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Member K u P t h P r introduced the following resolution and moved its adoption: <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 97-03 <br />RESOLUTION ESTABLISHING PUBLIC HEARING FOR THE SALE OF PROPERTY <br />WHEREAS, the Lino Lakes Economic Development Authority (the "EDA") established Tax <br />Increment Financing District No. 1-7 ("TIF District No. 1-7") and adopted a tax increment <br />financing plan (the "TIF Plan") on May 22, 1995; and <br />WHEREAS, the EDA intends to modify the TIF Plan on March 24, 1997 to authorize <br />financial assistance to Fogerty Investments; and <br />WHEREAS, the financial assistance the EDA intends to offer to Fogerty Investments will <br />involve the sale of land owned by the EDA to Fogerty Investments at a reduced price. <br />NOW, THEREFORE BE IT RESOLVED by the Lino Lakes Economic Development <br />Authority as follows: <br />1. A public hearing shall be held on the 24th day of March, 1997 in order to consider the <br />sale of property to Fogerty Investments. <br />2. The executive director is hereby authorized and directed to cause notice of the public <br />hearing to be published in the official newspaper at least 10 days but not more than 20 <br />days prior to the hearing. <br />3. Staff is authorized and directed to take all actions necessary and appropriate in order to <br />bring this item before the EDA at its meeting on the 24th day of March, 1997. <br />Dated: February 10, 1997 <br />