HomeMy WebLinkAboutResolution No. 19-01 EDA 10..4, LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 19-01
RESOLUTION APPROVING TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING(ECONOMIC DEVELOPMENT)DISTRICT NO. 1-13
WHEREAS, the City of Lino Lakes, Minnesota (the "City") and the Lino Lakes Economic
Development Authority (the "Authority") have established, and the Authority administers, Development
District No. 1 (the "Development District') located within the City and have caused to be created a
Development Plan (the "Development Plan") therefor, pursuant to Minnesota Statutes, Sections 469.090
through 469.1082, as amended(the"BDA Act'); and
WHEREAS, within the Development District the City and the Authority have created certain tax
increment financing districts pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as
amended(the"TIF Act'); and
WHEREAS, the City and the Authority have determined to approve a tax increment financing plan
(the "TIF Plan") relating to the creation of a new tax increment financing district within the Development
District designated as the Tax Increment Financing (Housing) District No. 1-13 (the "TIF District'), all as
described in a plan document presented to the Board of Commissioners of the Authority (the "Board") on
the date hereof;and
WHEREAS, pursuant to Section 469.175, subd. 2a, of the TIF Act, the notice of public hearing
for the creation of the TIF Plan was provided to the county commissioner who represents the area
included in the TIF District at least 30 days before the publication of the notice; and
WHEREAS, pursuant to Section 469.175, subdivision 2 of the TIF Act,the proposed TIF Plan and
the estimates of the fiscal and economic implications of the TIF Plan were presented to the School Board of
Independent School District No. 12 and to the County Board of Commissioners of Anoka County,
Minnesota;and
WHEREAS, on the date hereof, the City Council of the City (the "City Council") conducted a
public hearing relating to the TIF Plan and the establishment of the TIF District, at the views of all
interested parties were heard at the public hearing;and
WHEREAS,following the public hearing,the City Council approved the TIF Plan;and
WHEREAS,the Board has reviewed the TIF Plan,as approved by the City Council; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Lino Lakes
Economic Development Authority that:
1. TIF Plan for the TIF District is hereby approved.
2. The Board hereby makes all the findings set forth in the TIF Plan, which document is
incorporated herein by reference.
3. Authority staff and consultants are authorized to take all actions necessary to implement the
TIF Plan.
Approved by the Board of Commissioners of the Lino Lakes Economic Development Authority this
22"d day of July,2019.
Press nt
ATTEST:
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