HomeMy WebLinkAboutResolution No. 97-02 EDAt •
Member Neal introduced the following resolution and moved its
adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.97-02
RESOLUTION AUTHORIZING PREPARATION OF A MODIFIED TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7
WHEREAS, on May 22, 1995 the city council of the City of Lino Lakes (the
"City") established Tax Increment Financing District No. 1-7 ("TIF District No. 1-7") in
order to promote development within areas of the community which have not
developed solely through private efforts in a manner which is consistent with their
prominence; and
WHEREAS, it has been necessary to amend the Plan for the TIF District No. 1-7
in the past in order to assist development and to achieve the purposes for which TIF
District No. 1-7 was established; and
WHEREAS, it has been proposed that the TIF Plan be modified again to assist
an industrial facility pursuant to Minnesota Statutes, sections 469.174 through
469.179 (the "TIF Act").
NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development
Authority (the "EDA") as follows:
1. Staff and Kennedy & Graven, Chartered are hereby authorized and directed to
prepare a modified tax increment financing Plan (the "Plan") for TIF District No.
1-7.
2. The executive director of the EDA is authorized and directed to schedule a
meeting on March 24, 1997 at 6 p.m. in the council chambers at city hall, at
which time the EDA will consider adoption of the modified Plan for TIF District
No. 1-7.
3. The staff and consultants are authorized and directed to take any and all steps
necessary to bring the modified Plan before the EDA at the March 24, 1997
meeting.
4. The City is urged to schedule a public hearing on the modified Plan to be held
as soon after consideration of these matters by the EDA as reasonably possible.
Dated: February 10, 1997
President
ATTEST:
Executive Director
The motion for adoption of the foregoing resolution was duly seconded by
member Bergeson and upon vote being taken thereon, the following voted
in favor thereof:
Neal, Bergeson, Kuether, Lyden, Landers
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.