Resolution No. 12-01 EDA - Laserfiche WebLink

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LINO LAKES ECNOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 12-01 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-5 WHEREAS, by a resolution approved December 28, 1992 the Lino Lakes Economic Development Authority (the "Authority") approved the Tax Increment Financing Plan (the "Plan") for Tax Increment Financing (Housing) District No. 1-5 (the "TIF District"), pursuant to and in conformity with Minnesota Statutes, Sections 469.090 through 469.1081 (the "EDA Act") and Sections 469.174 to 469.179 (the "TIF Act"); and WHEREAS, by a resolution approved December 28, 1992, the City Council of the City of Lino Lakes (the "City"), after a duly notice public hearing, approved the Plan for the TIF District; and WHEREAS, the TIF District is located within Development District No. 1 (the "Project Area"), which is a development district established under Minnesota Statutes, Sections 469.124 to 469.133; and WHEREAS, the City and Authority have determined a need to modify the budget of tax increment expenditures in the Plan; and WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority may modify the Plan for the TIF District without the notice and hearings required for a new district, if the changes are not those described in Section 469.175, subdivision 4(b), clauses (1) through (6); and WHEREAS, the proposed modifications to the TIF Plan include revised line items of expenditures to finance additional afford housing in the Project Area, but do not increase the total estimated cost of the project or the total amount of bonded indebtedness. NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Lino Lakes Economic Development Authority as follows: 1. The administrative modification to the Plan is hereby approved in substantially the form on file in City Hall. 2. Upon approval of the modification to the Plan by the City Council of the City, the Community Development Director is authorized to forward a copy of the modified Plan to the Department of Revenue and the State Auditor pursuant to Minnesota Statutes 469.175, subd.4a. 414975v1 SJB LN140-80