HomeMy WebLinkAbout1995-185 Council ResolutionCouncil member Elliott
introduced the following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO. 95-185
RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM TAX INCREMENT DISTRICT 1-1 AND
TAX INCREMENT DISTRICT 1-2 TO THE AREA AND UNIT FUND
WHEREAS, the City installed the West Central trunk sewer main in the late 1980s, and
WHEREAS, this trunk sewer main served the subdivisions of Rice Lake Estates and Sunrise Meadows,
and
WHEREAS, Rice Lake Estates is in T.I.F. District 1-1 and Sunrise Meadows is in District 1-2, and
WHEREAS, The Area and Unit fund financed much of this project because of charter requirements.
NOW THEREFORE BE IT RESOLVED, that the City of Lino Lakes authorize the following transfer:
Area and Unit Fund (406)
Tax Increment 1-1 (407)
Tax Increment 1-2 (408)
INCREASE
$1,609,687
Adopted by the Lino Lakes City Council this 18th day of December, 1995.
DECREASE
($1,097,491)
( 512,196)
Vemon F. Reinert, Mayor
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Marilynerson, Clerk -Treasurer
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The motion for the adoption of the foregoing resolution was duly seconded by Council Member Bergeson
and upon vote being taken thereon, the following voted in favor thereof: Bergeson, Elliott, Kuether,
Neal, Reinert.
The following voted against same: None.
Where upon said resolution was declared duly passed and adopted: