1992-078 Council Resolution - Laserfiche WebLink

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Council Member Elliott introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 92 - 78 RESOLUTION DELETING CERTAIN PARCELS FROM TAX INCREMENT FINANCING DISTRICT NO. 1 - 4 WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, original agrees be the City of Lino Lakes (City) established Development District No. 1 on January 26, 1987, pursuant to Minnesota Statutes 469.124 through 469.134; and within Development District No. 1, the City has established four tax increment financing districts in order to assist projects which would not have occurred but for public intervention; and pursuant to its policy and consistent with the program adopted for Development District No. 1, the City established Tax Increment Financing District No. 1-4 (TIF No. 1-4) on March 26, 1990; and certain occurred the City prior to original development which was anticipated has not on several parcels within TIF No. 1-4; and wishes to delete those parcels from TIF No. 1-4 two years from the date of certification of the tax capacity of the parcels; and the City may eliminate the parcels from TIF No. 1-4 without a formal plan modification if the current next tax capacity of the parcels equals or exceeds the net tax capacity of those parcels or if the City that the original net capacity of TIF No. 1-4 will reduced by no more than the current net tax capacity of the parcels. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota as follows: 1. The following parcels are hereby eliminated from TIF No. 1-4: PIN. 18-31-22-33-0003 PIN. 18-31-22-33-0005 PIN. 18-31-22-34-0004 2. Pursuant to Minnesota Statutes 469.175, Subd. 4, the City .- hereby agrees with regard to any parcel whose current net tax capacity is less than the original net tax capacity that the