HomeMy WebLinkAboutResolution No. 07-01 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 07-01
RESOLUTION APPROVING MODIFICATION OF TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1-11
WHEREAS, by Resolution No. 03-11 approved November 24, 2003, the
Economic Development Authority (the "Authority") for the City of Lino Lakes (the
"City") approved the Tax Increment Financing Plan (the "Plan") for Tax Increment
Financing District No. 1-11 (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 Resolution No. 03-209 approved November 24, 2003, the City
Council of the City, after a duly notice public hearing, approved the Plan for the TIF
District; and
WHEREAS, by resolutions approved on December 15, 2004 and December 20,
2004, respectively, the City Council and the Authority board of commissioners approved
resolutions modifying the Plan to eliminate a parcel from the TIF District; and
WHEREAS, the City and Authority have determined a need to modify the budget
of tax increment expenditures in the Plan and make other administrative changes to
conform the Plan with current expectations; 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 and revised types of bonded indebtedness, 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 Economic Development
Authority of the City of Lino Lakes 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, the
Community Development Director is authorized to forward a copy of the
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modified Plan to the Department of Revenue and the State Auditor pursuant to
Minnesota Statutes 469.175, subd.4a.
3. The City Clerk is authorized and directed to forward a copy of the Plan to
Anoka County for information purposes.
DATED: June 25, 2007
ATTEST-
'Vice
TTEST;
Vice President
,'I
Executi e Director
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