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CITY OF LINO LAKES <br />RESOLUTION NO. 03-209 <br />RESOLUTION MODIFYING DEVELOPMENT DISTRICT <br />NO. 1 AND ESTABLISHING TAX INCREMENT <br />FINANCING DISTRICT NO. 1-11 <br />WHEREAS, the Economic Development Authority (the "Authority") for the City <br />of Lino Lakes (the "City") has proposed to modify the Program (the "Program") for <br />Development District No. 1 ("District") and to establish Tax Increment Financing District <br />No. 1-11 ("TIF District") and adopt the Tax Increment Financing Plan (the "Plan") <br />therefore, all pursuant to and in conformity with existing law, including Minnesota <br />Statutes, Sections 469.090 through 469.1081 ("EDA Act"), and Sections 469.174 to <br />469.179, inclusive ("TIF Act"), all as reflected in the Program and Plan and presented for <br />the Authority's consideration. <br />WHEREAS, the City has investigated the facts relating to the modification of the <br />Program and the establishment of the Plan, and has caused to be prepared a "Modified <br />Development Program, Development District No.1 and a "Tax Increment Financing Plan <br />for Tax Increment Financing (Redevelopment) District No. 1-11"; and <br />WHEREAS, the Authority and City have performed all actions required by law to <br />be performed prior to the adoption of the modified Program and the Plan, including but <br />not limited to notification of Anoka County and School District No. 831 having taxing <br />jurisdiction over the property to be included in the TIF District, a request for review of <br />and written comment on the Plan by the City Planning & Zoning Board, and a request <br />that the Council schedule a public hearing on the Plan upon published notice as required <br />by law; and <br />WHEREAS, the Authority has approved the Program and the Plan and <br />recommended approval by this Council. <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lino <br />Lakes as follows: <br />Section 1. Findings; Development District. <br />1.01. It is hereby found and determined that within the District there is a need to <br />improve the tax base and employment opportunities, and to provide an impetus for <br />commercial development. <br />1.02. It is further found and determined that, since initial establishment of the <br />Districts, development and redevelopment needs have changed in certain parts of the <br />City. <br />SJB-235626v1 <br />LN 140-81 <br />