Resolution No. 03-09 EDA (Approved)

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RESOLUTION 03-09 TERMINATING TAX INCREMENT FINANCING DISTRICT 1-7 AND DIRECTING DECERTIFICATION THEREOF BY THE COUNTY AUDITOR WHEREAS, by adoption of a resolution on May 22, 1995, the Economic Development Authority of the City of Lino Lakes, Minnesota (the “Authority”) has heretofore created Tax Increment Financing District 1-7 (the “District”), located within Development District No. 1, and has approved a Tax Increment Financing Plan (the “TIF Plan”), for the District to provide assistance to several projects within the District; and WHEREAS, the County Auditor of Anoka County has certified the original net tax capacity and the original local tax rate of the District pursuant to the provisions of Minnesota Statutes, Section 469.177; and WHEREAS, as of the date hereof, all of the projects have been completed, all obligations to which tax increment from the District has been pledged have been paid in full or defeased, and the Authority has determined that it is in the best interests of the City to terminate and decertify the District; and WHEREAS, there remains an excess balance of tax increments collected from within the District. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Lino Lakes, Minnesota that: (1) Tax Increment Financing District 1-7 is hereby terminated as of November 15, 2003. (2) The Clerk-Administrator shall provide a certified copy of this resolution to the County Auditor of Anoka County so that the District may be decertified on the books and records of the County Auditor with no further tax increment from the District being remitted to the City. (3) The balance of excess tax increments shall be returned to the County Auditor of Anoka County for redistribution to the appropriate taxing jurisdictions. th Adopted by the Lino Lakes Economic Development Authority the 27 day of October 2003. ____________________ President ___________________ Executive Director