08/11/2003 Council Packet - Laserfiche WebLink

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City of Lino Lakes, Minnesota • 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. • 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 District No. 1-10 is to promote public improvements to Lake Drive and the development of four manufacturing facilities in the Marshan Lake Business Park. The Panattoni, project will consist of an approximate 265,000 square foot distribution facility. Future expansions may also include three additional outlot buildings totaling 160,000 square feet. The Authority intends to use increment generated by the new developments to write down land costs and the cost of special assessments, including the interest portion and for public improvements to Lake Drive. Section E Designation of Tax Increment Financing District as an Economic Development District Economic development districts are a type of tax increment financing district which consist of any project, or portions of a project, which the Authority finds to be in the public interest because: (1) it will discourage commerce, industry, or manufacturing from moving their operations to another state or municipality; (2) it will result in increased employment in the state; or (3) it will result in preservation and enhancement of the tax base of the state. The TIF District qualifies as an economic development district in that the proposed development described in this, TIF Plan (see Section 1) meets all of the criteria listed above. Without establishment of the. TIF District, the proposed development would not occur within the City, but would be located in t another municipality. The proposed development will also result in increased employment and enhancement of the tax base in both the City and the State. Tax increments from an economic development district must be used to provide improvements, loans, subsidies, grants, interest rate subsidies, or other assistance in which at least 85% of the square footage of the facilities 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; SPRINGSTED Page 2