HomeMy WebLinkAboutResolution No. 00-04 EDAMember
Carl Gn
introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 00-04
RESOLUTION AUTHORIZING APPROVING BUSINESS SUBSIDY
TO NORTH AMERICAN COMPOSITES
BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows:
Section 1. Recitals
1.01. The Lino Lakes Economic Development Authority (the "Authority") approved a tax
increment financing plan (the "Plan") for the Tax Increment Financing District No. 1-9 (TIF
District No. 1-9) on December 14, 1998.
1.02. On December 14, 1998, the City Council of the City of Lino Lakes (the "City")
approved the Plan.
1.03 On November 8, 1999, following a public hearing, the Authority approved the Lino
Lakes Economic Development Authority Business Subsidy Criteria (the "Criteria"), pursuant to
Minnesota Statute, sections 1161993 through 1161995 (the `Business Subsidy Act.")
1.04. North American Composites Company, a subsidiary of Interplastic Corporation, a
Minnesota Corporation, (the 'Developer") has requested a business subsidy through tax
increment financing in the amount of $122,250 for the construction of a light industrial facility in
the Apollo Business Center.
1.05. Pursuant to Section 116J.994, subd. 5 of the Business Subsidy Act, the Authority
has on this date held a public hearing on the proposed subsidy to the Developer, following
published notice as required by law, at which hearing all persons wishing to express an opinion
were given an opportunity to do so.
Section 2. Findings.
2.01. It is hereby found and determined that the business subsidy is in the best interest of
the Authority because it is consistent with and promotes the goals established by the Authority in
adopting the Criteria.
2.02. It is hereby found and determined that granting the business subsidy to the
Developer furthers the Authority's general plan of economic development of the community by
encouraging growth and expansion of an industrial park which has not been used to its full
potential.
2.03. Pursuant to the Criteria established by the Authority, it is hereby found and
determined that the business subsidy promotes the following:
1. Encourages economic and commercial diversity within the community;
2. Contributes to the establishment of a critical mass of commercial development
within an area; and
3. Encourages full utilization of existing or planned infrastructure improvements.
Section 3. Authorization.
3.01. The business subsidy to the Developer as described above is hereby approved.
3.02. The President and Acting Executive Director are hereby authorized and directed to
execute a Development Agreement, including the business subsidy agreement required by the
Business Subsidy Act, and other appropriate documents to facilitate the finalization of the
business subsidy to the Developer.
3.03. Staff and consultants are hereby authorized and directed to take any and all other
actions necessary or convenient to effect the intent of this resolution, including seeking approval
of the subsidy from the Lino Lakes City Council.
Dated: November 13
, 2000.
ATTEST:
Actm Executive Director
acC
p4,6744'
President
The motion for the adoption of the foregoing resolution was duly seconded by member
D h 1 and upon vote being taken thereon, the following voted in favor
thereof
Dahl, Carlson, Reinert, O'Donnell, Bergeson
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.