HomeMy WebLinkAboutResolution No. 04-05 EDA (Approved)
LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 04-05
RESOLUTION APPROVING MODIFICATION OF TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1-11
WHEREAS, by Resolution No. 03-11 approved November 24, 2003, the
Economic Development Authority (the “Authority”) for the City of Lino Lakes (the
“City”) approved the Tax Increment Financing Plan (the “Plan”) for Tax Increment
Financing District No. 1-11 (the “TIF District”), pursuant to and in conformity with
Minnesota Statutes, Sections 469.090 through 469.1081 (the “EDA Act”) and Sections
469.174 to 469.179 (the “TIF Act”); and
WHEREAS, by Resolution No. 03-209 approved November 24, 2003, the City
Council of the City, after a duly notice public hearing, approved the Plan for the TIF
District; and
WHEREAS, since that time the City and Authority have diligently worked to
negotiate a development agreement regarding the TIF District, and determined to
postpone filing the TIF District for certification pending completion of such negotiations;
and
WHEREAS, on October 12, 2004, the City and Authority each approved a
Contract for Private Development between the City, Authority and Legacy Holdings/Lino
Lakes LLC (the “Contract”); and
WHEREAS, in reviewing the development contemplated in the Contract, the
AUTHORITY has determined that Parcel No. 17-31-22-12-0005 (the “Parcel”) should be
eliminated from the TIF District; and
WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority may
modify the Plan for the TIF District without the notice and hearings required for a new
district, if the only change is to eliminate parcels from the TIF District, and the current
net tax capacity of those parcels equals for exceeds the net tax capacity of those parcels in
the district’s original net tax capacity; and
WHEREAS, the TIF District has not yet been filed for certification, but the City
expects to file for certification by the end of December, 2004, in which event the original
net tax capacity for all parcels in the TIF District will be the tax capacity as of January 2,
2004 (for taxes payable in 2005); and
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WHEREAS, the Parcel to be eliminated does not yet have an original net tax
capacity, so at the time the TIF District is filed for certification, the boundaries of the
district will exclude the Parcel; and
WHEREAS, the Authority has determined to modify the Plan, prior to filing for
certification, in order to eliminate the Parcel; and
WHEREAS, elimination of the Parcel does not affect or impair the findings made
by the City Council, upon approval of the Plan, that the TIF District is a redevelopment
district under the TIF Act.
NOW THEREFORE, BE IT RESOLVED by the Economic Development
Authority of the City of Lino Lakes as follows:
1. The administrative modification to the Plan, eliminating the Parcel, is hereby
approved in substantially the form on file in City Hall.
2. Upon approval of the modification to the Plan by the City Council, the
Community Development Director is authorized to forward a copy of the
modified Plan to the Department of Revenue pursuant to Minnesota Statutes
469.175, subd.4a.
3. 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 TIF District, as modified, all in accordance with Minnesota Statutes
469.177.
DATED: December 20, 2004
__________________________________
President
ATTEST:
__________________________________
Executive Director
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