09/22/2003 Council Packet - Laserfiche WebLink

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• • LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 03 -07 RESOLUTION AUTHORIZING PREPARATION OF A MODIFIED PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND THE ESTABLISHMENT OF REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 1 -11 WHEREAS, on January 26, 1987 the city council of the City of Lino Lakes (the "City ") established Development District No. 1 ( "Development District "); and WHEREAS, the boundaries of the Development District were expanded on April 28, 1997 in connection with the establishment of TIF District No. 1 -8; and WHEREAS, the City established the Development District in order to promote development within areas of the community which have not developed solely through private efforts in a manner which is consistent with their prominence; and WHEREAS, it has been proposed that the Development District Program be modified and Tax Increment Financing District No. 1 -11 be established to assist improvements within the Development District pursuant to Minnesota Statutes, sections 469.174 through 469.179 (the "TIF Act ") and sections 469.124 through 469.134 (the "City Development District Act "); and WHEREAS, the City has transferred authority for the Development District and TIF Districts therein to the Lino Lakes Economic Development Authority (the "EDA "); NOW, THEREFORE, BE IT RESOLVED by the EDA as follows: 1. Kennedy & Graven, Chartered is hereby authorized and directed to prepare a modified development district program (the "Program ") for Development District No. 1 and establish a Tax Increment Financing Plan (the "Plan ") for TIF District No. 1 -11. • 2. The executive director of the EDA is authorized and directed to schedule a meeting on Monday, November 24, 2003 at 6 p.m. in the council chambers at city