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• <br />AGENDA ITEM 6B <br />STAFF ORIGINATOR: Mary Divine <br />CC MEETING DATE: July 25, 2011 <br />TOPIC: Resolution No. 11 -76: Calling for a Public Hearing on <br />the Modification of the Development Program for <br />Development District No. 1 and Modification of the <br />Tax Increment Financing Plan for Tax Increment <br />Financing District No. 1 -10 <br />VOTE REQUIRED: 3/5 <br />Background <br />The State Legislature approved special legislation this session authorizing the City of <br />Lino Lakes to collect tax increments from TIF District No. 1 -10 through December 31, <br />2023 and use the increments to pay debt service on bonds issued to finance the Lake <br />Drive /I -35W interchange and bonds issued to finance public improvements serving the <br />development known as Legacy at Woods Edge. <br />The Lino Lakes City Council, Anoka County Board and Centennial School Board have <br />• approved the special legislation. In order to implement the special legislation the city <br />must modify the Development District and TIF District 1 -10 to reflect the extended <br />duration and modification of the district's budget. The modification of a TIF district <br />requires a public hearing. <br />Recommendation <br />Staff recommends approval of the Resolution No. 11 -76 calling for a public hearing on <br />August 22, 2011. <br />Attachments <br />1. Resolution No. 11 -76 <br />2. Map of TIF District 1 -10 <br />• <br />