HomeMy WebLinkAboutResolution No. 96-03 EDAMember Neal introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 96-03
RESOLUTION ESTABLISHING PUBLIC HEARING FOR THE
SALE OF PROPERTY
WHEREAS, 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") on May 22, 1995; and
WHEREAS, the EDA intends to modify the TIF Plan on March 25, 1996 to authorize
financial assistance to Progressive Engineering, Inc.; and
WHEREAS, the financial assistance the EDA intends to offer to Progressive Engineering,
Inc. will involve the sale of land owned by the EDA to Progressive Engineering at a reduced
price.
NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development
Authority as follows:
1. A public hearing shall be held on the 25th day of March , 1996 in order
to consider the sale of the property to Progressive Engineering, Inc..
2. The executive director is hereby authorized and directed to cause notice of the
public hearing to be published in the official newspaper at least 10 but not more
than 20 days prior to the hearing.
3. Staff is authorized and directed to take all actions necessary and appropriate in
order to bring this item before the EDA at its meeting on the 25th day of
March , 1996.
RHB100192
LN140-45
Dated: February 12 , 1996
ATTEST:
Randall Schumacher, Executive Director
The motion for the adoption of the foregoing resolution was duly seconded by member
Kuether and upon vote being taken thereon, the following voted in favor thereof:
Neal, Kuether, Landers, Lyden, Bergeson
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
RHB100192
LN140-45