HomeMy WebLinkAboutResolution No. 95-01 EDAMember .) £IJ& l)t 1/122 _.�/ introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 95-01
RESOLUTION AUTHORIZING PREPARATION OF A TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1-7
WHEREAS, the area of the city generally known as the Apollo business park has not
developer solely through private efforts in a manner which is consistent with its prominence
within the city and which justifies the public expenditures for infrastructure improvements which
have been made; and
WHEREAS, it appears that it will be necessary to utilize tax increment financing to assist
development in the area to achieve the purpose for which the business park was established; and
WHEREAS, it has been proposed that the area generally known as the Apollo buisness
park be incorporated into a new tax increment financing district ("TIF District No. 1-7") in order
to offer developers assistance 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 Holmes & Graven, Chartered are hereby authorized and directed to
prepare a 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 May 22, 1995 at tom. mac? p.m. in the council chambers at city hall,
at which time the EDA will consider adoption of the Plan and the establishment
of TIF District No. 1-7.
3. The staff and consultants are authorized and directed to take all steps necessary
to bring the Plan before the EDA at the May 22, 1995 meeting.
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4. The city council of the city of Lino Lakes (the "City") is urged to schedule a
public hearing on the proposed Plan and TIF District to be held as soon after
consideration of these matters by the EDA as reasonably possible.
Dated: April 10, 1995.
President
The motion
� for the adoption of the foregoing resolution was duly seconded by member
Uri -0f, �
- 1" r and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
RHB86628
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