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Member Elliott introduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 9 5 - 6 3 <br />RESOLUTION APPROVING THE PLAN FOR TAX <br />INCREMENT FINANCING DISTRICT NO. 1-7 <br />BE IT RESOLVED By the City Council of the City of Lino Lakes, Minnesota (the <br />"City") as follows: <br />Section 1. Recitals. <br />1.01. On January 26, 1987, the City adopted a Development Program for Development <br />District No. 1, pursuant to and in accordance with Minnesota Statutes, sections 469.124 through <br />469.134. <br />1.02. Since 1987, the City has established six tax increment financing districts within <br />Development District No. 1, pursuant to the provisions of Minnesota Statutes, sections 469.174 <br />through 469.179. <br />1.03. The City has subsequently transferred authority regarding economic development <br />within Lino Lakes, including administration of Development District No. 1, to the Economic <br />Development Authority (the "Authority"). <br />1.04. In response to a development proposal in an area of the community which has not <br />developed to its potential despite substantial public investment, the Authority has proposed to <br />establish a seventh tax increment financing district within Development District No. 1. <br />1.05. The Authority has investigated the facts and has caused to be prepared a tax <br />increment financing plan (the "Plan") for a new tax increment financing district ("Tax Increment <br />Financing District No. 1-7), describing the assistance which may be provided for the benefit of <br />and to encourage development of two industrial projects. <br />1.06. All actions required by law to be performed prior to the adoption of the Plan and <br />establishment of Tax Increment Financing District No. 1-7 have been performed, including <br />approval of the Plan by the Authority on May 22, 1995. <br />1. 07. The Authority has notified Anoka County and Independent School District No. 12 <br />of the public hearing on the Plan to be held before the City. <br />1.08. The Plan is contained in a document entitled "Tax Increment Financing Plan, Tax <br />Increment Financing District No. 1-7, Lino Lakes Economic Development Authority" dated May <br />22, 1995, and is on file at city hall. <br />RHB88883 <br />LN140-36 <br />