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• AGENDA ITEM V -A <br />STAFF ORIGINATOR: Mary Alice Divine <br />P & Z DATE: 07/09/03 <br />TOPIC: <br />BACKGROUND: <br />Resolution No. 03 -01 regarding the Modification of <br />Development District No. 1 and Establishment of Tax <br />Increment Financing District No. 1 -10 <br />The developers of the Lakes Business Park between 35W and Lake Drive (see <br />attached map) have proposed to plat the 30 -acre park into sites for light <br />industrial users. The land is zoned Light Industrial and is designated for industrial <br />use in the Comprehensive Plan. In conjunction with the plat, the developers are <br />working with a potential light industrial user that is proposing to construct a <br />265,000 sq. ft. facility on approximately 13 acres in the park. <br />Two of the three parcels involved in this new plat are currently a part of Tax <br />Increment Financing District No. 1 -9 established in 1998. This 10 -year economic <br />development district no longer has the capacity to assist with development of this <br />new business park. It is anticipated that development of the business park may <br />justify some public expenditure for infrastructure improvements to Lake Drive. In <br />addition, the business park has not developed solely through private efforts and <br />may require public participation to develop in a manner consistent with the city's <br />goals for commercial and industrial development. <br />The Lino Lakes Economic Development Authority (EDA) has authorized <br />preparation of a modified Plan for Development District No. 1 and creation of Tax <br />Increment Financing District No. 1 -10. The City Council has scheduled a public <br />hearing for August 11, 2003. The plan has been sent to Anoka County and <br />Centennial School District for review. According to statute, the city's planning <br />review board shall make a finding that the establishment of a new TIF District is <br />consistent with the city's Comprehensive Plan. <br />RECOMMENDATION: <br />Adopt Resolution No. 03 -01 finding the modification of Development District No. <br />1 and Establishment of Tax Increment Financing District No. 1 -10 is consistent <br />with the city's Comprehensive Plan. <br />• <br />