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HomeMy WebLinkAboutResolution No. 97-05 EDAMember Nrsoi introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO.97-05 RESOLUTION AUTHORIZING PREPARATION OF A MODIFIED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-1 WHEREAS, on June 29, 1995 the city council of the City of Lino Lakes (the "City") established Tax Increment Financing District No. 3-1 ("TIF District No. 3-1") 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. 3-1 in the past in order to assist development and to achieve the purposes for which TIF District No. 3-1 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. 3-1. 2. The executive director of the EDA is authorized and directed to schedule a meeting on April 28, 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. 3-1. 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 April 28, 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: March 24, 1997 ATTEST: Executive Director The motion for adoption of the foregoing resolution was duly seconded by member Lyden and upon vote being taken thereon, the following voted in favor thereof: Kuether, Neal, Lyden, Landers (Bergeson absent) and the following voted against same: Whereupon said resolution was declared duly passed and adopted.