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• <br />• <br />• <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO.02 -01 <br />RESOLUTION APPROVING THE ELIMINATION OF A <br />PARCEL FROM TAX INCREMENT FINANCING DISTRICT <br />NO. 1 -9 WITHIN DEVELOPMENT DISTRICT NO. 1 OF THE <br />CITY OF LINO LAKES. <br />WHEREAS, on December 14, 1998 the Lino Lakes Economic Development <br />Authority (The "Authority ") created its Tax Increment Financing District No. 1 -9 <br />( "District No. 1 -9 "), County Number R -2, within its Development District No. 1; and <br />WHEREAS, District No. 1 -9, was created as an Economic Development District <br />according to M.S. 469.174, subd.12; and <br />WHEREAS, District 1 -9 included the parcel listed in Attachment A which was <br />previously certified in District 1 -9; and <br />WHEREAS, the adjusted original tax capacity for taxes payable 2002 is <br />$2024.00; and <br />WHEREAS, the current tax capacity for taxes payable in 2002 is $2206.00; and <br />WHEREAS, because the current tax capacity is greater than the adjusted original <br />tax capacity; a public hearing is not required by Minnesota Statutes, Section 469.175, <br />subd. 4; ,and <br />WHEREAS, The Authority desires by this resolution to cause the elimination of <br />the parcel from the District, thereby reducing the size of the District. <br />NOW THEREFORE, BE IT RESOLVED by the Economic Development <br />Authority of the City of Lino Lakes that the parcel is hereby eliminated from District No. <br />1 -9 and the City's staff shall take such action as is necessary to notify the County Auditor <br />of the reduction in the geographic area of District No. 1 -9 caused by the elimination of <br />such parcel. <br />DATED: , 2002 <br />ATTEST: <br />Executive Director <br />President <br />