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Member Elliott introduced the following resolution and moved its <br />`- adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 15 - 93 <br />RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING DISTRICT NO. 1-5 <br />BE IT RESOLVED By the City Council (the "Council") of the City of Lino <br />Lakes, Minnesota (the "City") as follows: <br />Section 1. Recitals. <br />1.01. On January 26, 1987, the City adopted a Development Program for <br />Development District No. 1, pursuant to and in accordance with Minnesota Statutes, <br />sections 469.124 through 469.134. <br />1.02. Since 1987, the City has established four tax increment financing <br />districts within Development District No. 1 pursuant to the provisions of Minnesota <br />Statutes, sections 469.174 through 469.179. <br />1.03. The City has subsequently transferred authority regarding economic <br />development within Lino Lakes, including administration of Development District No. <br />1, to the Economic Development Authority (the "Authority") . <br />1.04. It has been proposed that the Authority establish a fifth tax increment <br />district to assist in a senior housing project within Development District No. 1. <br />1.05. The Authority has investigated the facts and has caused to be prepared <br />a Tax Increment Financing Plan ("Plan") for Tax Increment Financing District No. <br />1-5 describing the assistance which may be provided for the benefit of and to <br />encourage development of the new project. <br />1.06. All actions required by law to be performed prior to the approval of the <br />Plan have been performed, including, but not limited to, a review of the Plan by the <br />planning and zoning board its consistency with the general plans for development <br />of the City, and approval of the Plan by the Authority on December 14, 1992. <br />1.07. The Authority has notified Anoka County and Independent School <br />District No. 12 of the public hearing to be held before the Council. <br />1.08. The Plan is contained in a document entitled "Tax Increment Financing <br />Plan, Tax Increment Financing District No. 1-5, Economic Development Authority, <br />City of Lino Lakes, Minnesota" dated December 28, 1992, and is on file at city hall. <br />1.09. The Council has fully reviewed the contents of the Plan and has on <br />December 28, 1992; January 25, 1993; and March 22, 1993 conducted a public hearing <br />thereon at which the views of all interested persons were heard. <br />RHB46713 <br />LN140-25 <br />