HomeMy WebLinkAboutResolution No. 03-04 EDA (Approved)
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 03-04
RESOLUTION MODIFYING DEVELOPMENT DISTRICT NO.
1 AND ESTABLISHING TAX INCREMENT FINANCING
DISTRICT NO. 1-10
WHEREAS, the Economic Development Authority (the “Authority”) for the City
of Lino Lakes (the “City”) has proposed to modify the Program (the “Program”) for
Development District No. 1 and to establish Tax Increment Financing District No. 1-10
(“District No. 1-10”) and adopt the Tax Increment Financing Plan (the “Plan”) therefore,
all pursuant to and in conformity with existing law, including Minnesota Statutes,
Sections 469.090 through 469.1081, and Sections 469.174 to 469.179, inclusive, all as
reflected in the Program and Plan and presented for the Authority’s consideration.
WHEREAS, the Authority has investigated the facts relating to the modification
of the Program and the establishment of the Plan, and has caused to be prepared a
“Modified Development Program, Development District No.1 and a “Tax Increment
Financing Plan for Tax Increment Financing (Economic Development) District No. 1-
10”; and
WHEREAS, the Authority has performed all actions required by law to be
performed prior to the adoption of the modified Program and the Plan, including but not
limited to notification of Anoka County and School District No. 12 having taxing
jurisdiction over the property to be included in District No. 1-10, a request for review of
and written comment on the Plan by the City Planning & Zoning Board, and a request
that the Council schedule a public hearing on the Plan upon published notice as required
by law.
NOW THEREFORE, BE IT RESOLVED by the Economic Development
Authority of the City of Lino Lakes as follows:
1. That the modified Program for Development District No. 1 is hereby approved
in substantially the form on file in City Hall.
2. The Plan is hereby approved in substantially the form on file in City Hall.
3. Upon approval of the Plan by the City Council, the staff, the Authority’s
advisors and legal counsel are authorized and directed to proceed with the
implementation of the Plan and for this purpose to negotiate, draft, prepare
and present to this Authority for its consideration all further plans, resolutions,
documents and contracts necessary for this purpose. Approval of the Plan does
not constitute approval of any project or a development agreement with any
developer.
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4. Upon approval of the Plan by the City Council, the Community Development
Director is authorized to forward a copy of the Plans to the Office of the State
Auditor pursuant to Minnesota Statutes 469.175, subd. 2.
5. The City Clerk is authorized and directed to forward a copy of the Plan to
Anoka County and request that the Auditor certify the original tax capacity of
the District as described in the Plan, all in accordance with Minnesota Statutes
469.177.
DATED: ___________________, 2003
__________________________________
President
ATTEST:
__________________________________
Executive Director
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