HomeMy WebLinkAbout2004-200 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 04 -200
TERMINATING TAX INCREMENT FINANCING (REDEVELOPMENT)
DISTRICT NO. 1 -8 AND DIRECTING DECERTIFICATION THEREOF BY
THE COUNTY AUDITOR
WHEREAS, by adoption of a resolution April 28, 1997, the City Council of the City of
Lino Lakes, Minnesota (the "Authority ") has heretofore approved Tax Increment Financing
(Redevelopment) District No 1 -8 (the "District "), located within Ipelopmet
Da zc No 1, and has approved a Tax Increment Financing Plan (the "TIF Plan"), as amended,
for the District to provide assistance to the Fairview Healthcare Clinic project; and
WHEREAS, the County Auditor of Anoka County has certified the original net tax
capacity and the original local tax rate of the District pursuant to the provisions of Minnesota
Statutes, Section 469.177; and
WHEREAS, as of the date hereof, all of the projects have been completed, all obligations
to which tax increment from the District has been pledged have been paid in full or defeased, and
the Authority has determined that it is in the best interests of the City to terminate and decertify
the District.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes,
Minnesota that (i) the District is hereby terminated and (ii) the Clerk- Administrator shall provide
a certified copy of this resolution to the County Auditor of Anoka County so that the District
may be decertified on the books and records of the County Auditor with no further tax increment
from the District being remitted to the City.
Adopted: December 20, 2004.
ATTE T
City lerk
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STAFF ORIGINATOR:
DATE:
TOPIC:
VOTE REQUIRED:
AGENDA ITEM 6B
Mary Alice Divine
12/20/04
Consideration of Resolution No. 04 -200 Terminating
Tax Increment Financing District No. 1 -8 and
Directing Decertification by the County Auditor
3/5
BACKGROUND:
The City of Lino Lakes created TIF District No. 1 -8 on April 28, 1997. The
establishment of this 25 -year Redevelopment District was in response to several
areas within the city that met the criteria for redevelopment and had potential for
redevelopment. Of the three sites within the district, only one has redeveloped.
Fairview Healthcare was provided with assistance to redevelop the former
Gethsemane Church site on the southwest corner of the 35W /Lake Drive and
construct its clinic. All obligations under the agreement with Fairview have been
met.
OPTIONS:
1. Approve Resolution No. 04 -200 Terminating TIF District No. 1 =8
2. Do not terminate the district.
3. Return to staff for further consideration
RECOMMENDATION:
Option 1
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