2019-085 Council Resolution - Laserfiche WebLink

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CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 19-85 RESOLUTION APPROVING TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (HOUSING) DISTRICT NO. 1-13 WHEREAS, the City of Lino Lakes, Minnesota (the "City") and the Lino Lakes Economic Development Authority (the "Authority") have established, and the Authority administers, Development District No. 1 (the "Development District") located within the City and have caused to be created a Development Plan (the "Development Plan") therefor, pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended (the "EDA Act"); and WHEREAS, within the Development District the City and the Authority have created certain tax increment financing districts pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act"); and WHEREAS, the City and the Authority have determined to approve a tax increment financing plan (the "TIF Plan") relating to the creation of a new tax increment financing district within the Development District designated as the Tax Increment Financing (Housing) District No. 1-13 (the "TIF District"), all as described in a plan document presented to the City Council of the City (the "City Council") on the date hereof; and WHEREAS, pursuant to Section 469.175, subd. 2a, of the TIF Act, the notice of public hearing for the creation of the TIF Plan was provided to the county commissioner who represents the area included in the TIF District at least 30 days before the publication of the notice; and WHEREAS, pursuant to Section 469.175, subd. 2 of the TIF Act, the proposed 1'lh Plan and the estimates of the fiscal and economic implications of the TIF Plan were presented to the School Board of Independent School District No. 12 and to the County Board of Commissioners of Anoka County, Minnesota; and WHEREAS, on the date hereof, the City Council conducted a public hearing relating to the TIF Plan and the establishment of the TIF District, at the views of all interested parties were heard at the public hearing; and that: WHEREAS, the City Council has reviewed the contents of the TIF Plan; and NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota Section 1. Findings; TIF District. 1.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public financial assistance to the TIF District and the Development District. 1.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the TIF Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future.