HomeMy WebLinkAbout2003-191 Council Resolution•
•
RESOLUTION 03-191
TERMINATING TAX INCREMENT FINANCING DISTRICT 1-6 AND
DIRECTING DECERTIFICATION THEREOF BY THE COUNTY
AUDITOR
WHEREAS, by adoption of a resolution on August 11, 1994, the City Council of
the City of Lino Lakes, Minnesota (the "City") has heretofore created Tax Increment
Financing District 1-6 (the "District"), located within Development District No. 1, and has
approved a Tax Increment Financing Plan (the "TIF Plan"), for the District to provide
assistance to the UDOR; 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 City 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:
(1) Tax Increment Financing District 1-6 is hereby terminated as of November 15,
2003.
(2) 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 by the Lino Lakes City Council the 27th day of October 2003.
Ann Blai ,City Clerk
0
AGENDA ITEM 3-B
•
STAFF ORIGINATOR: Al Rolek
DATE: 10/27/03
TOPIC: Resolution No. 03-191 Decertifying Tax Increment Financing
District No. 1-6, Apollo Business Park
BACKGROUND:
Tax Increment Financing District No. 1-6 was established in 1994 as a one -
project district to provide assistance to UDOR U.S.A. The obligations in that
district have been satisfied. This resolution terminates the district as of November
15, 2003. This project, totaling approximately $375,000 in market value, will add
an additional $3,000 of city taxes on the tax rolls.
OPTION
1. Adopt Resolution No. 03-191 Decertifying Tax Increment Financing
District No. 1-6
2. Return to staff for further consideration
RECOMMENDATION:
Option 1