an area of the community which has not been utilized to its full potential; and 4. implement relevant portions of the Comprehensive Plan. The Authority's specific purpose in establishing TIF D ' 1 -10 is to promote the development of four light industrial facilities in the Marshan' _"' e Busiriess Park. The Panattoni project will consist of an approximate 265,000 square f t light manufacturing facility. Future expansions may also include three additional outlot builds buildings totaling 160, 00 square feet. The Authority intends to use increment generated benew developments to' write down land costs and the cost of inclu special assessments, v p the intereVortion. Section E Designation of Tax Increment Finan Economic Developmen t 'strict Economic development districts are a any project, or portions of a project, because: (3) The T1 District quail des ti in this TIF establishment of the TIF f would be Ipcated in anot increased e pyment and rict as an hcrement financing district which consist of rity finds_;to be in the public interest , or manufacturing from moving their cipality; in the state; or ervation a ancement of the tax base of the state. Tax increments loans, subsidies, gr square footage of th omic development district in that the proposed development (se °_ ction I) meets all of the criteria listed above. Without rict, thioposed development would not occur within the City, but municipality. The proposed development will also result in ancement of the tax base in both the City and the State. mic development district must be used to provide improvements, rest rate subsidies, or other assistance in which at least 85% of the ities to be constructed are used for any of the following purposes: (1) manufacturing, production, or processing of tangible personal property; (2) warehousing, storage and distribution of tangible personal property, excluding retail sales; (3) research and development related to the activities listed in (1) or (2) above; (4) telemarketing if that activity is the exclusive use of the property; (5) tourism facilities (see M.S. Section 469.174, Subd. 22); SPRINGSTED Page 2