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Member Kuether introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 9 6 — 3 2 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-4 BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota as follows: Section 1. Recitals. 1.01. On March 26, 1990 the City Council of the City of Lino Lakes (the "City") approved a tax increment financing plan (the "TIF Plan") for Tax Increment Financing District No. 1-4 ("TIF District No. 1-4") within Development District No. 1. 1.02. The City established the Lino Lakes Economic Development Authority (the "Authority") in June, 1990 and transferred to it control of TIF District No. 1-4. 1.03. On June 22, 1992 the Authority and the City acted to delete certain property from TIF District No. 1-4 because it was unlikely to develop within a reasonable period of time. 1.04. Changes and additions to the public and private improvements to be constructed in the project area prompted modifications of the TIF Plan on December 13, 1993 and June 12, 1995. 1.05. In recognition that much of the land within TIF District No. 1-4 is not likely to develop within the reasonably foreseeable future, it is appropriate to modify the TIF Plan again for the purpose of deleting most of the remaining land from the TIF District. 1.06. In response to these changes, the Authority and the City have authorized the preparation of another modified TIF Plan which is contained in a document entitled "Modified Tax Increment Financing Plan, Tax Increment Financing District No. 1-4" dated March 25, 1996, and which is on file with the Authority. 1.07. Copies of the modified Plan have been forwarded to the Centennial and Forest Lake school districts and Anoka County along with a notice of a public hearing to be held by the City on March 25, 1996 1.08. The Authority has adopted the modified TIF Plan and referred it to the City for public hearing and consideration as provided by the TIF Act. RHB101711 LN140-11