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2011-040 Council Resolution
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2011-040 Council Resolution
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Last modified
9/10/2014 11:03:58 AM
Creation date
9/8/2014 12:04:52 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
03/28/2011
Council Meeting Type
Regular
Resolution #
11-40
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Council Member ROESER <br />moved its adoption: <br />introduced the following resolution and <br />CITY OF LINO LAKES <br />COUNTY OF ANOKA <br />RESOLUTION NO. 11.-40 <br />RESOLUTION RELATED TO SPECIAL LEGISLATION FOR <br />TAX INCREMENT FINANCING IN CITY OF LINO LAKES <br />WHEREAS, the City of Lino Lakes (the "City ") has requested special <br />legislation that would allow the City to extend the duration of its Tax Increment <br />Financing District No. 1 -10 (the "TIF District "), which TIF District would otherwise <br />be required to be decertified at the end of 2013; and <br />WHEREAS, such legislation has been introduced in the House of <br />Representatives as HF No. 861, and in the Senate as SF No. 653 (referred to <br />as the "Special Legislation "); and <br />WHEREAS, the Special Legislation allows the City to extend the duration <br />of the TIF District through 2023, so long as the extended tax increments are <br />applied to pay debt service on bonds that were issued to finance public <br />improvements serving the development known as Legacy at Woods Edge, and <br />bonds issued to finance the interchange of Anoka County Highway 23 and <br />marked Interstate Highway 35W; and <br />WHEREAS, the undeveloped portions of the Legacy at Woods Edge <br />development have been tax forfeited, and the Special Legislation will help the <br />City in efforts to return that property to the tax rolls and create long -term future <br />tax base. <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Lino Lakes as follows: <br />1. The City supports efforts to obtain approval of the Special <br />Legislation in the 2011 legislative session. <br />2. City staff is authorized and directed to provide copies of this <br />resolution to the County and any appropriate legislative bodies. <br />Approved this 2 , day of M to c .��20 <br />Jeff R in , Mayor <br />
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