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Council Member Kuether introduced the following resolution and moved its <br />adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 97-133 <br />RESOLUTION APPROVING MODIFICATION OF <br />TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7 <br />BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota as follows: <br />Section 1. Recitals. <br />1.01. The City Council of the City of Lino Lakes (the "City") established the Lino Lakes <br />Economic Development Authority (the "Authority") in 1990 and conferred upon it responsibility <br />for economic development within Lino Lakes. <br />1.02. The City approved a tax increment financing plan (the "Plan") for Tax Increment <br />Financing District No. 1-7 on May 22, 1995. <br />1.03. In the past the TIF Plan has been modified to assist improvements within Tax <br />Increment Financing District No. 1-7. <br />1.04. In response to recent a development proposal from Rice Industries, Inc., the <br />Authority and the City have authorized the preparation of a modified Plan, which is contained in a <br />document entitled "Modified Tax Increment Financing Plan for Tax Increment Financing District <br />No. 1-7" dated October 13, 1997 and on file with the clerk -treasurer. <br />1.05. Copies of the modified Plan have been forwarded to Independent School District <br />Nos. 12 and 834 and Anoka County along with notice of a public hearing to be held by the City <br />on October 13, 1997. <br />1.06. The Authority has adopted the modified Plan and referred it to the City for public <br />hearing and consideration as provided by Minnesota Statutes, sections 469.174 through 469.179 <br />(the "TIF Act.") <br />1.07. The City has fully reviewed the contents of the modified Plan and has on this date <br />conducted a public hearing thereon at which the views of all interested persons were heard. <br />Section 2. Findings; Modification of Plan. <br />2.01. It is found and determined that it is necessary and desirable to the sound and orderly <br />development and redevelopment of Tax Increment Financing District No. 1-7 and the City as a <br />whole, and for the protection and preservation of the public health, safety, and general welfare, <br />