Laserfiche WebLink
• <br />• <br />• <br />CITY OF LINO LAKES <br />RESOLUTION NO. 04 -201 <br />RESOLUTION APPROVING MODIFICATION OF TAX <br />INCREMENT FINANCING PLAN FOR TAX INCREMENT <br />FINANCING DISTRICT NO. 1 -11 <br />WHEREAS, by Resolution No. 03 -11 approved November 24, 2003, the <br />Economic Development Authority (the "Authority ") for the City of Lino Lakes (the <br />"City ") approved the Tax Increment Financing Plan (the "Plan ") for Tax Increment <br />Financing District No. 1 -11 (the "TIF District "), pursuant to and in confoimity with <br />Minnesota Statutes, Sections 469.090 through 469.1081 (the "EDA Act ") and Sections <br />469.174 to 469.179 (the "TIF Act "); and <br />WHEREAS, by Resolution No. 03 -209 approved November 24, 2003, the City <br />Council of the City, after a duly notice public hearing, approved the Plan for the TIF <br />District; and <br />WHEREAS, since that time the City and Authority have diligently worked to <br />negotiate a development agreement regarding the TIF District, and determined to <br />postpone filing the TIF District for certification pending completion of such negotiations; <br />and <br />WHEREAS, on October 12, 2004, the City and Authority each approved a <br />Contract for Private Development between the City, Authority and Legacy Holdings /Lino <br />Lakes LLC (the "Contract "); and <br />WHEREAS, in reviewing the development contemplated in the Contract, the <br />Authority has determined that Parcel No. 17- 31 -22 -12 -0005 (the "Parcel ") should be <br />eliminated from the TIF District; and <br />WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority may <br />modify the Plan for the TIF District without the notice and hearings required for a new <br />district, if the only change is to eliminate parcels from the TIF District, and the current net <br />tax capacity of those parcels equals for exceeds the net tax capacity of those parcels in the <br />district's original net tax capacity; and <br />WHEREAS, the TIF District has not yet been filed for certification, but the City <br />expects to file for certification by the end of December, 2004, in which event the original <br />net tax capacity for all parcels in the TIF District will be the tax capacity as of January 2, <br />2004 (for taxes payable in 2005); and <br />