HomeMy WebLinkAboutResolution No. 03-05 EDA (Approved)
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 03-05
RESOLUTION APPROVING THE MODIFICATION OF TAX
INCREMENT FINANCING DISTRICT NO. 1-9 WITHIN
DEVELOPMENT DISTRICT NO. 1 OF THE CITY OF LINO
LAKES TO ELIMINATE TWO PARCELS FROM THE
DISTRICT
WHEREAS, on December 14, 1998 the Lino Lakes Economic Development
Authority (The "Authority”) created its Tax Increment Financing District No. 1-9
("District No. 1-9") within its Development District No. 1; and
WHEREAS, District No. 1-9, was created as an Economic Development District
according to M.S. 469.174, subd.12; and
WHEREAS, District 1-9 included the parcels:
17-31-22-23-0012
17-31-22-32-0006
which were previously certified in District 1-9; and
WHEREAS, the original net tax capacity for taxes payable 2003 is:
17-31-22-23-0012: $769.00
17-31-22-32-0006: $5,649.00; and
WHEREAS, the current net tax capacity for taxes payable in 2003 is:
17-31-22-23-0012: $1,110.00
17-31-22-32-0006: $13,600.00; and
WHEREAS, because the current tax capacity is greater than the adjusted original
tax capacity; a public hearing is not required by Minnesota Statutes, Section 469.175,
subd. 4; ,and
WHEREAS, The Authority desires by this resolution to cause the elimination of
the parcels from the District, thereby reducing the size of the District.
NOW THEREFORE, BE IT RESOLVED by the Economic Development
Authority of the City of Lino Lakes that District No. 1-9 is hereby modified to eliminate
two parcels and the City's staff shall take such action as is necessary to notify the County
Auditor of the reduction in the geographic area of District No. 1-9 caused by the
elimination of such parcels.
DATED: ___________________, 2003
__________________________________
President
ATTEST:
__________________________________
Executive Director
Parcels to be removed from Tax Increment Financing District No. 1-9
17-31-22-23-0012
17-31-22-32-0006