06-20-11 Council Agenda - Laserfiche WebLink

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CITY OF LITTLE CANADA RAMSEY COUNTY STATE OF MINNESOTA Council member introduced the following resolution and moved its adoption: RESOLUTION NO. RESOLUTION ADOPTING AN ADMINISTRATIVE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 5 -1 BE IT RESOLVED by the City Council (the "Council ") of the City of Little Canada, Minnesota (the "City "), as follows: Section 1. Recitals. 1.01. The Council has heretofore established 'fax Increment Financing District No, 5 -1 within Development District No. 5 and adopted a "fax Increment Financing Plan (the "TIF Plan ") therefor. It has been proposed that the Council adopt an administrative modification to the Tax Increment Financing Plan (the "Administrative Modification ") for Tax Increment Financing District No. 5 -1 (the "TIF District "); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469.1799, all inclusive, as amended, (the "Act "), all as reflected herein, and presented for the Council's consideration. 1.02. The Council has investigated the facts related to the Administrative Modification and has caused the Administrative Modification to be prepared. 1.03. The Council has performed all actions required by law to be performed prior to the adoption and approval of the proposed Administrative Modification. Because of the nature of this modification, and because this Administrative Modification does not entail an enlargement of geographic area, an increase in the amount of bonded indebtedness, an increase to the amount of interest on debt, an increase in the portion of the captured net tax capacity, or an increase in the total estimated tax increment expenditures, this Administrative Modification is not subject to a public hearing requirement. 1.04, The City is not modifying the boundaries of the TIF District. 1.05. The City is not extending the term of the TIF District. Section 2. Findings: 2.01. The Council hereby reaffirms the original findings previously made for the TEE District, as a "redevelopment district" under Minnesota Statutes, Section 469.174, Subd. 10 (a)(1). 2.02. The Administrative Modification includes the restatement of the Original Certification date in the TIF Plan. The Council is not enlarging the boundaries of the TIP District nor extending the duration of the District. The Administrative Modification does not increase the TIF Plan's total budget. Section 3. Public Purpose. 3.01, The Council hereby finds that the Administrative Modification conforms in all respects to 2