HomeMy WebLinkAboutResolution 24-110CITY OF LINO LAKES
RESOLUTION NO. 24-110
DECERTIFYING TAX INCREMENT FINANCING DISTRICT 1-12
WHEREAS, on March 24, 2017 the City of Lino Lakes certified Tax Increment Financing
District 1-12 Clearwater Creek Business Park Project (the "District"); and
WHEREAS, Minnesota Statutes, Section 469.147 to 469.179 authorizes the City Council to
decertify a tax increment financing district on any date after all obligations have been satisfied;
and
WHEREAS, as of the date hereof all obligations to which tax increment from the District
have been pledged have been paid in full; and
WHEREAS, the City desires by this resolution to decertify the District effective August 31,
2024, after which all property taxes generated by property within the District will be distributed
in the same manner as all other taxes payable; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of Lino Lakes, Minnesota that staff
shall take necessary action to decertify the District with the Anoka County Auditor in order to
discontinue tax increment remittance from the District to the City.
Adopted by the City Council of the City of Lino Lakes this 261" day of August, 2024.
1
Rob Rafferty, ayor
ATTEST:
Roberta Colotti, CMC, City Clerk