HomeMy WebLinkAboutResolution No. 11-01 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 11-01
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, and bonds issued to
finance public improvements serving the development known as Legacy at Woods Edge;
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 hold a
public hearing thereon in accordance with the TIF Act; 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 thereafter the City Council approved the Amended Program
and Amended TIF Plan conditioned only upon approval of those documents by the
Authority.
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Economic Development Authority of the City of Lino Lakes as follows:
1. The Amended Program and Amended TIF Plan are hereby approved in
substantially the form on file in City Hall.
2. The Authority's advisors and legal counsel are authorized and directed to
proceed with the implementation of the Amended TIF Plan and Amended
Program.
390471v1 SJB LN140-80
Approved by the board of commissioners of the Lino Lakes Economic Development
Authority this 22nd day of August, 2011.
ATTEST:
Secretary /
390471v1 SJB LN140-80
2
STAFF ORIGINATOR:
AGENDA ITEM 3
Mary Alice Divine
DATE: August 22, 2011
TOPIC: Consideration of Resolution No. 11-01, Modifying
Development Program for Development District No. 1
and TIF Plan for Tax Increment Financing District
No.1-10
Vote Required: Simple Majority
BACKGROUND:
Special legislation was passed in the Minnesota Legislature this session.
Minnesota Laws, Ch. 112, Art.11, Section 18 authorizes the City to extend the
duration of Lino Lakes Tax Increment Financing District No. 1-10, located along
Lake Drive, through December 31, 2023.
If the EDA elects to use this authority, it must use increments collected from the
district after February 1, 2011, to pay debt service on bonds issued to finance
the I-35W/County Highway 23 interchange reconstruction and the improvements
serving Legacy at Woods Edge development. These expenditures would not be
subject to the general law restrictions on pooling, including the 5- year rule, and
limits on the type of purposes for which economic development district
increments may be spent.
As required by Minnesota Statutes, Section 469.175, Development District No. 1
and the Plan for TIF District 1-10 must now be modified to reflect the extended
duration of the district and the increased budget, and to ensure that the
modification conforms to the Comprehensive Plan.
The new legislation was approved by Centennial School District and Anoka
County, and the draft plan modification was sent to them for review and
comment. The Planning and Zoning Board found the plan consistent with the
Comprehensive Plan at its meeting on August 10, 2011.
RECOMMENDATION:
Approve Resolution No. 11-01