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AGENDA ITEM 6C <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 12/20/04 <br />TOPIC: Consideration of Resolution No. 04 -201 Approving <br />modification of Tax Increment Financing Plan for Tax <br />Increment Financing District No. 1 -11 <br />VOTE REQUIRED: 3/5 <br />BACKGROUND: <br />The City of Lino Lakes approved TIF District No. 1 -11 on November 24, 2003. <br />The establishment of this 25 -year Redevelopment District was intended to <br />provide a source of revenue for development of the city's downtown area, known <br />as Woods Edge, and is comprised mainly of the Arctic Sandblasting site and the <br />Tagg home. <br />Because of some minor adjustment to the site plan for Woods Edge, the Tagg <br />home site (PIN 17- 31 -22 -12 -0005) is now a part of the YMCA site and no longer <br />a part of the Woods Edge Planned Unit Development <br />Earlier this evening the Lino Lakes Economic Development Authority approved a <br />modification of the TIF Plan to remove the parcel. This resolution removes the <br />Tagg home parcel from the district before certification, which will occur by year- <br />end. <br />Elimination of the parcel and delay in certification do not materially change the <br />impacts and TIF estimates in the plan. <br />OPTIONS: <br />1. Approve Resolution No. 04 -201 Modifying TIF District No. 1 -11 <br />2. Do not modify the district. <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />