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03/09/1987 Council Minutes (2)
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03/09/1987 Council Minutes (2)
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City Council
Council Document Type
Council Minutes
Meeting Date
03/09/1987
Council Meeting Type
Regular
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1 <br />1 <br />1 <br />ECONOMIC DEVELOPMENT <br />Establishing a strong tax base for Lino Lakes is a high <br />priority with the City Council. To foster industrial and commer- <br />cial development, the City has approved its first Tax Increment <br />Financing District. <br />Tax Increment Financing is a tool used by cities to finance <br />certain types of real estate development costs. The primary <br />purposes of tax increment financing are to attract private invest- <br />ment that will: 1) Redevelop blighted areas,2) Provide housing <br />for low and moderate income individuals and families, or <br />3) Result in increased employment opportunities and tax base. <br />The growing popularity of TIF is due in part to the decline <br />in federal resources available to cities for urban renewal and <br />other development purposes. In addition, cities in Minnesota <br />have become more interested and active in attracting private <br />development over the last five years. <br />In January of this year, the City took steps to establish <br />its first Tax Increment Financing District. The type of district <br />established was a housing district, and encompassed the Rice <br />Lake Estates Subdivision. This type of financial plan will <br />enable the city to collect the increase in tax dollars generated <br />by the subdivisions new housing, and use those dollars to assist <br />in the bringing up of city services from where they exist now, <br />to the intersection of Lake Drive and 35W. It is the City's <br />plan that with the installation of city services, economic and <br />residential development will be greatly increased. We also <br />015 <br />
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