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HomeMy WebLinkAbout1995-063 Council ResolutionMember Elliott introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 9 5 - 6 3 RESOLUTION APPROVING THE PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7 BE IT RESOLVED By the City 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 six 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. In response to a development proposal in an area of the community which has not developed to its potential despite substantial public investment, the Authority has proposed to establish a seventh tax increment financing district within Development District No. 1. 1.05. The Authority has investigated the facts and has caused to be prepared a tax increment financing plan (the "Plan") for a new tax increment financing district ("Tax Increment Financing District No. 1-7), describing the assistance which may be provided for the benefit of and to encourage development of two industrial projects. 1.06. All actions required by law to be performed prior to the adoption of the Plan and establishment of Tax Increment Financing District No. 1-7 have been performed, including approval of the Plan by the Authority on May 22, 1995. 1. 07. The Authority has notified Anoka County and Independent School District No. 12 of the public hearing on the Plan to be held before the City. 1.08. The Plan is contained in a document entitled "Tax Increment Financing Plan, Tax Increment Financing District No. 1-7, Lino Lakes Economic Development Authority" dated May 22, 1995, and is on file at city hall. RHB88883 LN140-36 1.09. The Council has fully reviewed the contents of the Plan and has on May 22, 1995 `-- conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Findings Relating to the Establishment of Tax Increment Financing District No. 1-7. 2.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development 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. 1-7. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the industrial projects proposed in the Plan for Tax Increment Financing District No. 1-7 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 projects. 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 Development District in terms of development intensity and tax base. 2.04. The Plan for Tax Increment Financing District No. 1-7 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the Development District by private enterprise. 2.05. The City has relied upon the opinions and recommendations of its staff, the Authority and the personal knowledge of the members of the city council in reaching its conclusions regarding the Plan and the establishment of Tax Increment Financing District No. 1-7. 2.06. Tax Increment Financing District No. 1-7 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. 1-7. 3.01. The Plan for Tax Increment Financing District No. 1-7 is hereby approved as adopted by the Authority. 3.02. Tax Increment Financing District No. 1-7 is hereby established. The boundaries of Tax Increment Financing District No. 1-7 are as described in the Plan and incorporated herein by reference. 3.03. The City elects for Tax Increment Financing District No. 1-7 to be treated as described in Minnesota Statutes, section 469.177, subd. 3(a) with regard to fiscal disparities. RHB88883 LN140-36 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. 1-7 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. 1-7 with the Minnesota department of revenue. 3.05. The City Administrator is authorized and directed to transmit a copy of this resolution to the Authority. DATED: May 22, ATTEST: , 1995. Gde son, Cler reasurer 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. RHB88883 LN140-36