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HomeMy WebLinkAbout1995-065 Council ResolutionMember Elliott introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 95-65 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-4 BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota as follows: Section 1. Recitals. 1.01. The City Council of the City of Lino Lakes (the "City") approved a tax increment financing plan (the "Plan") for Tax Increment Financing District No. 1-4 on March 26, 1990. 1.02. The City established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and transferred to it control of Tax Increment Financing District No. 1-4. 1.03. Changes and additions to the public and private improvements to be constructed have prompted the City and the Authority from time to time to modify the Plan. 1.04. In response to a recent development proposal from River Woods Development Corporation, the Authority and the City have authorized the preparation of a modified Plan, which is contained in a document entitled "Modified Tax Increment Financing Plan for Tax Increment Financing District No. 1-4" dated June 12, 1995 and on file with the clerk -treasurer. 1.05. Copies of the modified Plan have been forwarded to Independent School District No. 12 and Anoka County along with a notice of a public hearing to be held by the City on June 12, 1995. 1.06. The Authority has adopted the modified Plan and referred it to the City for public hearing and consideration as provided by Minnesota Statutes, sections 469.174 through 469.179 (the "TIF Act"). 1.07. The City has fully reviewed the contents of the modified Plan and has this date conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Findings; Modification of Plan. 2.01. It is found and determined that it is necessary and desirable to the sound and orderly development and redevelopment of Tax Increment Financing District No. 1-4 and the City as a whole, and for the protection and preservation of the public health, safety, and general RHB62063 LN140-11 welfare, that the authority of the TIF Act be exercised by the Authority and the City to provide public financial assistance. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the modified Plan 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. 2.03. The modified Plan conforms to the general plan for development of the City as a whole. 2.04. The proposed public assistance to be financed largely through tax increment financing are necessary to permit the City to realize the full potential of Tax Increment Financing District No. 1-4 in terms of development intensity, employment opportunities and tax base. 2.05. The modified Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the area by private enterprise. Section 3. Approval of Modification; Filing. 3.01. The modified Plan is hereby approved. The modified Plan incorporates by reference the original Plan and all subsequent modifications except as this modified Plan explicitly or by reasonably necessary implication conflicts with the original Plan or previous `- modifications. 3.02. The geographic boundaries of Tax Increment Financing District No. 1-4 are not affected by this modification and are as described in the original Plan. 3.03. The Authority is requested to file a copy of the modified Plan with the Minnesota commissioner of revenue as required by the TIF Act. 3.04. The clerk -treasurer is authorized and directed to transmit a certified copy of this resolution to the Authority. DATED: June 12 , , 1995. Vernon F. Reinert, Mayor A1"1'EST: arllyn u Anderson Clerk -Treasurer RHB62063 LN140-11 The motion for the adoption of the foregoing resolution was duly seconded by member Neal and upon vote being taken thereon, the following voted in favor thereof: Bergeson, Elliott, Neal, Reinert. and the following voted against same: None, Council Member Kuether was absent. Whereupon said resolution was declared duly passed and adopted. RHB62063 LN140-11 74TH STREET 200 CITY OF APOLLO BUSINESS CENTER