HomeMy WebLinkAbout2012-131 Council Resolution•
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CITY OF LINO LAKES
RESOLUTION NO. 12 -131
RESOLUTION APPROVING MODIFICATION OF TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1 -5
WHEREAS, by a resolution approved December 28, 1992 the Lino Lakes
Economic Development Authority (the "Authority ") approved the Tax Increment
Financing Plan (the "Plan ") for Tax Increment Financing (Housing) District No. 1 -5 (the
"TIF District "), pursuant to and in conformity with Minnesota Statutes, Sections 469.090
through 469.1081 (the "EDA Act ") and Sections 469.174 to 469.179 (the "TIF Act "); and
WHEREAS, by a resolution approved December 28, 1992, the City Council of
the City of Lino Lakes (the "City "), after a duly notice public hearing, approved the Plan
for the TIF District; and
WHEREAS, the TIF District is located within Development District No. 1 (the
"Project Area "), which is a development district established under Minnesota Statutes,
Sections 469.124 to 469.133; and
WHEREAS, the City and Authority have determined a need to modify the budget
of tax increment expenditures in the Plan; and
WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority may
modify the Plan for the TIF District without the notice and hearings required for a new
district, if the changes are not those described in Section 469.175, subdivision 4(b),
clauses (1) through (6); and
WHEREAS, the proposed modifications to the TIF Plan include revised line
items of expenditures to finance additional afford housing in the Project Area, but do not
increase the total estimated cost of the project or the total amount of bonded
indebtedness.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Lino Lakes, Minnesota as follows:
1. The administrative modification to the Plan is hereby approved in
substantially the form on file in City Hall.
2. Upon approval of the modification to the Plan by the board of commissioners
of the Authority, the Community Development Director is authorized to
forward a copy of the modified Plan to the Department of Revenue and the
State Auditor pursuant to Minnesota Statutes 469.175, subd.4a.
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3. The City Clerk is authorized and directed to forward a copy of the Plan to
Anoka County for information purposes.
DATED: December 10, 2012
ATTEST:
u i ; e Bartell, City ler
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Jeff Reine
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CITY COUNCIL
AGENDA ITEM 6 -B
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STAFF ORIGINATOR: Mary Alice Divine
MEETING DATE: December 10, 2012
TOPIC: Consideration of Resolution No. 12 -131 Approving a Modification
of the Tax Increment Financing Plan for TIF District No. 1 -5
VOTE REQUIRED: 3/5
INTRODUCTION
The Lino Lakes Economic Development Authority (EDA) earlier this evening considered a
resolution which would amend the Tax Increment Plan for TIF District No. 1 -5 to allow
pooling of existing and future revenues of the District which can be used outside the District to
finance additional affordable housing projects. This is an administrative amendment that does
not require a public hearing. According to State statute, the City Council is also required to
consider approval of a modification of the TIF Plan.
BACKGROUND
TIF District No. 1 -5 was created in 1992 for the purpose of assisting in the development of the
Cottages of Willow Ponds senior housing. All obligations have been met for this project. State
statute allows pooling of increment from housing districts for the purpose of creating affordable
housing outside the district. This administrative amendment allows for the pooling of revenues
already budgeted within the TIF Plan for the purpose of assisting future affordable housing
within the City.
RECOMMENDATION
Approve Resolution No. 12 -131 approving the Modification of TIF District No. 1 -5
ATTACHMENTS
1. Resolution No. 12 -131
(Modified TIF Plan was included in your EDA packet)
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