08/11/2003 Council Packet - Laserfiche WebLink

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• City of Lino Lakes, Minnesota (4) (5) (6) (7) telemarketing if that activity is the exclusive use of the property; tourism facilities (see M.S. Section 469.174, Subd. 22); qualified border retail facilities (see M.S. Section 469.176, Subd. 4c); or 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 financial assistance to the proposed development (see Section I), in which over 85% of the square footage of the facilities to be constructed will be used for manufacturing or other purposes as listed in (1) above. Section F Duration of the TIF District and the Three Year Rule Economic development districts may remain in existence 8 years from the date of receipt by the authority of the first tax increment. The Authority anticipates that the TIF District will remain in existence the maximum duration allowed by law (projected to be through the year 2014). Modifications of this plan (see Section AA) shall not extend these limitations. • 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 an approximate 32 acre 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 -23 -0012 TH PRT OF SW1 /4 OF NW1 /4 LYG ELY OF THE ELY R/W LINEOFIH #35W& SLY OF THE FOL DESC LINE; COM AT THE SE COR OF SD'/ 1/4 , TH NLY ALG E LINE OF SD 1/4 1/4 541 FT TO THE POB OF SD LINE TO BE DESC TH S 87 DEG 40 MIN 38 SEC W 123.03 FT TH S 81 DEG W 100 FT TH S 66 DEG 51 MIN 01 SEC W 103 FT TH S 46 DEG 15 MIN 14 SEC W SPRINGSTED Page 3