Resolution No. 98-06 EDA - Laserfiche WebLink

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a 1� LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY CITY OF LINO LAKES ANOKA COUNTY STATE OF MINNESOTA RESOLUTION NO. 9 8 — 0 6 RESOLUTION MODIFYING TAX INCREMENT FINANCING DISTRICT NO. 1-7 AND ADOPTING THE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN THEREFOR AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1-9 WITHIN DEVELOPMENT DISTRICT NO. 1 AND ADOPTING THE TAX INCREMENT FINANCING PLAN THEREFOR. WHEREAS, the Board of Commissioners (the "Board") of the Economic Development Authority (the "EDA)" for the City of Lino Lakes (the "City") has proposed to modify Tax Increment Financing District No. 1-7 ("District No. 1-7") and adopt the Modification to the Tax Increment Financing Plan therefor and establish Tax Increment Financing District No. 1-9 and adopt the Tax Increment Financing Plan therefor, (collectively, the "Plans"), all pursuant to and in conformity with existing law, including Minnesota Statutes, Sections 469.090 through 469.1081, and Sections 469.174 to 469.179, inclusive, as amended, all as reflected in the Plans and presented for the Board's consideration. Generally, the Modification of District No. 1-7 is to remove 14 parcels from District No. 1-7, as listed in Appendix II -A of the Modification to the Tax Increment Financing Plan. Five of these parcels will be in Tax Increment Financing District No. 1-9 and are ,.•ft\ listed in Appendix III -C of the Tax Increment Financing Plan for District No. 1-9; and WHEREAS, the EDA has investigated the facts relating to the Plans and has caused the Plans to be prepared; and WHEREAS, the proposed developments as described in the Plans, in the opinion of the EDA, would not reasonably be expected to occur solely through private investment within the reasonable foreseeable future and, therefore, the use of tax increment financing is deemed necessary; and WHEREAS, the EDA has performed all actions required by law to be performed prior to the adoption of the Plans, including but not limited to, notification of Anoka County and School District No. 12 having taxing jurisdiction over the property to be included in Tax Increment Financing District No. 1-9, a request for review of and written comment on the Plans by the City Planning Commission, and a request that the Council schedule a public hearing on the Plans upon published notice as required by law. NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The EDA hereby reaffirms its previous findings with regards to District No. 1-7, namely that the Modifications are in the public interest; that District No. 1-7 is an "economic development district" under Minnesota Statutes, Section 469.174, subd. 12; and that the Modifications will advance the EDA's and City's objectives to encourage development within Development District No. 1. 2. The EDA hereby finds that Tax Increment Financing District No. 1-9 is in the public interest and is an "economic development district" under Minnesota Statutes, Section 469.174, subd. 12, and finds N:\Minnsota\LINOLAKE\TIF 1-9\EDA_res.wpd