HomeMy WebLinkAboutResolution No. 96-02 EDAMember x u P t her introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 96-02
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") and
the Lino Lakes Economic Development Authority (the "EDA") established Tax Increment
Financing District No. 1-7 ("TIF District No. 1-7") and adopted a tax increment financing plan
(the "TIF Plan") 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, the TIF Plan was modified on October 23, 1995; and
WHEREAS, it has been proposed that the TIF Plan be modified again to assist two
industrial facilities and to add additional land to TIF District No. 1-7, pursuant to Minnesota
Statutes, section 469.174 through 469.179 (the "TIF Act").
NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development
Authority as follows:
1. Staff and Kennedy & Graven, Chartered are hereby authorized and directed to
prepare a modification to the TIF Plan for TIF District No. 1-7 for the above
purposes.
2. The executive director of the EDA is authorized and directed to schedule a
meeting on March 25, 1996 at 6 p.m. in the council chambers at city hall, at
which time the EDA will consider adoption of the modified TIN Plan for TIF
District No. 1-7.
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The staff and consultants are authorized and directed to take any and all steps
necessary to bring the modified TIF Plan before the EDA at the March 25, 1996
meeting.
4. The City is urged to schedule a public hearing on the modified TIF Plan to be
held as soon after consideration of these matters by the EDA as reasonably
possible.
Dated: February 12, 1996.
Executive Director
The motion for the adoption of the foregoing resolution was duly seconded by member
Neal and upon vote being taken thereon, the following voted in favor thereof:
Kuether, Neal, Landers, Lyden, Bergeson
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
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