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Member Kuether introduced the following resolution and moved its adoption: 411 <br />CITY OF LINO LAKES <br />RESOLUTION NO. 97-134 <br />RESOLUTION APPROVING MODIFIED TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING DISTRICT NO. 1-1 <br />BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota as follows: <br />Section 1. Recitals. <br />1.01. The city council of the City of Lino Lakes (the "City") established Development <br />District No. 1 ("Development District") and Tax Increment Financing District No. 1-1 ("TIF <br />District No. 1-1") on January 26, 1987. <br />1.02. The City established the Lino Lakes Economic Development Authority (the <br />"Authority") in 1990 and transferred authority for the Development District and TIF District No. <br />1-1 to the Authority. <br />1.03. In the past the Development District Program (the "Program") and the TIF Plan has <br />been modified to assist improvements within the Development District pursuant to Minnesota <br />Statutes, sections 469.174 through 469.179 (the "TIF Act") and sections 469.124 through <br />469.134 (the "City Development District Act"). <br />1.04. It is proposed that the Plan for TIF District No. 1-1 again be modified in order to <br />authorize expenditures for public improvements in the Village. <br />1.05. The Authority and the City have authorized preparation of a modified TIF Plan <br />which is contained in the document entitled "Modified Tax Increment Financing Plan, Tax <br />Increment Financing District No. 1-1," dated October 13, 1997 and on file with the Authority_ <br />1.06. Copies of the Plan have been forwarded to Independent School District No_ 12 and <br />Anoka County along with a notice of a public hearing to be held by the City of October 13, 1907 <br />1.07. The Authority has adopted the modified Plan and referred it to the City for public <br />I]earin�i and consideration as provided the Tir Act and the City Development District Act <br />1 Off; The City has fully reviewed the contents of the modified Plan and has on this dated <br />conducted a public hearing, thereon at which the views of all interested persons were beard <br />• <br />• <br />