HomeMy WebLinkAboutResolution No. 94-03 EDAMember Kuether introduced the following resolution and moved its adoption:
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 94 - 03
RESOLUTION APPROVING THE PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 1-6
BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows:
Section 1. Recitals.
1.01. The City Council (Council) of the City of Lino Lakes (City) established
Development District No. 1, approved a development district program (Program) for
Development District No. 1 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 four additional tax increment
financing districts within Development District No. 1.
1.03. The City has transferred authority for Development District No. 1 and the five tax
increment financing districts contained therein to the Lino Lakes Economic Development
Authority (Authority) and the Authority now exercises control over same pursuant to Minnesota
Statutes, sections 469.090 through 469.108.
1.04. In response to a new development proposal, the Authority and the City have
authorized the preparation of a Tax Increment Financing Plan for Tax Increment Financing
District No. 1-6 within Development District No. 1 and which is contained in a document entitled
"Tax Increment Financing Plan, Tax Increment Financing District No. 1-6, Lino Lakes Economic
Development Authority" dated August 11, 1994 and on file with the Authority.
1.05. The Plan was referred to the planning and zoning board and on July 13, 1994, the
planning and zoning board found that the Plan was consistent with the general plans for
redevelopment of the City as a whole.
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 approved and adopted by the Authority. The boundaries of Tax
Increment Financing District No. 1-6 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 June 28, 1994 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 Plan by the Council.
3.02. The Authority requests the Council to hold a public hearing on the Plan as soon
hereafter as is practicable and recommends that the Plan be approved by the Council.
Dated: August 11, 1994 , 1994.
Chairperson
A 11EST:
Secretary
The motion for the adoption of the foregoing resolution was duly seconded by member
Elliott 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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