HomeMy WebLinkAboutResolution No. 12-01 EDALINO LAKES ECNOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 12-01
RESOLUTION APPROVING MODIFICATION OF TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1-5
WHEREAS, by a resolution approved December 28, 1992 the Lino Lakes
Economic Development Authority (the "Authority") approved the Tax Increment
Financing Plan (the "Plan") for Tax Increment Financing (Housing) District No. 1-5 (the
"TIF District"), pursuant to and in conformity with Minnesota Statutes, Sections 469.090
through 469.1081 (the "EDA Act") and Sections 469.174 to 469.179 (the "TIF Act"); and
WHEREAS, by a resolution approved December 28, 1992, the City Council of
the City of Lino Lakes (the "City"), after a duly notice public hearing, approved the Plan
for the TIF District; and
WHEREAS, the TIF District is located within Development District No. 1 (the
"Project Area"), which is a development district established under Minnesota Statutes,
Sections 469.124 to 469.133; and
WHEREAS, the City and Authority have determined a need to modify the budget
of tax increment expenditures in the Plan; and
WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority may
modify the Plan for the TIF District without the notice and hearings required for a new
district, if the changes are not those described in Section 469.175, subdivision 4(b),
clauses (1) through (6); and
WHEREAS, the proposed modifications to the TIF Plan include revised line items
of expenditures to finance additional afford housing in the Project Area, but do not
increase the total estimated cost of the project or the total amount of bonded
indebtedness.
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Lino Lakes Economic Development Authority as follows:
1. The administrative modification to the Plan is hereby approved in
substantially the form on file in City Hall.
2. Upon approval of the modification to the Plan by the City Council of the City,
the Community Development Director is authorized to forward a copy of the
modified Plan to the Department of Revenue and the State Auditor pursuant to
Minnesota Statutes 469.175, subd.4a.
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3. The City Clerk is authorized and directed to forward a copy of the Plan to
Anoka County for information purposes.
DATED: December 9, 2012
ATTEST:
Secretary
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President
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