HomeMy WebLinkAboutResolution No. 03-03 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 03-03
RESOLUTION AUTHORIZING PREPARATION OF A MODIFIED PROGRAM FOR
DEVELOPMENT DISTRICT NO. 1 AND A PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1-10
WHEREAS, on January 26, 1987 the city council of the City of Lino Lakes (the "City")
established Development District No. 1 ("Development District") and adopted a program
("The Program") for same; and
WHEREAS, the area of the city within the Development District and previously
established as that portion of Tax Increment Financing District No. 1-9, generally known
as Lakes Business Park has not developed solely through private efforts in a manner
consistent with its prominence within the city; and
WHEREAS, it appears that it will be necessary to utilize tax increment financing to assist
in the area to achieve the purpose for which the business parks were established; and
WHEREAS, it has been proposed that the following parcels:
17-31-22-23-0012
17-31-22-32-0006
currently within Tax Increment Financing District No. 1-9 be deleted from the District
and incorporated into a new tax increment financing district ("TIF District No. 1-10")
pursuant to Minnesota Statutes, sections 469.174 through 469.179 ("The TIF Act").
WHEREAS, it has been proposed that the following parcel:
17-31-22-32-0003
also be incorporated into TIF District No. 1-10 pursuant to the TIF Act.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority
("The EDA") of the City of Lino Lakes, Minnesota, as follows:
1. Springsted, Inc. is hereby authorized and directed to prepare a modified program for
Development District No. 1 and a tax increment financing plan ("the Plan") for TIF
District No. 1-10.
2. The executive director of the EDA is authorized and directed to schedule a meeting
on Monday, August 11, 2003 at 6 p.m. in the council chamber at city hall, at which
time the EDA will consider adoption of the modified Program for the Development
District and a Plan for TIF District No. 1-10.
3. The staff and consultants are authorized and directed to take any and all steps
necessary to bring the modified Program and the Plan before the EDA at the August
11, 2003 meeting.
4. The City is urged to schedule a public hearing on the modified Program and the Plan
to be held as soon after consideration of these matters by the EDA as reasonably
possible.
Dated: June 23, 2003
President
ATTEST:
*L.44(J
Executive Director