HomeMy WebLinkAboutResolution No. 95-07 EDAMember Elliott introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 95-07
RESOLUTION ADOPTING MODIFIED TAX
INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 1-4
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") adopted a tax increment
financing plan (the "Plan") for Tax Increment Financing District No. 1-4 on March 26, 1990.
1.02. The City established the Lino Lakes Economic Development Authority (the
"Authority") in 1990 and transferred to it control of Tax Increment Financing District No. 1-4.
1.03. Due to changes in the nature and extent of public and private improvements to be
constructed, the City and the Authority have found it necessary and convenient from time to time
to modify the Plan.
1.04. In response to a development proposal from the River Woods Development
Corporation, 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. 1-4" dated June 12, 1995 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. 1-4 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 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 hearing to be held on the
modified Plan by the City.
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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 commissioner
of revenue.
Adopted by the Lino Lakes Economic Development Authority, Lino Lakes, Minnesota this
12ticlay of June , 1995.
A'1"1'EST:
Randall Schumacher, Executive Director
Vernon F. Reinert, President
The motion for the adoption of the foregoing resolution was duly seconded by member
Neal
thereof:
and upon vote being taken thereon, the following voted in favor
Bergeson, Neal, Reinert, Elliott
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
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