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

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• • • City of Lino Lakes, Minnesota (6) qualified border retail facilities (see M.S. Section 469.176, Subd. 4c); or (7) space necessary for and related to the activities listed in (1) through (6) above. In addition to the uses specified above, tax increments may also be used to provide assistance for up to 15,000 square feet of any separately owned commercial facility located within a "small city" (see M.S. Section 469.176, Subd. 4c), or to pay for excessive site preparation and public improvement costs in a district containing bedrock soils conditions in 80% or more of its acreage (see M.S. Section 469.176, Subd. 4c). Tax increments from the TIF District will be used to provide finan+ t ssistance to the proposed development (see Section I), in which over 85% of the squarecotage of the facilities to be constructed will be used for manufacturing or other purpose (1) above. Section F Duration of the TIF District and the, tee Year Rule Economic development districts may remain inexistence 8 years from the date4eceipt by the authority of the first tax increment. The Author ticipates 1-the TIF Distncf will remain in existence the maximum duration allowed by law roject't to be through the year 2014). Modifications of this plan (see Section AA) shall not eat se limitations. In addition, no tax increments shall be years from the date of certification unless:wi the Auth'orit,; from the TIF District after three at time pe Sectio The 'istrict is an a ima o acre area of land located within the Project Area A map showing e location of ' e TIF Dist ict is shown in Exhibit I. The boundaries and area encompa ;. by the TIF D strict are described below: (1) bonds have been issued in aid of the roject Area (xcept revenue bonds issued pursuant to, .S. sections 469 69.1 (2) the Authority has ac•t red props � within the TIF District; or (3) the Auth ty has ducted pub c improvements within the TIF District. cluded in the TIF District cel ID Nu m er 17- 23 -0012 17- 31 -22 -32 -0006 17- 31 -22 -32 -0003 Legal Description The area encompassed by the TIF District shall also include all street or utility right -of -ways located upon or adjacent to the property described above. Section H Property to be Acquired in the TIF District SPRINGSTED Page 3