2003-166 Council Resolution - Laserfiche WebLink

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LINO LAKES CITY COUNCIL RESOLUTION NO. 03-166 RESOLUTION APPROVING A BUSINESS SUBSIDY TO PANATTONI DEVELOPMENT, LLC BE IT RESOLVED by the Lino Lakes City Council as follows: Section 1. Recitals 1.01. The Lino Lakes Economic Development Authority (the "Authority") approved a tax increment financing plan (the "Plan") for the Tax Increment Financing District No. 1-10 (TIF District No. 1-10) on August 11, 2003. 1.02. On August 11, 2003, the City Council of the City of Lino Lakes (the "City") approved the Plan. 1.03. On June 23, 2003, the City approved the revised City of Lino Lakes Business Subsidy Criteria (the "Criteria"), pursuant to Minnesota Statute, sections 116J.993 through 116J.995 (the "Business Subsidy Act.") 1.04. Panattoni Development, LLC, (the "Developer") has requested a business subsidy through tax increment financing; and 1.05. The City has considered a business subsidy in the amount of $638,400 for the construction of a light industrial facility in the Apollo Business Center. 1.06. Pursuant to Section 116J.994, subd. 5 of the Business Subsidy Act, the Authority has on this date held a public hearing on the proposed subsidy to the Developer, following published notice as required by law, at which hearing all persons wishing to express an opinion were given an opportunity to do so. Section 2. Findings. 2.01. It is hereby found and determined that the business subsidy is in the best interest of the City because it is consistent with and promotes the goals established by the City in adopting the Criteria. 2.02. It is hereby found and determined that granting the business subsidy to the .Developer furthers the City's general plan of economic development of the community by encouraging growth and expansion of an industrial park which has not been used to its full potential.