HomeMy WebLinkAbout1992-078 Council ResolutionCouncil Member Elliott introduced the following resolution and
moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 92 - 78
RESOLUTION DELETING CERTAIN PARCELS FROM TAX INCREMENT FINANCING
DISTRICT NO. 1 - 4
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
original
agrees
be
the City of Lino Lakes (City) established Development
District No. 1 on January 26, 1987, pursuant to Minnesota
Statutes 469.124 through 469.134; and
within Development District No. 1, the City has
established four tax increment financing districts in
order to assist projects which would not have occurred
but for public intervention; and
pursuant to its policy and consistent with the program
adopted for Development District No. 1, the City
established Tax Increment Financing District No. 1-4 (TIF
No. 1-4) on March 26, 1990; and
certain
occurred
the City
prior to
original
development which was anticipated has not
on several parcels within TIF No. 1-4; and
wishes to delete those parcels from TIF No. 1-4
two years from the date of certification of the
tax capacity of the parcels; and
the City may eliminate the parcels from TIF No. 1-4
without a formal plan modification if the current next
tax capacity of the parcels equals or exceeds the
net tax capacity of those parcels or if the City
that the original net capacity of TIF No. 1-4 will
reduced by no more than the current net tax capacity of
the parcels.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Lino Lakes, Minnesota as follows:
1. The following parcels are hereby eliminated from TIF No. 1-4:
PIN. 18-31-22-33-0003
PIN. 18-31-22-33-0005
PIN. 18-31-22-34-0004
2. Pursuant to Minnesota Statutes 469.175, Subd. 4, the City
.- hereby agrees with regard to any parcel whose current net tax
capacity is less than the original net tax capacity that the
RESOLUTION NO. 92 - 78
PAGE -2-
original net tax capacity of TIF No. 1-4 may be reduced by no
more than the current net tax capacity of the parcel;
3. The clerk -treasurer is directed to send a copy of this
resolution to Anoka County with a request to delete the named
parcels from TIF No. 1-4; and
4. The city staff is authorized and directed to take any and all
other actions reasonably necessary to effect the intent of the
City in this matter.
Dated: June 22, 1992.
Vernon F. Reinert, Mayor
ATTEST:
Marilyn G. Anderson, Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly
seconded by Council Member Kuether and upon vote being taken
thereon, the following voted in favor thereof: Neal, Kuether,
Elliott.
The following voted against same: none, Mayor Reinert and Council
Member Bergeson were absent.
Whereupon said resolution was declared duly passed and adopted.