Resolution No. 96-04 EDA - Laserfiche WebLink

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Member K u e t h e r introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 96-04 RESOLUTION ADOPTING MODIFIED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7 BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals. 1.01. The City Council of the City of Lino Lakes (the "City") established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and conferred upon it responsibility for economic development within Lino Lakes. 1.02. The City adopted a tax increment financing plan (the "Plan") for Tax Increment Financing District No. 1-7 on May 22, 1995. 1.03. In response to development proposals from Progressive Engineering Technology, Inc. and Ballantine Trench -ALL, Inc., and in order to add additional land to TIF District No. 1-7, the Authority and the City have authorized the preparation of a modified Plan which is contained in a document entitled "Modified Tax Increment Financing Plan, Tax Increment Financing District No. 1-7," dated March 25, 1996 and on file with the Authority. Section 2. Authority Approval. 2.01. The Authority finds that the objectives of the Authority and the City of encouraging development and redevelopment within Tax Increment Financing District No. 1-7 will be advanced by adoption of the modified Plan. 2.02. The modified Plan is hereby adopted by the Authority. Section 3. Further Proceedings. 3.01. It is noted that copies of the modified Plan have been transmitted to the boards of Independent School District No. 12 and Independent School District No. 834 and the board of commissioners of Anoka County for review and comment and that said public bodies have been notified of the hearing to be held on the modified Plan by the City.