HomeMy WebLinkAboutResolution No. 03-07 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 03-07
RESOLUTION AUTHORIZING PREPARATION OF A MODIFIED PROGRAM
FOR DEVELOPMENT DISTRICT NO. 1 AND THE ESTABLISHMENT OF
REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 1-11
WHEREAS, on January 26, 1987 the city council of the City of Lino Lakes (the
"City") established Development District No. 1 ("Development District"); and
WHEREAS, the boundaries of the Development District were expanded on April
28, 1997 in connection with the establishment of TIF District No. 1-8; and
WHEREAS, the City established the Development District 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 Development District Program be
modified and Tax Increment Financing District No. 1-11 be established to assist
improvements within the Development District pursuant to Minnesota Statutes, sections
469.174 through 469.179 (the "TIF Act") and sections 469.124 through 469.134 (the "City
Development District Act"); and
WHEREAS, the City has transferred authority for the Development District and TIF
Districts therein to the Lino Lakes Economic Development Authority (the "EDA");
NOW, THEREFORE, BE IT RESOLVED by the EDA as follows:
1. Kennedy & Graven, Chartered is hereby authorized and directed to prepare a
modified development district program (the "Program") for Development District No. 1 and
establish a Tax Increment Financing Plan (the "Plan") for TIF District No. 1-11.
2. The executive director of the EDA is authorized and directed to schedule a
meeting on Monday, November 24, 2003 at 6 p.m. in the council chambers at city
hall, at which time the EDA will consider adoption of the modified Program for
Development District No. 1 and the Plan for TIF District No. 1-11.
3. The staff and consultants are authorized and directed to take any and all steps
necessary to bring the modified Program and Plan before the EDA at the
November 24, 2003 meeting.
4. The City is urged to schedule a public hearing on the modified Program and
Plan to be held as soon after consideration of these matters by the EDA as
reasonably possible.
Dated: September 22, 2003
President
ATTEST:
Executive Director