08/11/2003 Council Packet - Laserfiche WebLink

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• • • City of Lino Lakes, Minnesota 17- 31 -22 -32 -0006 17- 31 -22 -32 -0003 384.03 FT TH S 77 DEG 48 MIN 07 SEC W 201.13 FT +OR — TO THE E R/W LINE OF SD IH #35W & THERE TERM EX RD SUBJ TO EASE OF RECORD. THAT PRT OF NW1 /4 OF SW1 /4 OF SEC 17 TWP 31 RGE 22 LYG SELY OF 1 35W & LYG NWLY OF T H NO 49, EX FOL DESC TRACT: BEG AT A PT ON S LINE OF SD 1/4 1/4 538.56 FT E OF SW COR THEREOF, TH N PRLUW W LINE OF SD 1/4 1 437 FT, TH E PRLUW SD S LINE TO INTER/W C/L OF T H NO 49, TH SWLY ALG SD C/L TO SD S LINE, TH W ALG SD S LINE TO POB, ALSO EX S 633 FT OF W 538.56 FT OF SD 1 %, EX RD SUBJ TO EASE OF REC. NPLATTED VILLAGE OF LINO LAKES TI=EE N,212 FT OF THE S 437 FT OF THAT PART OF' THE NW1 /4 OF SW1 /4 OF SEC 17 31.22 LYING NWLY OF TRK HWY NO 8 (ALSO, KNOWN AS ST PAUL & UPERIOI ti STATE RD) (EX THE W 56 FT t- THEREOF) (SUBJ TO TRK 8). 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 project will consist of the construction of four industrial buildings to be used for manufacturing. The first building to be constructed is expected to be 265,000 square feet and completed by 2004. Outlots A, B and C are expected to be 40,000 square feet completed in 2005, 60,000 square feet completed in 2006 and 60,000 square feet completed in 2007, respectively. In addition, a portion of the increment will be used for Lake Drive improvements. The four facilities are expected to be fully constructed in 2007 and be 100% assessed and on the tax rolls as of January 2, 2008 for taxes payable in 2009. At the time this document was prepared there were no signed construction contracts with regards to the above described development. SPRINGSTED Page 4