HomeMy WebLinkAbout1995-195 Council ResolutionCouncil Member Elliott
adoption:
introduced the following resolution and moved its
CITY OF LINO LAKES
RESOLUTION NO. 95 - 195
RESOLUTION AUTHORIZING EXECUTION OF
REIMBURSEMENT AGREEMENTS
WHEREAS, the City Council of the City of Lino Lakes (the "City") has established
Development District No. 1 (the "Development District") and therein has
established seven tax increment financing districts (the "TIF Districts"); and
WHEREAS, the City transferred authority for the Development District and the TIF
Districts in 1990 to the Lino Lakes Economic Development Authority (the
"EDA"), and
WHEREAS, since that time the EDA has assisted developments within the TIF Districts
by offering a variety of financial incentives; and
WHEREAS, in each instance in which assistance has been offered, the EDA has entered
into a development agreement specifying the terms and conditions under
which the financial incentives are to be made available; and
WHEREAS, the approved incentive package has frequently involved the EDA
borrowing funds from the City for land acquisition costs and/or assuming
responsibility for payment of special assessments levied or to be levied
against benefited property for public improvements; and
WHEREAS, it has been the intent of the parties that the EDA would repay the City
through tax increment generated by the developments as increment is
received; and
WHEREAS, the EDA and the City now need to formalize the financial arrangements
between them,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino
lakes, Minnesota as follows:
1. The Mayor and the City Administrator are authorized and directed to
execute reimbursement agreements on behalf of the City with the EDA in
regards to the projects in the TIF Districts which have received financial
assistance. The reimbursement agreements shall be consistent with the
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previously executed development agreements between the EDA and the
developers.
2. The Mayor, City Administrator and staff are hereby authorized and
directed to take any and all steps necessary or convenient in order to effect
the purposes of this resolution.
Adopted by the Lino Lakes City Council this 18th day of December, 1995.
Vernon F. Reinert, Mayor
ATTEST:
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Maril y yi
Anderson, Clerk -Treasurer
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, Re_ner_L.
The following voted against same: None.
Whereupon said resolution was declared passed and adopted.
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