03-25-1996 EDA Packet - Laserfiche WebLink

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Member introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 96-03 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. On March 26, 1990, the City Council of the City of Lino Lakes (the "City") adopted a tax increment financing plan (the "TIF Plan") for Tax Increment Financing District No. 1-4 ("TIF District No. 1-4") within Development District No. 1. 1.02. The City established the Lino Lakes Economic Development Authority (the "Authority") in June, 1990 and transferred to it control of TIF District No. 1-4. 1.03. On June 22, 1992 the Authority and the City acted to delete certain property from TIF District No. 1-4 because it was unlikely to develop within a reasonable period of time. 1.04. Due to changes in the nature and extent of public and private improvements to be constructed, it was necessary to modify the TIF Plan on December 13, 1993 and June 12, 1995. 1.05. In recognition that much of the land within TIF District No. 1-4 is not likely to develop within the reasonably foreseeable future, it is appropriate to modify the TIF Plan again for the purpose of deleting most of the remaining land from the TIF District. 1.06. In response to these changes, the Authority and the City have authorized the preparation of another modification which is contained in a document entitled "Modified Tax Increment Financing Plan, Tax Increment Financing District No. 1-4" dated March 25, 1996, and which is on file with the Authority. Section 2. Authority Findings and Approval. 2.01. The Authority finds that the objectives of the Authority and the City of encouraging development within Development District No. 1 are not likely to be realized within the reasonably foreseeable future with regard to the majority of land within TIF District No. 1-4 and that the continued inclusion of such property within the TIF District is not in the public interest. 2.02. In order to accomplish the deletion of certain property from TIF District No. 1-4, the Authority has authorized the preparation of this formal modification and has adopted this RHB101681 LN140-11