Resolution No. 95-03 EDA - Laserfiche WebLink

Home Search

Member E 11i of t introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 9 5 - 0 3 RESOLUTION ADOPTING THE PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7 BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals. 1.01. The City Council of the City of Lino Lakes (the "City") established Development District No. 1 (the "Development District"), approved a development district program (the "Program") for the Development District and adopted a tax increment financing plan for Tax Increment Financing District No. 1-1 on January 26, 1987. 1.02. Following adoption of the Program, the City approved five additional tax increment financing districts within Development District No. 1. 1.03. In 1990, the City transferred authority for Development District No. 1 and all tax increment financing districts contained therein to the Lino Lakes Economic Development Authority (the "Authority"). The Authority now exercises control over the same pursuant to Minnesota Statutes, sections 469.090 through 469.108. 1.04. In response to a development proposal in an area of the community which has not developed to its potential despite substantial public investment, the Authority and the City have authorized the preparation of a tax increment financing plan (the "Plan") for a new tax increment financing district ("Tax Increment Financing District No. 1-7") within Development District No. 1. The Plan is contained in a document entitled "Tax Increment Financing Plan, Tax Increment Financing District No. 1-7, Lino Lakes Economic Development Authority" dated May 22, 1995 and which is on file with the Authority. Section 2. Authority Approval. 2.01. The Authority has reviewed the Plan. The Authority finds that the objectives of the Authority and the City of encouraging development and redevelopment within Development District No. 1 will be advanced by adoption of the Plan. 2.02. The Plan is hereby adopted by the Authority. The boundaries of Tax Increment Financing District No. 1-7 are as described in the Plan. RHB88884 LN140-36