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HomeMy WebLinkAbout1995-081 Council ResolutionMember Elliott introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 95-81 RESOLUTION APPROVING THE PROGRAM FOR DEVELOPMENT DISTRICT NO. 3 AND THE PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-1 BE IT RESOLVED By the City Council of the City of Lino Lakes, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. In response to a development proposal in an area of the community which has not developed to its potential, the Lino Lakes Economic Development Authority (the "Authority") has proposed to establish a development district ("Development District No . 3") pursuant to Minnesota Statutes , section 469.124 through 469.134 and a tax increment financing district ("TIF District No. 3-1") pursuant to Minnesota Statutes, section 469.174 through 469.179, within Development District No. 3. 1.02. The Authority has investigated the facts and has caused to be prepared a development district program (the "Program") and a tax increment financing plan (the "Plan") describing the assistance which may be provided for the benefit of and to encourage development within Development District No. 3. 1.03. All actions required by law to be performed prior to the adoption of the Program and the Plan and establishment of Development District No. 3 and Tax Increment Financing District No. 3-1 have been performed, including approval of the Program and the Plan by the Authority on June 29, 1995. 1.04. The Authority has notified Anoka County and Independent School District Nos. 12 and 624 of the public hearing on the Plan to be held before the city council on June 29, 1995. 1.05. The Program and Plan are contained in a document entitled "Development District Program, Development District No. 3 and Tax Increment Financing Plan, Tax Increment Financing District No. 3-1, Lino Lakes Economic Development Authority" dated June 29, 1995, which is on file at city hall. 1.06. The Council has fully reviewed the contents of the Program and Plan and has on June 29, 1995 conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Findings Relating to the Creation of Development District No. 3. 2.01. It is found that a portion of the community lying along the I -35E corridor has not developed to a degree which its prominence in Lino Lakes would otherwise warrant solely through private efforts. RHB90913 LN140-37 2.02. It is also found that the establishment of Development District No. 3 in this area would likely promote development of the area. 2.03. It is found that the Authority has the power and authority under the EDA Act and TIF Act to establish Development District No. 3 and to adopt the Program in order to promote such development. Section 3. Findings Relating to the Establishment of Tax Increment Financing District No. 3-1. 3.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District and the community 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. 3-1. 3.02. It is further found and determined, and it is the reasoned opinion of the City, that the development projects proposed in the Plan for Tax Increment Financing District No. 3-1 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. 3.03. The expenditures proposed to be financed through tax increment financing are necessary to permit the City to realize the full potential of Development District No. 3 in terms of development intensity and tax base. 3.04. The Plan for Tax Increment Financing District No. 3-1 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the Development District by private enterprise. 3.05. 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. 3-1. 3.06. Tax Increment Financing District No. 3-1 is an economic development tax increment financing district within the meaning of Minnesota Statutes, section 469.174, subd. 12. Section 4. Approval of the Development District Program and Tax Increment Financing Plan; Establishment of Development District No. 3 and Tax Increment Financing District No. 3-1. 4.01. The Program for Development District No. 3 is hereby adopted. 4.02. The Plan for Tax Increment Financing District No. 3-1 is hereby approved as adopted by the Authority. 4.03. Tax Increment Financing District No. 3-1 is hereby established. The boundaries of Tax Increment Financing District No. 3-1 are as described in the Plan and incorporated herein by reference. RBB90913 LN140-37 4.04. Development District No. 3 is hereby established. The boundaries of Development District No. 3 are as described in the Program and incorporated herein by reference. 4.05. The City elects for Tax Increment Financing District No. 3-1 to be treated as described in Minnesota Statutes, section 469.177, subd. 3(a) with regard to fiscal disparities. 4.06. 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 Program and 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. 3-1 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 Program and the Plan for Tax Increment Financing District No. 3-1 with the Minnesota department of revenue. 4.07. The City Administrator is authorized and directed to transmit a copy of this resolution to the Authority. DATED: June 29, 1995. Vernon F. Reinert, Mayor ATTEST: PP yilt2A1 Mafi1yn G. Anderson, Clerk -Treasurer The motion for the adoption of the foregoing resolution was duly seconded by member Kuether voted in favor thereof: and upon vote being taken thereon, the following Neal, Kuether, Reinert, Elliott, Bergeson and the following voted against same: Whereupon said resolution was declared duly passed and adopted. RHB90913 LN140-37