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Member Lyden introduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 97 - 49. <br />RESOLUTION APPROVING THE MODIFIED PROGRAM FOR <br />DEVELOPMENT DISTRICT NO. 1 AND THE PLAN FOR TAX <br />INCREMENT FINANCING DISTRICT NO. 1-8 <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. The City Council of the City of Lino Lakes (the "City") established Development <br />District No. 1 (the "Development District") and adopted a Development District Program (the <br />"Program") for the same on January 26, 1987. <br />1.02. In 1990 the City transferred authority over the Development District to the Lino <br />Lakes Economic Development Authority (the "EDA"). <br />1.03. Seven tax increment financing districts have previously been established within the <br />Development District. <br />1.04. In response to new development and redevelopment proposals, the Authority has <br />determined to establish another tax increment financing district within the Development District. <br />1.05. The Authority has investigated the facts and has caused to be prepared a Modified <br />Program and a tax increment financing plan (the "Plan") for Tax Increment Financing District <br />No. 1-8 ("TIF District No. 1-8") describing the assistance which may be provided for the benefit <br />of and to encourage development and redevelopment within the Development District. <br />1.06. All actions required by law to be performed prior to the adoption of the modified <br />Program and the Plan and establishment of TIF District No. 1-8 have been performed, including <br />approval of the Program and the Plan by the Authority on April 28, 1997. <br />1.07. The Authority has notified Anoka County and Independent School District Nos. <br />12 and 831 of the public hearing on the Plan to be held before the City on April 28, 1997. <br />1.08. The modified Program and Plan are contained in a document entitled "Modified <br />Development District Program, Development District No. 1 and Tax Increment Financing Plan, <br />Tax Increment Financing District No. 1-8, Lino Lakes Economic Development Authority" dated <br />April 28, 1997, which is on file at city hall. <br />RHB121664 <br />LN140-56 <br />