2011-087 Council Resolution - Laserfiche WebLink

Home Search

• • Council Member Roeser introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 11 -87 RESOLUTION MODIFYING DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND TIF PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -10 WHEREAS, the City of Lino Lakes ( "City ") and the Lino Lakes Economic Development Authority (the "Authority ") created and administer Development District No. 1 (the "Development District ") under Minnesota Statutes, Sections 469.124 to 469.134 (the "Municipal Development Act: "); and WHEREAS, within the Development District, the Authority and City previously established Tax Increment Financing District No. 1 -10 (the "TIF District ") pursuant to Minnesota Statutes, Sections 469.174 to 469.1799 (the "TIF Act: "); and WHEREAS, under 2011 Minnesota Laws, Ch. 112, Art. 11, Section 18 (the "Special Law "), the Authority is authorized to collect tax increments from the TIF District through December 31, 2023 and use such increments to pay debt service on bonds issued to finance the interchange of Anoka County Highway 23 and Interstate 35W (the "TIF Bonds "), and bonds issued to fmance public improvements serving the development known as Legacy at Woods Edge (the "Improvement Bonds "); and WHEREAS, the City and Authority have determined to modify the tax increment financing plan for the TIF District in order to implement the Special Law, and to that end have caused to be prepared an amended Development Program (the "Amended Program ") for the Development District and an amended Tax Increment Financing Plan (the "Amended TIF Plan") for the TIF District; and WHEREAS, the Authority and City have performed all actions required by law to be performed prior to the adoption of the Amended Program and the Amended TIF Plan, including but not limited to notification of Anoka County and School District No. 12 District, review of and written comment on the Amended Program and Amended TIF Plan by the City Planning Commission, and publication of a notice of public hearing; and WHEREAS, on this date the City Council held a public hearing regarding the Amended Program and Amended TIF Plan at which all persons were given the opportunity to be heard; and WHEREAS, the Authority is expected to approve the Amended Program and the Amended TIF Plan shortly after action by this Council on this Resolution. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes as follows: