11/08/1999 Council Packet - Laserfiche WebLink

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IllMember introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 99 -02 • • RESOLUTION ESTABLISHING PUBLIC HEARING FOR A PROPOSED BUSINESS SUBSIDY WHEREAS, the Lino Lakes Economic Development Authority (the "EDA ") established Tax Increment Financing District No. 1 -9 ( "TIF District No. 1 -9 ") and adopted a tax increment financing plan (the "TIF Plan") on December 14, 1998; and WHEREAS, the EDA intends to authorize financial assistance to H &L Mesabi, Inc.; and WHEREAS, the financial assistance the EDA intends to offer to H &L Mesabi, Inc., is in an amount exceeding $100,000; and WHEREAS, Minnesota Statutes, Sections 116J.993- 116J.995 entitled Business Subsidies require a local government grantor to provide public notice and a hearing on a subsidy exceeding $100,000. NOW, THEREFORE BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: 1. A public hearing shall be held at 6:00 p.m. on the 13th day of December, 1999 in order to consider granting a public subsidy to H &L Mesabi, Inc. 2. The executive director is hereby authorized and directed to cause notice of the public hearing to be published in the official newspaper at least 10 days but not more than 20 days prior to the hearing. 3. Staff is authorized and directed to take all actions necessary and appropriate in order to bring this item before the EDA at its meeting on the 13th day of December, 1999.