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HomeMy WebLinkAbout1988-096 Council Resolution• • • Member Bisel introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 96 - 88 RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1 -2 BE IT RESOLVED By the City Council of the City of Lino Lakes, Minnesota, as follows: Section 1. Recitals. 1.01. The City of Lino Lakes (City) approved the creation of Development District No. 1 (District) and adopted a program (Program) for the District in accordance with Minn. Stat., Sections 469.124 through 462.134 (Development District Act) on December 27,) 1988. 1.02. The City has previously approved the creation of a tax increment financing district within the District and adopted a plan for the TIF district pursuant to Minn. Stat., Sections 469.174 through 469.179 (TIF Act). 1.03. The City has determined to create a second tax increment financing district within the District (TIF District No. 1 -2) in order to promote development of areas of the City which are presently underdeveloped. 1.04. The City Council has authorized the preparation of a plan (Plan) for TIF District No. 1 -2 which is contained in a document entitled "Tax Increment Financing Plan, Tax Increment Financing District No. 1 -2, City of Lino Lakes, Minnesota," dated December 27, 1988. 1.05. Copies of the Plan have been forwarded to Independent School District No. 831 and to Anoka County along with a notice of the public hearing as required by the TIF Act. 1.06. The City's planning and zoning board has reviewed the Plan and on August 17, 1988, found the Plan to be consistent with the City's general plans for development. 1.07. The City Council has fully reviewed the contents of the Plan and has this date conducted a public hearing thereon at which the views of all interested persons were heard. '., • Section 2. Findings; Tax Increment Financing District. • • 2.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the District and the City as a whole, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public financial assistance to the District. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary. 2.03. The public improvements and other expenditures proposed to be financed through tax increment financing are necessary to permit the City to realize the full potential of the District in terms of development intensity, employment opportunities and tax base. 2.04. The Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of TIF District No. 1 -2 by private enterprise. 2.05. The City Council has relied upon the opinions and recommendations of its staff and planning and zoning board and the personal knowledge of the members of the council in reaching its conclusions regarding the Plan and the establishment of TIF District No. 1 -2. 2.06. The City Council finds that TIF District No. 1 -2 is an economic development tax increment financing district within the meaning of Section 469.174, Subd. 12 of the TIF Act. Section 3. TIF District Established; Certification; Filing. 3.01. The Plan for TIF District No. 1 -2 is hereby approved and adopted. TIF District No. 1 -2 is hereby established. 3.02. The geographic boundaries of TIF District No. 1 -2 are as described in the Plan, which is hereby adopted by reference. 3.03. The city clerk is authorized and directed to transmit a certified copy of this resolution together with a certified copy of the Plan to the auditor of Anoka County with a request that the original assessed value of the property within TIF District No. 1 -2 be certified to the City pursuant to Section 469.177, Subd. 1 of the TIF Act and to file a copy of the Plan with the Minnesota commissioner of trade and economic development as required by the TIF Act. 3.04. With respect to Minnesota Statutes, Chapter 473F, the City elects TIF District No. 1 -2 to be treated under the provisions of Section 469.177, Subd. 3(b) of the TIF Act. 2 .. • • • 3.05. The City may at the appropriate time take action to issue and sell its general obligation bonds pursuant to the TIF Act to finance the costs identified in the Plan. The motion for the adoption of the foregoing resolution was duly seconded by member Neal and upon vote being taken thereon, the following voted in favor thereof: Neal, Bisel, Bohjanen, Reinert, Benson and the following voted against same:None Whereupon said resolution was declared duly passed and adopted by the Lino Lakes City Council this 27th day of Dec. ATTEST: , 1988. CITY OF LINO LAKES Maril n G. Atde son, City Clerk- Treasurer 0527RE03.E40 3