HomeMy WebLinkAboutResolution No. 93-01 EDAA
"."."' Member Kuether introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 01 - 93
RESOLUTION ADOPTING MODIFIED TAX
INCREMENT FINANCING PLAN, 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 ("City") adopted a tax
increment financing plan ("Plan") for Tax Increment Financing District No. 1-4 on
March 26, 1990.
1.02. The City established the Lino Lakes Economic Development Authority
("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 it has become necessary to modify the Plan.
1.04. In response to these changes, 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 December 13, 1993 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 development within the Project 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 Centennial School District 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 Plan by the City.
3.02. The Authority requests the City to hold a public hearing on the Plan
pursuant to Minn. Stat. section 469.175 as soon hereafter as is practicable and
recommends that the modified Plan be approved by the City.
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3.03. Upon approval of the modified Plan by the City, the executive director
is authorized and directed to file a copy of the modified Plan with the Minnesota
commissioner of revenue.
3.04. After approval of the modified Plan by the City, the president and
executive director of the Authority are authorized and directed to execute on behalf
of the Authority that certain agreement entitled "Contract for Private Development
by and between the Lino Lakes Economic Development Authority and Joseph A.
Jungmann if Mr. Jungmann has first executed such Agreement.
Adopted by the Lino Lakes Economic Development Authority, Lino Lakes,
Minnesota this 13 day of December , 1993.
President
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: Bergeson,
Elliott, Kuether, Neal, Reinert.
and the following voted against same: None.
Whereupon said resolution was declared duly passed and adopted.
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