HomeMy WebLinkAboutResolution No. 04-04 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 04-04
TERMINATING TAX INCREMENT FINANCING (REDEVELOPMENT)
DISTRICT NO. 1-8 AND DIRECTING DECERTIFICATION THEREOF BY
THE COUNTY AUDITOR
WHEREAS, by adoption of a resolution April 28, 1997, the Economic Development
Authority of the City of Lino Lakes, Minnesota (the "Authority") has heretofore created Tax
Increment Financing (Redevelopment) District No. 1-8 (the "District"), located within Y
Development t r, . , , and has approved a Tax Increment Financing Plan (the "TIF Plan"),
as amended, for the District to provide assistance to the Fairview Healthcare Clinic project; and
WHEREAS, the County Auditor of Anoka County has certified the original net tax
capacity and the original local tax rate of the District pursuant to the provisions of Minnesota
Statutes, Section 469.177; and
WHEREAS, as of the date hereof, all of the projects have been completed, all obligations
to which tax increment from the District has been pledged have been paid in full or defeased, and
the Authority has determined that it is in the best interests of the City to terminate and decertify
the District.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of
the City of Lino Lakes, Minnesota that (i) the District is hereby terminated and (ii) the Clerk -
Administrator shall provide a certified copy of this resolution to the County Auditor of Anoka
County so that the District may be decertified on the books and records of the County Auditor
with no further tax increment from the District being remitted to the City.
Adopted: December 20, 2004.
ATTEST.
Exec ive Director