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Member Elliott introduced the following resolution and moved its <br />adoption: <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 95-10 <br />RESOLUTION AUTHORIZING PREPARATION OF A <br />MODIFIED TAX INCREMENT FINANCING PLAN FOR <br />TAX INCREMENT FINANCING DISTRICT NO. 1-7 <br />WHEREAS, on May 22, 1995 the city council of the City of Lino Lakes (the <br />"City") established Tax Increment Financing District No. 1-7 ("TIF District No. 1-7") <br />in order to promote development within areas of the community which have not <br />developed solely through private efforts in a manner which is consistent with their <br />prominence; and <br />WHEREAS, it has been proposed that the TIF Plan be modified to assist an <br />industrial facility pursuant to Minnesota Statutes, sections 469.174 through 469.179 <br />(the "TIF Act"). <br />NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development <br />Authority (the "EDA") as follows: <br />1. Staff and Kennedy & Graven, Chartered are hereby authorized and directed to <br />prepare a modified tax increment financing Plan (the "Plan") for TIF District No. <br />1-7. <br />2. The executive director of the EDA is authorized and directed to schedule a <br />meeting on October 23, 1995 at 6 p.m. in the council chambers at city hall, at <br />which time the EDA will consider adoption of the modified Plan for TIF District <br />No. 1-7. <br />