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Home My WebLink About2011-063 Council Resolution• its adoption: Council Member Roeser introduced the following resolution and moved • • COUNTY OF ANOKA CITY OF LINO LAKES RESOLUTION NO. 11 -63 APPROVING 2011 MINNESOTA LAWS, CH. 112, ARTICLE 11, SECTION 18 RELATING TO A TAX INCREMENT FINANCING DISTRICT IN THE CITY OF LINO LAKES BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City ") as follows: 1. It is hereby determined that: (a) 2011 Minnesota Laws, Chapter 112, Article 11, Section 18 (the "Special Law ") authorized the City to extend the duration of Tax Increment Financing District No. 1 -10 through December 31, 2023, subject to certain terms and conditions; (b) the Special Law is effective upon approval by a majority vote of the City Council, a majority vote of the Anoka County Board of Commissioners (the "County Board "), and a majority vote of the School Board of Independent School District No. 831 (the "School Board "), and filing a certificate with the Minnesota Secretary of State, all in accordance with Minnesota Statutes, Sections 469.1782 and 645.021, subd. 3; and (c) the City Council has determined that is in the best interest of the City and its residents to approve the Special Law. 2. The Special Law is hereby approved in all respects. 3. Upon receipt of certified copies of resolutions approving the Special Law by the County Board and the School Board, the City Clerk is authorized and directed to file with the Secretary of State such resolutions along with a certified copy of this resolution and the appropriate certificate in the form prescribed by the State attorney general. 4. City staff are authorized and directed to take all actions necessary to implement the Special Law and bring before this Council further proceedings as necessary in order to implement the Special Law. • ATTEST: • • Ju 'a ne Bartell, Cit Clerk The motion for the adoption of the foregoing resolution was duly seconded by Council Member O' Donnell and upon vote being taken thereon, the following voted in favor thereof: Roeser, O'Donnell, Rafferty, Reinert The following voted against same: none (Absent - Gallup) • • AGENDA ITEM 6 -A STAFF ORIGINATOR: Mary Divine CITY COUNCIL DATE: June 27, 2011 TOPIC: Consideration of Resolution No. 11 -63 Approving 2011 Minnesota Laws, Ch. 112, Article 11, Section 18 Relating to a Tax Increment Financing District in the City of Lino Lakes VOTE REQUIRED: 3/5 BACKGROUND: The City sought special legislation from the state legislature that would extend the duration of Tax Increment Financing District No. 1 -10 through 2023 and devote the tax increment to payment of debt service on the Legacy at Woods Edge improvements and the 35W interchange. The special legislation was approved and signed into law. The special legislation includes the following provisions: 1. It allows the EDA to collect increment from TIF District No. 1 -10 through the end of 2023. This extension matches the period when the TIF Bonds will be paid off. Increment from TIF District No. 1 -10 would provide approximately $171,000 /year to protect our city residents from higher property taxes until the property is back on the tax roles. This will reduce the impact on residents by approximately $20 /year (based on a $200,000 home). 2. After February 1, 2011, all tax increment from this district must be used only to pay debt service on the Improvement Bonds or the TIF Bonds (or any future refunding bonds). 3. During the extended period, expenditures are exempt from the pooling and five year rules (Section 469.176, subd. 3), and from the requirement that increment must assist only manufacturing and related uses (Section 469.176, subd. 4c). These exemptions are necessary to permit the use of increment for the TIF Bonds and Improvement Bonds. This resolution takes formal action for City Council approval of the special legislation. RECOMMENDATION • Staff is recommending approval of Resolution No. 11 -63 • STATE OF MINNESOTA ) to COUNTY OF ANOKA ) CITY OF LINO LAKES ) 66'1 11-63- I, the undersigned, being the duly qualified and acting City Clerk of the City of Lino Lakes, Minnesota, hereby certify that I have carefully compared the attached and foregoing extract of minutes of a regular meeting of the City Council of the City held on Monday, June 27, 2011, with the original minutes on file in my office and the extract is a full, true and correct copy of the minutes, insofar as they relate to the approval of 2011 Minnesota Laws, Chapter 112, Article 11, Section 18. WITNESS My hand as City Clerk and the corporate seal of the City this 2 7 th day of June (SEAL) 387750v1 LN140 -80 , 2011. City lerk City of Lino Lakes, Minnesota Extract of Minutes of Meeting of the City Council of the City of Lino Lakes, Anoka County, Minnesota Pursuant to due call and notice thereof a regular meeting of the City Council of the City of Lino Lakes, Anoka County, Minnesota, was held at the City Hall in the City on Monday, June 27, 2011, commencing at 6:30 o'clock P.M. The following members of the Council were present: Roeser, Rafferty, O'Donnell, Reinert and the following were absent: Gallup * * * The following resolution was presented by Councilmember Roeser its adoption: RESOLUTION NO. 1 1- 63 who moved APPROVING 2011 MINNESOTA LAWS, CH. 112, ARTICLE 11, SECTION 18 RELATING TO A TAX INCREMENT FINANCING DISTRICT IN THE CITY OF LINO LAKES BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City ") as follows: 1. It is hereby determined that: (a) 2011 Minnesota Laws, Chapter 112, Article 11, Section 18 (the "Special Law ") authorized the City to extend the duration of Tax Increment Financing District No. 1 -10 through December 31, 2023, subject to certain terms and conditions; 387750v1 LN140 -80 • • • (b) the Special Law is effective upon approval by a majority vote of the City Council, a majority vote of the Anoka County Board of Commissioners (the "County Board "), and a majority vote of the School Board of Independent School District No. 831 (the "School Board "), and filing a certificate with the Minnesota Secretary of State, all in accordance with Minnesota Statutes, Sections 469.1782 and 645.021, subd. 3; and (c) the City Council has determined that is in the best interest of the City and its residents to approve the Special Law. 2. The Special Law is hereby approved in all respects. 3. Upon receipt of certified copies of resolutions approving the Special Law by the County Board and the School Board, the City Clerk is authorized and directed to file with the Secretary of State such resolutions along with a certified copy of this resolution and the appropriate certificate in the form prescribed by the State attorney general. 4. City staff are authorized and directed to take all actions necessary to implement the Special Law and bring before this Council further proceedings as necessary in order to implement the Special Law. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember O' Donnell , and upon vote being taken thereon the following members voted in favor of the motion: Roeser, Rafferty, O'Donnell, Reinert and the following voted against: none whereupon the resolution was declared duly passed and adopted. 38775&111\1140-W