Resolution No. 11-01 EDA - Laserfiche WebLink

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 11-01 RESOLUTION MODIFYING DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND TIF PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-10 WHEREAS, the City of Lino Lakes ("City") and the Lino Lakes Economic Development Authority (the "Authority") created and administer Development District No. 1 (the "Development District") under Minnesota Statutes, Sections 469.124 to 469.134 (the "Municipal Development Act:"); and WHEREAS, within the Development District, the Authority and City previously established Tax Increment Financing District No. 1-10 (the "TIF District") pursuant to Minnesota Statutes, Sections 469.174 to 469.1799 (the "TIF Act:"); and WHEREAS, under 2011 Minnesota Laws, Ch. 112, Art. 11, Section 18 (the "Special Law"), the Authority is authorized to collect tax increments from the TIF District through December 31, 2023 and use such increments to pay debt service on bonds issued to finance the interchange of Anoka County Highway 23 and Interstate 35W, and bonds issued to finance public improvements serving the development known as Legacy at Woods Edge; and WHEREAS, the City and Authority have determined to modify the tax increment financing plan for the TIF District in order to implement the Special Law, and to hold a public hearing thereon in accordance with the TIF Act; and WHEREAS, on this date the City Council held a public hearing regarding the Amended Program and Amended TIF Plan at which all persons were given the opportunity to be heard, and thereafter the City Council approved the Amended Program and Amended TIF Plan conditioned only upon approval of those documents by the Authority. NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of the City of Lino Lakes as follows: 1. The Amended Program and Amended TIF Plan are hereby approved in substantially the form on file in City Hall. 2. The Authority's advisors and legal counsel are authorized and directed to proceed with the implementation of the Amended TIF Plan and Amended Program. 390471v1 SJB LN140-80