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HomeMy WebLinkAbout1994-056 Council ResolutionMember Elliott introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 94 - 56 RESOLUTION APPROVING THE PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-6 BE IT RESOLVED By the City Council (the "Council") of the City of Lino Lakes, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. On January 26, 1987, the City adopted a Development Program for Development District No. 1, pursuant to and in accordance with Minnesota Statutes, sections 469.124 through 469.134. 1.02. Since 1987, the City has established five tax increment financing districts within Development District No. 1 pursuant to the provisions of Minnesota Statutes, sections 469.174 through 469.179. 1.03. The City has subsequently transferred authority regarding economic development within Lino Lakes, including administration of Development District No. 1, to the Economic Development Authority (the "Authority") . 1.04. It has been proposed that the Authority establish a sixth tax increment financing district to assist a 6,000 sq. ft. warehouse project within Development District No. 1. 1.05. The Authority has investigated the facts and has caused to be prepared a Tax Increment Financing Plan ("Plan") for Tax Increment Financing District No. 1-6 describing the assistance which may be provided for the benefit of and to encourage development of the new project. 1.06. All actions required by law to be performed prior to the approval of the Plan have been performed, including, but not limited to, a review of the Plan by the planning and zoning board for its consistency with the general plans for development of the City, and approval of the Plan by the Authority on August 11, 1994. 1. 07. The Authority has notified Anoka County and Independent School District No. 12 of the public hearing to be held before the Council. 1.08. The Plan is contained in a document entitled "Tax Increment Financing Plan, Tax Increment Financing District No. 1-6, Lino Lakes Economic Development Authority" dated August 11, 1994, and is on file at city hall. 1.09. The Council has fully reviewed the contents of the Plan and has on August 11, 1994 conducted a public hearing thereon at which the views of all interested persons were heard. RBB74265 LN140-29 Section 2. Findings Relating to the Establishment of Tax Increment Financing District No. 1-6. 2.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the District and the City as a whole, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the Authority and the City to establish Tax Increment Financing District No. 1-6. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the warehouse project proposed in the Plan for Tax Increment Financing District No. 1-6, could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary to assist the project. 2.03. The expenditures proposed to be financed through tax increment financing are necessary to permit the City to realize the full potential of the District in terms of development intensity and tax base. 2.04. The Plan for Tax Increment Financing District No. 1-6 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the tax increment financing district by private enterprise. 2.05. The Council has relied upon the opinions and recommendations of its staff, the Authority and the planning and zoning board and the personal knowledge of the members of the Council in reaching its conclusions regarding the Plan and the establishment of Tax Increment Financing District No. 1-6. 2.06. Tax Increment Financing District No. 1-6 is an economic development tax increment financing district within the meaning of Minnesota Statutes, section 469.174, subd. 12. Section 3. Approval of the Tax Increment Financing Plan; Establishment of Tax Increment Financing District No. 1-6. 3.01. The Plan for Tax Increment Financing District No. 1-6 is hereby approved as adopted by the Authority. 3.02. Tax Increment Financing District No. 1-6 is hereby established. The boundaries of Tax Increment Financing District No. 1-6 are as described in the Plan and incorporated herein by reference. 3.03. The City elects for Tax Increment Financing District No. 1-6 to be treated as described in Minnesota Statutes, section 469.177, subd. 3(a) with regard to fiscal disparities. 3.04. The Executive Director of the Authority is authorized and directed to transmit a certified copy of this resolution together with a certified copy of the Plan to the auditor of Anoka County with a request that the original tax capacity of the property within Tax Increment Financing District No. 1-6 be certified to the Authority and the City pursuant to section 469.177, subd. 1 of the Tax Increment Financing Act and to file a copy of the Plan for Tax Increment Financing District No. `— 1-6 with the Minnesota department of revenue. RHB74265 LN140-29 3.05. The City Administrator is authorized and directed to transmit a copy �.. of this resolution to the Authority. DATED: ATTEST: August 11 , 1994. Marilyn Anderson, Clerk -Treasurer y k Treasurer Vernon F. Reinert, Mayor The motion for the adoption of the foregoing resolution was duly seconded by member Kuether and upon vote being taken thereon, the following voted in favor thereof: Bergeson, Elliott, Kuether, Neal, Reinert. and the following voted against same: none. Whereupon said resolution was declared duly passed and adopted. RHB74265 LN140-29