1997-048 Council Resolution - Laserfiche WebLink

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Council Member Kuether introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 97-48 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-1 BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota as follows: Section 1. Recitals. 1.01. The City Council of the City of Lino Lakes (the "City") established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and conferred upon it responsibility for economic development within Lino Lakes. 1.02. The City approved a tax increment financing plan (the "Plan") for Tax Increment Financing District No. 3-1 on June 29, 1995. 1.03. In response to a recent development proposal from Northern Development LLC, the Authority and the City have authorized the preparation of a modified Plan, which is contained in a document entitled "Modified Tax Increment Financing Plan for Tax Increment Financing District No. 3-1" dated April 28, 1997 and on file with the clerk -treasurer. 1.05. Copies of the modified Plan have been forwarded to Independent School District No. 624 and Anoka County along with notice of a public hearing to be held by the City on April 28, 1997. 1.06. The Authority has adopted the modified Plan and referred it to the City for public hearing and consideration as provided by Minnesota Statutes, sections 469.174 through 469.179 (the "TIF Act.") 1.07. The City has fully reviewed the contents of the modified Plan and has on this date conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Findings; Modification of Plan. 2.01. It is found and determined that it is necessary and desirable to the sound and orderly development and redevelopment of Tax Increment Financing District No. 3-1 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 Authority and the City to provide public financial assistance.