HomeMy WebLinkAboutResolution No. 95-02 EDAMember % introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 95-02
RESOLUTION AUTHORIZING PREPARATION OF A
MODIFIED TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 1-4
WHEREAS, on April 26, 1990, the city council of the City of Lino Lakes (the "City")
established Tax Increment Financing District No. 1-4 ("TIF District No. 1-4") in order to promote
development within areas of the community which have not developed solely through private
efforts in a manner which is consistent with their prominence; and
WHEREAS, it has been necessary to amend the Plan for the TIF District No. 1-4 in the
past in order to assist development and to achieve the purposes for which TIF District No. 1-4
was established; and
WHEREAS, it has been proposed that the TIF Plan be modified again to assist an
industrial facility pursuant to Minnesota Statutes, sections 469.174 through 469.179 (the "TIF
Act").
NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development
Authority (the "EDA") as follows:
1. Staff and Holmes & Graven, Chartered are hereby authorized and directed to
prepare a modified tax increment financing Plan (the "Plan") for TIF District No.
1-4.
2. The executive director of the EDA is authorized and directed to schedule a
meeting on June 12, 1995 at p p.m. in the council chambers at city hall,
at which time the EDA will consider adoption of the modified Plan for TIF
District No. 1-4.
RHB88072
LN140-35
3. The staff and consultants are authorized and directed to take any and all steps
necessary to bring the modified Plan before the EDA at the June 12, 1995
meeting.
4. The City is urged to schedule a public hearing on the modified Plan to be held as
soon after consideration of these matters by the EDA as reasonably possible.
Dated: May 8, 1995
Executive Director
President
The motion for the adoption of the foregoing resolution was duly seconded by member
Wc.t.AJ 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.
RHB88072
LN140-35