12/18/1995 Council Packet - Laserfiche WebLink

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Member adoption: introduced the following resolution and moved its CITY OF LINO LAKES RESOLUTION 95-186 RESOLUTION APPROVING MODIFIED TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICT NOS. 1-1 AND 1-2 BE IT RESOLVED, by the City Council of the City of Lino Lakes, Minnesota as follows: Section 1. Recitals. 1.01. The City Council of the City of Lino Lakes (the "City") established Development District No. 1 ("Development District") and Tax Increment Financing District No. 1-1 ("TIF District No. 1-1") on January 26, 1987. 1.02. The City established Tax Increment Financing District No. 1-2 ("TIF District No. 1-2") on December 27, 1988. 1.03. The City established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and transferred authority for the Development District and TIF District Nos. 1-1 and 1-2 to the Authority. 1.04. In the past the Development District Program (the "Program") and the TIF Plans have been modified to assist improvements within the Development District pursuant to Minnesota Statutes, sections 469.171 through 469.179 (the "TIF Act") and sections 469.124 through 469.134 (the "City Development District Act"). 1.05. It is proposed that the Plans for TIF District Nos. 1-1 and 1-2 again be modified in order to authorize reimbursement to the city for past expenditures for infrastructure improvements. 1.06. The Authority and the City have authorized preparation of a modified Program and TIF Plans which are contained in documents entitled "Modified Tax Increment Financing Plan, Tax Increment Financing District No. 1-1" and "Modified Tax Increment Financing Plan, Tax Increment Financing District No. 1-2, dated December 18, 1995 and of file with the Authority. 1.07. Copies; of the Plans have been forwarded to Independent School District No. 12 and Anoka County along with a notice of a public hearing to be held by the City on December 18, 1995.