Resolution No. 97-15 EDA - Laserfiche WebLink

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Member Bergeson introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 97-15 RESOLUTION REQUESTING ANOKA COUNTY TO DECERTIFY TAX INCREMENT FINANCING DISTRICT NO. 1-1 WHEREAS, the City Council of the City of Lino Lakes (the "City") established Tax Increment Financing District No. 1-1 ("TIF District No. 1-1") on January 26, 1987; and WHEREAS, administrative responsibility for TIF District No. 1-1 was transferred in 1990 from the City to the Lino Lakes Economic Development Authority (the "Authority"); and WHEREAS, the Authority amended the plan for TIF District No. 1-1 on December 18, 1995 and again on October 13, 1997 to modify the budget; and WHEREAS, the Authority believes that the objectives for which TIF District No. 1-1 was created and maintained have now been accomplished; and WHEREAS, the Authority intends to request that Anoka County decertify TIF District No. 1-1, effective December 31, 1997. NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: 1. It is hereby found and determined by the Authority that the goals and objectives for which TIF District No. 1-1 was established in 1987 have been fulfilled and there is no longer a reason for the TIF District to remain in existence. 2. The Authority asks the City to join with it in requesting that Anoka County decertify TIF District No. 1-1, effective December 31, 1997. 3. The Authority authorizes and directs City staff to transfer all funds from the account of the TIF District prior to decertification of the TIF District, all in accordance with the modified TIF plan adopted on this date. RHB131364 LN140-43