HomeMy WebLinkAboutResolution No. 95-03 EDAMember E 11i of t introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 9 5 - 0 3
RESOLUTION ADOPTING THE 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 Development
District No. 1 (the "Development District"), approved a development district program (the
"Program") for the Development District and adopted a tax increment financing plan for Tax
Increment Financing District No. 1-1 on January 26, 1987.
1.02. Following adoption of the Program, the City approved five additional tax increment
financing districts within Development District No. 1.
1.03. In 1990, the City transferred authority for Development District No. 1 and all tax
increment financing districts contained therein to the Lino Lakes Economic Development
Authority (the "Authority"). The Authority now exercises control over the same pursuant to
Minnesota Statutes, sections 469.090 through 469.108.
1.04. In response to a development proposal in an area of the community which has not
developed to its potential despite substantial public investment, the Authority and the City have
authorized the preparation of a tax increment financing plan (the "Plan") for a new tax increment
financing district ("Tax Increment Financing District No. 1-7") within Development District No.
1. The Plan is contained in a document entitled "Tax Increment Financing Plan, Tax Increment
Financing District No. 1-7, Lino Lakes Economic Development Authority" dated May 22, 1995
and which is on file with the Authority.
Section 2. Authority Approval.
2.01. The Authority has reviewed the Plan. The Authority finds that the objectives of
the Authority and the City of encouraging development and redevelopment within Development
District No. 1 will be advanced by adoption of the Plan.
2.02. The Plan is hereby adopted by the Authority. The boundaries of Tax Increment
Financing District No. 1-7 are as described in the Plan.
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Section 3. Further Proceedings.
3.01. It is noted that copies of the Plan were transmitted on April 21, 1995 to the board
of Independent School District No. 12 and the board of commissioners of Anoka County for
review and comment and that said public bodies have been notified of the public hearing to be
held on the Plan by the City.
3.02. The Authority requests the City to hold a public hearing on the Plan as soon
hereafter as is practicable and recommends that the Plan be approved by the City.
Dated:
Al I EST:
May 22
Executive Director
, 1995.
President
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:
Bergeson, Elliott, Neal, Reinert, Kuether
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
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