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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 07-01 <br />RESOLUTION APPROVING MODIFICATION OF TAX <br />INCREMENT FINANCING PLAN FOR TAX INCREMENT <br />FINANCING DISTRICT NO. 1-11 <br />WHEREAS, by Resolution No. 03-11 approved November 24, 2003, the <br />Economic Development Authority (the "Authority") for the City of Lino Lakes (the <br />"City") approved the Tax Increment Financing Plan (the "Plan") for Tax Increment <br />Financing District No. 1-11 (the "TIF District"), pursuant to and in conformity with <br />Minnesota Statutes, Sections 469.090 through 469.1081 (the "EDA Act") and Sections <br />469.174 to 469.179 (the "TIF Act"); and <br />WHEREAS, by Resolution No. 03-209 approved November 24, 2003, the City <br />Council of the City, after a duly notice public hearing, approved the Plan for the TIF <br />District; and <br />WHEREAS, by resolutions approved on December 15, 2004 and December 20, <br />2004, respectively, the City Council and the Authority board of commissioners approved <br />resolutions modifying the Plan to eliminate a parcel from the TIF District; and <br />WHEREAS, the City and Authority have determined a need to modify the budget <br />of tax increment expenditures in the Plan and make other administrative changes to <br />conform the Plan with current expectations; and <br />WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority may <br />modify the Plan for the TIF District without the notice and hearings required for a new <br />district, if the changes are not those described in Section 469.175, subdivision 4(b), <br />clauses (1) through (6); and <br />WHEREAS, the proposed modifications to the TIF Plan include revised line items <br />of expenditures and revised types of bonded indebtedness, but do not increase the total <br />estimated cost of the project or the total amount of bonded indebtedness. <br />NOW THEREFORE, BE IT RESOLVED by the Economic Development <br />Authority of the City of Lino Lakes as follows: <br />1. The administrative modification to the Plan is hereby approved in <br />substantially the form on file in City Hall. <br />2. Upon approval of the modification to the Plan by the City Council, the <br />Community Development Director is authorized to forward a copy of the <br />311909v1 SJB LN140-100 <br />