HomeMy WebLinkAbout2003-192 Council Resolution•
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RESOLUTION 03-192
TERMINATING TAX INCREMENT FINANCING DISTRICT 1-7 AND
DIRECTING DECERTIFICATION THEREOF BY THE COUNTY
AUDITOR
WHEREAS, by adoption of a resolution on May 22, 1995, the City Council of the
City of Lino Lakes, Minnesota (the "City") has heretofore created Tax Increment
Financing District 1-7 (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 several projects within the District; 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; and
WHEREAS, there remains an excess balance of tax increments collected from
within the District.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino
Lakes, Minnesota that:
(1) Tax Increment Financing District 1-7 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.
(3) The balance of excess tax increments shall be returned to the County Auditor
of Anoka County for redistribution to the appropriate taxing jurisdictions.
Adopted by the Lino Lakes City Council the 27th day of October 2003.
Ann Blair, City Clerk
rges n, Mayor
AGENDA ITEM 3-C
STAFF ORIGINATOR: Al Rolek
DATE: 10/27/03
TOPIC: Resolution No. 03-192 Decertifying Tax Increment Financing
District No. 1-7, Apollo Business Park
BACKGROUND:
Tax Increment Financing District No. 1-7 was established in 1995 to provide
assistance to businesses to develop the Apollo Business Park. The businesses
within the district are Mag Con, Emergency Apparatus Maintenance, Lino Lakes
Business Center Phases 1, 2, 3, and 4, Progressive Engineering, Nol-Tech and
Rice Industries. These businesses have added approximately $10 million in
market value to the city's tax base, hundreds of jobs and approximately $92,000
in city taxes.
The obligations in that district have been satisfied. This resolution decertifies the
• District as of November 15, 2003.
OPTION
1. Adopt Resolution No. 03-192 Decertifying Tax Increment Financing
District No. 1-7
2. Return to staff for further consideration
RECOMMENDATION:
Option 1