Resolution No. 03-05 EDA (Approved)

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 03-05 RESOLUTION APPROVING THE MODIFICATION OF TAX INCREMENT FINANCING DISTRICT NO. 1-9 WITHIN DEVELOPMENT DISTRICT NO. 1 OF THE CITY OF LINO LAKES TO ELIMINATE TWO PARCELS FROM THE DISTRICT WHEREAS, on December 14, 1998 the Lino Lakes Economic Development Authority (The "Authority”) created its Tax Increment Financing District No. 1-9 ("District No. 1-9") within its Development District No. 1; and WHEREAS, District No. 1-9, was created as an Economic Development District according to M.S. 469.174, subd.12; and WHEREAS, District 1-9 included the parcels: 17-31-22-23-0012 17-31-22-32-0006 which were previously certified in District 1-9; and WHEREAS, the original net tax capacity for taxes payable 2003 is: 17-31-22-23-0012: $769.00 17-31-22-32-0006: $5,649.00; and WHEREAS, the current net tax capacity for taxes payable in 2003 is: 17-31-22-23-0012: $1,110.00 17-31-22-32-0006: $13,600.00; and WHEREAS, because the current tax capacity is greater than the adjusted original tax capacity; a public hearing is not required by Minnesota Statutes, Section 469.175, subd. 4; ,and WHEREAS, The Authority desires by this resolution to cause the elimination of the parcels from the District, thereby reducing the size of the District. NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Lino Lakes that District No. 1-9 is hereby modified to eliminate two parcels and the City's staff shall take such action as is necessary to notify the County Auditor of the reduction in the geographic area of District No. 1-9 caused by the elimination of such parcels.