HomeMy WebLinkAboutResolution No. 95-10 EDAMember Elliott introduced the following resolution and moved its
adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 95-10
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 proposed that the TIF Plan be modified 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 October 23, 1995 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 October 23, 1995
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: September 11, 1995
Executive Director
President
The motion for adoption of the foregoing resolution was duly seconded by
member Rerge,on and upon vote being taken thereon, the following voted
in favor thereof:
Kuether, Elliott, Bergeson, Reinert
and the following voted against same:
Neal absent
Whereupon said resolution was declared duly passed and adopted.