HomeMy WebLinkAboutResolution No. 96-04 EDAMember K u e t h e r introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 96-04
RESOLUTION ADOPTING MODIFIED TAX INCREMENT FINANCING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7
BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows:
Section 1. Recitals.
1.01. The City Council of the City of Lino Lakes (the "City") established the Lino Lakes
Economic Development Authority (the "Authority") in 1990 and conferred upon it responsibility
for economic development within Lino Lakes.
1.02. The City adopted a tax increment financing plan (the "Plan") for Tax Increment
Financing District No. 1-7 on May 22, 1995.
1.03. In response to development proposals from Progressive Engineering Technology,
Inc. and Ballantine Trench -ALL, Inc., and in order to add additional land to TIF District No. 1-7,
the Authority and the City have authorized the preparation of a modified Plan which is contained
in a document entitled "Modified Tax Increment Financing Plan, Tax Increment Financing District
No. 1-7," dated March 25, 1996 and on file with the Authority.
Section 2. Authority Approval.
2.01. The Authority finds that the objectives of the Authority and the City of encouraging
development and redevelopment within Tax Increment Financing District No. 1-7 will be
advanced by adoption of the modified Plan.
2.02. The modified Plan is hereby adopted by the Authority.
Section 3. Further Proceedings.
3.01. It is noted that copies of the modified Plan have been transmitted to the boards of
Independent School District No. 12 and Independent School District No. 834 and the board of
commissioners of Anoka County for review and comment and that said public bodies have been
notified of the hearing to be held on the modified Plan by the City.
3.02. The Authority requests that the City hold a public hearing on the modified Plan
pursuant to Minnesota Statutes, section 469.175 as soon hereafter as is practicable and
recommends that the modified Plan be approved by the City.
3.03. Upon approval of the modified Plan by the City, the Authority's executive director is
authorized and directed to file a copy of the modified Plan with the Minnesota state auditor. The
executive director is also authorized and directed to contact the Anoka County auditor and
request that the tax capacities of the parcels added to TIF District No. 1-7 be reflected in the
original tax capacity of the District.
Adopted by the Lino Lakes Economic Development Authority, Lino Lakes, Minnesota
this 25th day of March , 1996.
John L. Landers, President
Randall Schumacher, Executive Director
The motion for the adoption of the foregoing resolution was duly seconded by member
Bergeson and upon vote being taken thereon, the following voted in favor thereof:
Kuether, Bergeson, Landers, Neal
and the following voted against same:
Lyden: abstained
Whereupon said resolution was declared duly passed and adopted.