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10-13-1997 EDA Packet
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10-13-1997 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
10/13/1997
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Member introduced the following resolution and moved its adoption: <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 9 7 -15 <br />RESOLUTION REQUESTING ANOKA COUNTY TO <br />DECERTIFY TAX INCREMENT FINANCING DISTRICT NO. <br />1-1 <br />WHEREAS, the City Council of the City of Lino Lakes (the "City") established Tax <br />Increment Financing District No. 1-1 ("TIF District No. 1-1") on January 26, 1987; and <br />WHEREAS, administrative responsibility for TIF District No. 1-1 was transferred in 1990 <br />from the City to the Lino Lakes Economic Development Authority (the "Authority"); and <br />WHEREAS, the Authority amended the plan for TIF District No. 1-1 on December 18, <br />1995 and again on October 13, 1997 to modify the budget; and <br />WHEREAS, the Authority believes that the objectives for which TIF District No. 1-1 was <br />created and maintained have now been accomplished; and <br />WHEREAS, the Authority intends to request that Anoka County decertify TIF District No. <br />1-1, effective December 31, 1997. <br />NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development <br />Authority as follows: <br />1. It is hereby found and determined by the Authority that the goals and objectives <br />for which TIF District No. 1-1 was established in 1987 have been fulfilled and <br />there is no longer a reason for the TIF District to remain in existence. <br />2. The Authority asks the City to join with it in requesting that Anoka County <br />decertify TIF District No. 1-1, effective December 31, 1997. <br />3. The Authority authorizes and directs City staff to transfer all funds from the <br />account of the TIF District prior to decertification of the TIF District, all in <br />accordance with the modified TIF plan adopted on this date. <br />RHB131364 <br />LN140-43 <br />
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