2019-085 Council Resolution - Laserfiche WebLink

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1.03. The proposed development to be financed in part through tax increment financing will provide the City with affordable housing for seniors. 1.04. The TIF Plan conforms to the general plan for development of the City as a whole. 1.05. The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF District and the Development District by private enterprise. 1.06. The TIF District is a housing district under Section 469.174, subdivision 11 of the TIF Act. 1.07. The reasons and facts supporting all the above findings are set forth in the TIF Plan and are incorporated herein by reference. The City Council has also relied upon the reports and recommendations of its staff and consultants, as well as the personal knowledge of members of the City Council, in reaching its conclusions regarding the TIF Plan. Section 2. Public Purpose. The adoption of the TIF Plan conforms in all respects to the requirements of the TIF Act. The TIF Plan will help facilitate an affordable housing development for seniors. The City expressly finds that the tax increment assistance is provided solely to make the development financially feasible and thus produce the public benefits described. Therefore, the City finds that the public benefits of the TIF Plan exceed any private benefits. Section 3. Approvals; Further Proceedings 3.01. The TIF Plan for the TIF District is hereby approved and adopted in substantially the form on file at City Hall. 3.02. The City Council hereby transmits the TIF Plan to the Board of Commissioners of the Authority (the "Board") and recommends that the Board adopt the TIF Plan. 3.03. Upon approval of the TIF Plan by the Board, the Authority is authorized and directed to file a request for certification of the TIF District with the County Auditor of Anoka County, Minnesota and to file a copy of TIF Plan with the Minnesota Commissioner of Revenue as required by the TIF Act. Approved by the City Council of the City of Lino Lakes, Minnesota this 8th day of July, 2019. The motion for adoption of the foregoing resolution was introduced by Council Member Manthey and was duly seconded by Council Member Stoesz, and upon a vote bein taken thereon, the following voted in favor thereof: Manthey, Stoesz Raff Reinert The following voted against same: none ATTEST: Mayor 2