HomeMy WebLinkAboutResolution No. 03-09 EDA (Approved)
RESOLUTION 03-09
TERMINATING TAX INCREMENT FINANCING DISTRICT 1-7 AND
DIRECTING DECERTIFICATION THEREOF BY THE COUNTY
AUDITOR
WHEREAS, by adoption of a resolution on May 22, 1995, the Economic
Development Authority of the City of Lino Lakes, Minnesota (the “Authority”) has
heretofore created Tax Increment Financing District 1-7 (the “District”), located within
Development District No. 1, and has approved a Tax Increment Financing Plan (the “TIF
Plan”), for the District to provide assistance to several projects within the District; and
WHEREAS, the County Auditor of Anoka County has certified the original net tax
capacity and the original local tax rate of the District pursuant to the provisions of
Minnesota Statutes, Section 469.177; and
WHEREAS, as of the date hereof, all of the projects have been completed, all
obligations to which tax increment from the District has been pledged have been paid in
full or defeased, and the Authority has determined that it is in the best interests of the
City to terminate and decertify the District; and
WHEREAS, there remains an excess balance of tax increments collected from
within the District.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Authority of the City of Lino Lakes, Minnesota that:
(1) Tax Increment Financing District 1-7 is hereby terminated as of November 15,
2003.
(2) The Clerk-Administrator shall provide a certified copy of this resolution to the
County Auditor of Anoka County so that the District may be decertified on the
books and records of the County Auditor with no further tax increment from
the District being remitted to the City.
(3) The balance of excess tax increments shall be returned to the County Auditor
of Anoka County for redistribution to the appropriate taxing jurisdictions.
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Adopted by the Lino Lakes Economic Development Authority the 27 day of
October 2003.
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President
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Executive Director