HomeMy WebLinkAboutResolution No. 95-16 EDAMember
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introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 95-16
RESOLUTION ADOPTING MODIFIED TAX INCREMENT FINANCING PLANS
FOR TAX INCREMENT FINANCING DISTRICT NOS. 1-1 AND 1-2
BE IT RESOLVED by the Lino Lakes Economic Development Authorityas follows:
Section 1. Recitals.
1.01. The city council of the City of Lino Lakes (the "City") established Development
District No. 1 ("Development District") and Tax Increment Financing District No. 1-1 ("TIF
District No. 1-1") on January 26, 1987.
1.02. The City established Tax Increment Financing District No. 1-2 ("TIF District No.
1-2") on December 27, 1988.
1.03. The City established the Lino Lakes Economic Development Authority (the
"Authority") in 1990 and transferred authority for the Development District and TIF Districts No.
1-1 and 1-2 to the Authority.
1.04. In the past the Development District Program (the "Program") and the TIF Plans
have been modified to assist improvements within the Development District pursuant to
Minnesota Statutes, sections 469.174 through 469.179 (the "TIF Act") and sections 469.124
through 469.134 (the "City Development District Act").
1.05. It is proposed that the Plans for TIF District Nos. 1-1 and 1-2 again be modified in
order to authorize reimbursement to the City of past expenditures for infrastructure
improvements.
1.06. The Authority and the City have authorized preparation of modified TIF Plans which
are contained in documents entitled "Modified Tax Increment Financing Plan, Tax Increment
Financing District No. 1-1," and "Modified Tax Increment Financing Plan, Tax Increment
Financing District No. 1-2," dated December 18, 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 Districts No. 1-1 and 1-2 will be
advanced by adoption of the modified Plans.
2.02. The modified Plans are hereby adopted by the Authority.
Section 3. Further Proceedings.
3.01. It is noted that copies of the modified Plans 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 Plans by the City.
3.02. The Authority requests that the City hold a public hearing on the modified Plans
pursuant to Minnesota Statutes, section 469.175, subd. 4, as soon hereafter as is practicable and
recommends that the modified Plan be approved by the City.
3.03. Upon approval of the modified Plans by the City, the Authority's executive director
is authorized and directed to file copies of the modified Plans with the Minnesota commissioner of
revenue.
Adopted by the Lino Lakes Economic Development Authority, Lino Lakes, Minnesota
this 18th day of December , 1995.
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Vernon F. Reinert, President
ATTEST:
Randall Schumacher, Executive Director
The motion for the adoption of the foregoing resolution was duly seconded by member
Neal and upon vote being taken thereon, the following voted in favor thereof:
Reinert, Kuether, Neal, Bergeson, Elliott
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.