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12-10-2012 EDA Packet
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12-10-2012 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
12/10/2012
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INTRODUCTION <br />The Authority, on December 28, 1992 created Tax Increment Financing District No. 1-5, within Development <br />District No. 1 (Project Area), and adopted a Tax Increment Financing Plan (the "Plan") in connection <br />therewith. The boundaries of Tax Increment Financing District No. 1-5 are not being modified due to this <br />amendment. <br />The Authority intends to administratively amend the Plan for Tax Increment Financing District No. 1-5 on <br />December 10, 2012 (this amendment) to provide for the financing of certain eligible housing project costs <br />within the Project Area and City of Lino Lakes. Specifically the Authority intends to use available tax <br />increments from the Tax Increment Financing District No. 1-5 for financing of eligible affordable housing <br />project within the development area generally known as "Legacy at Woods Edge", including property within <br />existing Tax Increment Financing District No. 1-11 (Legacy at Woods Edge), and property adjacent to the TIF <br />District. <br />The purpose of the administrative amendment to the Plan is to adjust the existing authorized tax increment <br />revenues and public costs to authorize for `pooling' of increment to pay for eligible housing project costs <br />related to new anticipated development in the Legacy at Woods Edge area. This amendment does not <br />make any of the changes specified in Minnesota Statutes, Section 469.175, subd. 4, clauses (1) to (6), and <br />therefore may be approved without the hearings and notices required for approval of the initial Plan. <br />The sections of the Plan for Tax Increment Financing District No. 1-5 specifically being modified include <br />Subsection I: Modification of TIF Plan; Subsection J: Use of Tax Increment; Subsection R: Estimate of <br />Project Costs; Subsection S: Estimate of Bonded Indebtedness and Subsection W: Estimate of Impact on <br />Other Taxing Jurisdictions. <br />
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