1995-043 Council Resolution - Laserfiche WebLink

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Council Member Elliott and moved its adoption: introduced the following resolution CITY OF LINO LAKES RESOLUTION NO. 95-43 RESOLUTION REAFFIRMING COUNCIL SUPPORT OF ECONOMIC DEVELOPMENT POLICY WHEREAS, in 1993 the Lino Lakes City Council determined that there was a need to increase the tax base of the community; and WHEREAS, the City Council endorses the policies set out by the Economic Development Authority Advisory Board as necessary for the development of a diversified commercial and industrial tax base; and, WHEREAS, In recent months a number of requests have come before the Economic Development staff and Economic Development Advisory Board to consider changing industrial and commercial zoned land to a lesser zoning classification; and WHEREAS, Removing such industrial and commercial zoning would create a significant disadvantage for the City of Lino Lakes economic development effort for the following reasons: 1. The economic development effort to provide tax diversity and relieve the tax burden for the residents of Lino Lakes is a high priority. 2. Assuming a market rate in the range of $1.25 to $1.50 per square foot, a midsize light industrial project (80,000 SF) would generate a minimum of $200,000 annual tax revenues. Residential use of the site would generate less than 1/3 of the tax revenue, and public use would generate no revenue. Commercial/industrial use of land currently zoned for such use is the most efficient use of the land and produces the greatest potential value/tax leverage. 3. Existing zoning in Lino Lakes designates 1,025 acres (4.8% of land total) as commercial/industrial. Approximately 30% is estimated to be wetland, leaving a net of approximately 700 developable commercial/industrial acres. Accepted planning guidelines for land use for a community the size of Lino Lakes are 10% light industrial and 5% commercially zoned land. Consequently, the city has presently about 1/4 of what is considered adequate land for future light industrial development. NOW THEREFORE, BE IT RESOLVED, the City Council of Lino Lakes reaffirms its