HomeMy WebLinkAbout2007-097 Council Resolution•
Council Member. Carlson introduced the following resolution and moved
its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 07 -97
RESOLUTION APPROVING MODIFICATION OF TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 1 -11
WHEREAS, by Resolution No. 03 -11 approved November 24, 2003, the
Economic Development Authority (the "Authority ") for the City of Lino Lakes (the
"City ") approved the Tax Increment Financing Plan (the "Plan ") for Tax Increment
Financing District No. 1 -11 (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 Resolution No. 03 -209 approved November 24, 2003, the City
Council of the City, after a duly notice public hearing, approved the Plan for the TIF
District; and
WHEREAS, by resolutions approved on December 15, 2004 and December 20,
2004, respectively, the City Council and the Authority board of commissioners approved
resolutions modifying the Plan to eliminate a parcel from the TIF District; and
WHEREAS, the City and Authority have determined a need to modify the budget
of tax increment expenditures in the Plan and make other administrative changes to
conform the Plan with current expectations; 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 and revised types of bonded indebtedness, 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: June 25, 2007
ATTEST:
City ' lerk
Adopted by the Lino Lakes. City Council this 25th day of June, 2007.
eff O'Donnell, Acting Mayor
The motion for the adoption of the foregoing resolution was duly seconded
by. Council Member Reinert and upon a vote being taken thereon, the following
voted in fabor thereof:
Carlson, Reinert, O'Donnell
The following voted against same: none (Absent - Bergeson, Stoltz)
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AGENDA ITEM 2B
STAFF ORIGINATOR Al Rolek
MEETING DATE June 25, 2007
TOPIC Consider Resolution 07 -97 Approving the Modification of Tax
Increment Financing Plan for Tax Increment Financing District No.
1 -11
VOTE REQUIRED
Simple Majority
The Lino Lakes City Council approved a contract with Lunda Construction for the reconstruction of
the interchange of Interstate 35W and Lake Drive. The cost of this reconstruction is to be partially
borne by tax increments generated by Tax Increment Financing (TIF) District No. 1 -11. This
project was originally included in the tax increment financing plan budget for this district. The cost
of the interchange project came in higher than original estimates. The TIF plan budget is
adequate to accommodate the increased cost. However, it is necessary to adjust the line items
within the existing budget to more accurately reflect the costs of improvements within the district.
Therefore, it is necessary to approve an administrative modification to the TIF plan to approve the
amended budget.
The Lino Lakes EDA approved this modification earlier this evening. Staff recommends the
approval of Resolution 07 -97.
1. Adopt Resolution 07 -97.
2. Refer to Staff for further review.
3. Deny Resolution 07 -97.
Option 1