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HomeMy WebLinkAbout1997-036 Council ResolutionCouncil Member Bergeson introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 97-36 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7 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") established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and conferred upon it responsibility for economic development within Lino Lakes. 1.02. The City approved a tax increment financing plan (the "Plan") for Tax Increment Financing District No. 1-7 on May 22, 1995. 1.03. In the past the TIF Plan has been modified to assist improvements within Tax Increment Financing District No. 1-7. 1.04. In response to a recent development proposal from Lino Lakes Business Center Phases 2, 3, 4, 5, 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. 1-7" dated March 24, 1997 and on file with the clerk -treasurer. 1.05. Copies of the modified Plan have been forwarded to Independent School District Nos. 12 and 834 and Anoka County along with notice of a public hearing to be held by the City on March 24, 1997. 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 on 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. 1-7 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 provide public financial assistance and to enlarge 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 development proposed in the modified Plan could not reasonably be expected to occur solely through private investment within the reasonable 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. 1-7 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 implications conflicts with the original Plan or previous modifications. 3.02. The geographic boundaries of Tax Increment Financing District No. 1-7 are affected by this modification and are described in the modified Plan. 3.03. The Authority is requested to file a copy of the modified Plan with the Minnesota state auditor 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. 3.05. The Authority is authorized and directed to contact the Anoka County auditor and request that the tax capacities of the parcels added to the TIF District as a result of this modification be reflected in the original tax capacity of the TIF District. DATED: March 24 , 1996 ATTEST: `72/) 1 Marilyn G. Anderson Clerk -Treasurer John L. Landers, Mayor The motion for adoption of the foregoing resolution was duly seconded by member Neal and upon vote being taken thereon, the following voted in favor Bergeson, Kuether, Lyden, Neal, Landers. thereof: and the following voted against same: None. Whereupon said resolution was declared duly passed and adopted.