HomeMy WebLinkAboutResolution No. 00-02 EDAMember Carlson introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 00-02
RESOLUTION REQUESTING ANOKA COUNTY TO DECERTIFY TAX
INCREMENT FINANCING DISTRICT NO. 1-4
WHEREAS, The City Council of the City of Lino Lakes (the "City") created its
Tax Increment Financing District No. 1-4 (the 'District"), County identifier Nos. L5 and
K4, within its Development District No. 1 (the "Project") on March 26, 1990; and
WHEREAS, administrative responsibility for the District was transferred in 1990
from the City to the Lino Lakes Economic Development Authority (the "Authority"); and
WHEREAS, the Authority amended the plan for the District on June 12, 1995 to
modify the budget and again on March 25, 1996 to delete parcels from the District; and
WHEREAS, as of the date hereof all bonds to which tax increment from the
District had been pledged have been paid in full or defeased; and
WHEREAS, there exists other authorized costs of the Project which remain
unpaid; and
WHEREAS, the Tax Increment Financing Plan (the "Plan") adopted on March
26, 1990 for the District requires, pursuant to M.S. 469.176 Subd. 1, that the duration of
the District will be eight years after the date of receipt by the City of the first tax
increment or ten years from approval of the tax increment financing plan, whichever is
less; and
WHEREAS, the receipt of the first tax increment was July of 1996; and
WHEREAS, March 26, 2000 is ten years from the approval of the tax increment
financing plan, which is the lesser; and
WHEREAS, the City desires by this resolution to cause the decertification due to
its expiration of the District after which all property taxes generated by property within
the District will be distributed in the same manner as all other property taxes beginning
March 26, 2000.
NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic
Development Authority as follows:
1. It is hereby found and determined by the Authority that the District is required
to be decertified by reason of its statutory expiration.
2. The Authority asks the City to join with it in requesting that Anoka County
decertify TIF District No. 1-4, effective March 26, 2000.
3. The Authority authorizes the expenditure of the tax increments remaining in
the District's fund in accordance with the modified Plan.
4. The Authority authorizes and directs City staff, after all authorized
expenditures and obligations of the District have been paid, to return to the
Anoka County Auditor, in accordance with M.S. 469.176, Subd. 2(4), all
remaining increments as excess increments.
5. The Authority authorizes and directs City staff and consultants to take any and
all other actions which may be necessary to accomplish the intent of this
resolution.
Dated: January 24, 2000
ATTEST:
Executive Director
The motion for the adoption of the foregoing resolution was duly seconded by member
O'Donnell and upon vote being taken thereon, the following voted in favor
thereof
And the following voted against same:
Whereupon said resolution was declared duly passed and adopted.