Resolution No. 95-17 EDA - Laserfiche WebLink

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Member Elliott introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95 - 17 RESOLUTION AUTHORIZING EXECUTION OF REIMBURSEMENT AGREEMENTS WHEREAS, the City Council of the City of Lino Lakes (the "City) has established Development District No. 1 (the "Development District:) and therein has established seven tax increment financing district (the "TIF Districts"), and WHEREAS, the City transferred authority for the Development District and the TIF Districts in 1990 to the Lino Lakes Economic Development Authority (the "EDA"), and WHEREAS, since that time the EDA has assisted developments within the TIF Districts by offering a variety of financial incentives; and WHEREAS, in each instance in which assistance has been offered, the EDA has entered into a development agreement specifying the terms and conditions under which the financial incentives are to be made available; and WHEREAS, the approved incentive package has frequently involved the EDA borrowing funds from the City for land acquisition costs and/or assuming responsibility for payment of special assessments levied or to be levied against benefited property for public improvements; and WHEREAS, it has been the intent of the parties that the EDA would repay the City through tax increment generated by the developments as increment is received; and WHEREAS, the EDA and the City now need to formalize the financial arrangements between them, NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: 1. The president and executive director are authorized and directed to execute reimbursement agreements on behalf of the EDA with the City in regards to the projects in the TIF Districts which have received financial assistance. The PAGE 1