Resolution No. 03-07 EDA - Laserfiche WebLink

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 03-07 RESOLUTION AUTHORIZING PREPARATION OF A MODIFIED PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND THE ESTABLISHMENT OF REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 1-11 WHEREAS, on January 26, 1987 the city council of the City of Lino Lakes (the "City") established Development District No. 1 ("Development District"); and WHEREAS, the boundaries of the Development District were expanded on April 28, 1997 in connection with the establishment of TIF District No. 1-8; and WHEREAS, the City established the Development District in order to promote development within areas of the community which have not developed solely through private efforts in a manner which is consistent with their prominence; and WHEREAS, it has been proposed that the Development District Program be modified and Tax Increment Financing District No. 1-11 be established to assist improvements within the Development District pursuant to Minnesota Statutes, sections 469.174 through 469.179 (the "TIF Act") and sections 469.124 through 469.134 (the "City Development District Act"); and WHEREAS, the City has transferred authority for the Development District and TIF Districts therein to the Lino Lakes Economic Development Authority (the "EDA"); NOW, THEREFORE, BE IT RESOLVED by the EDA as follows: 1. Kennedy & Graven, Chartered is hereby authorized and directed to prepare a modified development district program (the "Program") for Development District No. 1 and establish a Tax Increment Financing Plan (the "Plan") for TIF District No. 1-11. 2. The executive director of the EDA is authorized and directed to schedule a meeting on Monday, November 24, 2003 at 6 p.m. in the council chambers at city