Resolution No. 95-07 EDA - Laserfiche WebLink

Home Search

Member Elliott introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 95-07 RESOLUTION ADOPTING MODIFIED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-4 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") adopted a tax increment financing plan (the "Plan") for Tax Increment Financing District No. 1-4 on March 26, 1990. 1.02. The City established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and transferred to it control of Tax Increment Financing District No. 1-4. 1.03. Due to changes in the nature and extent of public and private improvements to be constructed, the City and the Authority have found it necessary and convenient from time to time to modify the Plan. 1.04. In response to a development proposal from the River Woods Development Corporation, the Authority and the City have authorized the preparation of a modified Plan which is contained in a document entitled "Modified Tax Increment Financing Plan, Tax Increment Financing District No. 1-4" dated June 12, 1995 and on file with the Authority. Section 2. Authority Approval. 2.01. The Authority finds that the objectives of the Authority and the City of encouraging development and redevelopment within Tax Increment Financing District No. 1-4 will be advanced by adoption of the modified Plan. 2.02. The modified Plan is hereby adopted by the Authority. Section 3. Further Proceedings. 3.01. It is noted that copies of the modified Plan have been transmitted to the board of Independent School District No. 12 and the board of commissioners of Anoka County for review and comment and that said public bodies have been notified of the hearing to be held on the modified Plan by the City. RHB62062 LN140-11