11/12/2003 P&Z Packet - Laserfiche WebLink

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• City of Lino Lakes and Lino Lakes Economic Development Authority, Minnesota The Authority reserves the right to allow the TIF District to remain in existence the maximum duration allowed by law (projected to be through the year 2031), but anticipates that the TIF District will be decertified prior to that time (see Section P). All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the Authority. In addition, no tax increments shall be paid to the Authority from the TIF District after three years from the date of certification unless within that time period: (1) bonds have been issued in aid of the Project Area (except revenue bonds issued pursuant to M.S. Sections 469.152 to 469.165); (2) the Authority has acquired property within the TIF District; or (3) the Authority has constructed public improvements within the TIF District. Section G Property to be Included in the TIF District The TIF District is a 50 area of land located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. The boundaries and area encompassed by the TIF District are described below: Parcel ID Number Legal Description 17- 31 -22 -12 -0002 THAT PRT OF N1/2 OF NE1 /4 OF SEC 17 T31 R22 LYG SELY OF 1 35W; EX E 920 FT THERE 17- 31 -22 -12 -0005 THE N 60 FT OF S 180 FT OF .E 100 FT OF W 1210 FT OF NW1 /4 OF NE1 /4 OF SEC 17 TWP 31 RGE 17- 31 -22 -21 -0020 THAT PRT OF E1/2 OF NW1 /4 OF SEC 17 TWP 31 RGE 22 DESC AS FOL: COM AT INTER OF ELY R/W 17- 31 -22 -21 -0021 THAT PRT OF NE1 /4 OF NW1 /4 OF SEC 17 TWP 31 RGE 22 DESC AS FOL: COM AT INTER OFC /L OF 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 The Authority may acquire and sell any or all of the property located within the TIF District; however, the Authority does not anticipate acquiring any such property at this time. Section I Specific Development Expected to Occur Within the TIF District The proposed development will consist of a large mixed use project. Major components include lifecycle housing with townhomes, apartments, condos, workforce and senior housing. Also expected to be included in the project are commercial pad sites. The project will be built in phases beginning in 2004 and ending in 2010. Commercial, rental and owner - occupied SPRINGSTED Page 4