HomeMy WebLinkAbout2022-126 Council Resolution CITY OF LINO LAKES
RESOLUTION NO.22-126
RESOLUTION APPROVING TAX INCREMENT FINANCING
PLAN FOR TAX INCREMENT FINANCING (ECONOMIC
DEVELOPMENT)DISTRICT NO. 1-14
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;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 Tax Increment Financing (Economic Development) District No. 1-14 (the "TIF
District"),all as described in a plan document presented to the City Council of the City on the date hereof,
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 Clerk of the
Board of Education of Independent School District No. 12 and to the Manager of Property Records and
Taxation, as the County Auditor, of Anoka County, Minnesota (the "County Auditor") at least thirty (30)
days prior to the date hereof,and
WHEREAS, on the date hereof, the City Council conducted a duly noticed public hearing relating
to the TIF Plan and the establishment of the TIF District, at which the views of all interested parties were
heard at the public hearing; and
WHEREAS,the City Council has reviewed the contents of the TIF Plan;and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes,
Minnesota that:
Section 1. Findings: Development Plan. It is hereby found and determined that the
Development Plan remains in full force and effect and that the goal of the Development Plan is to encourage
development and redevelopment in accordance with the general plan for development of the City as set forth
in the comprehensive municipal plan.
Section 2. Findings:TIF District.
2.01. It is found and determined that it is necessary and desirable for the sound and orderly
development of the Development District, and for the protection and preservation of the public health,
safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public
financial assistance to the TIF District and the Development District.
2.02. It is further found and determined, and it is the reasoned opinion of the City, that the
development proposed in the TIF Plan could not reasonably be expected to occur solely through private
investment within the reasonably foreseeable future and the increased market value of the site that could
reasonably be expected to occur without the use of tax increment financing would be less than the increase
in the market value estimated to result from the proposed development after subtracting the present value of
the projected tax increments for the maximum duration of the district permitted by the TIF Plan.
2.03. The proposed public improvements to be financed in part through tan increment financing
are necessary to permit the City to realize the full potential of the TIF District and the Development District
in terms of development intensity,employment opportunities,and tax base.
2.04. The TIF Plan conforms to the general plan for development of the City as a whole.
2.05. The TIF Plan will afford maximum opportunity,consistent with the sound needs of the City
as a whole,for the development of the TIF District and the Development District by private enterprise.
2.06. The TIF District is an economic development district under Section 469.174,
subdivision 12 of the TIF Act.
2.07. Reasons and facts supporting all the above findings are set forth in the TIF Plan and are
incorporated herein by reference. The City Council has also relied upon the reports and recommendations
of its staff and consultants, as well as the personal knowledge of members of the City Council, in reaching
its conclusions regarding the TIF Plan.
Section 3. Public Purpose. The adoption of the TIF Plan conforms in all respects to the
requirements of the TIF Act. The TIF Plan will help facilitate development and redevelopment of land in
the City,provide additional employment opportunities within the City, increase the tax base, and improve
the general economy. The City expressly finds that the tax increment assistance is provided solely to
make the development financially feasible and thus produce the public benefits described. Therefore,the
City finds that the public benefits of the TIF Plan exceed any private benefits.
Section 4. Approvals;Further Proceeding
4.01. The TIF Plan for the TIF District is hereby approved and adopted in substantially the form
on file at City Hall.
4.02. The City Council hereby transmits the TIF Plan to the Board of Commissioners of the
Authority(the"Board")and recommends that the Board adopt the TIF Plan.
4.03. Upon approval of the TIF Plan by the Board,the Authority is authorized and directed to file
a request for certification of the TIF District with the County Auditor and to file a copy of the TIF Plan with
the Minnesota Commissioner of Revenue and the Office of the State Auditor as required by the TIF Act.
Adopted by the City Council of the City of Lino Lakes,Minnesota this 10I'day of October,2022.
The motion for the adoption of the foregoing resolution was introduced by Councilmember
Lyden and was duly seconded by Councilmember Cavegn and upon vote being taken thereon, the
following voted in favor thereof. Lyden,Cavegn,Ruhland, Stoesz,Rafferty
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The following voted against same:
s
Rob ffe ,Mayor
ATTEST:
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Julia artell,City Cler
LN140-128(JAE)
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