HomeMy WebLinkAboutResolution No. 22-02 EDA LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.22-02
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 the Tax Increment Financing (Economic Development) District No. 1-14 (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, 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 of the City 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,following the public hearing,the City Council approved the TIF Plan;and
WHEREAS,the Board has reviewed the contents of 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. The creation of the TIF District and the TIF Plan are 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.
Adopted by the Board of Commissioners of the Lino Lakes Economic Development Authority
this 10 b day of October, 2022.
resident
ATTEST:
I= CMUO
Executive Director
LN140-128(JAE)
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