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HomeMy WebLinkAbout1997-135 Council ResolutionMember Bergeson introduced the following resolution and moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 97-135 RESOLUTION APPROVING MODIFIED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-2 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 Development District No. 1 ("Development District") and Tax Increment Financing District No. 1-2 ("TIF District No. 1-1") on December 27, 1988. 1.02. The City established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and transferred authority for the Development District and TIF District No. 1-2 to the Authority. 1.03. In the past the Development District Program (the "Program") and the TIF Plan has been modified to assist improvements within the Development District pursuant to Minnesota Statutes, sections 469.174 through 469.179 (the "TIF Act") and sections 469.124 through 469.134 (the "City Development District Act"). 1.04. It is proposed that the Plan for TIF District No. 1-2 again be modified in order to authorize expenditures for public improvements in the Village. 1.05. The Authority and the City have authorized preparation of a modified TIF Plan which is contained in the document entitled "Modified Tax increment Financing Plan, Tax Increment Financing District No. 1-2," dated October 13, 1997 and on file with the Authority. 1.06. Copies of the 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 of October 13, 1997. 1.07. The Authority has adopted the modified Plan and referred it to the City for public hearing and consideration as provided the TIF Act and the City Development District Act. I.08. The City has fully reviewed the contents of the modified Plan and has on this dated conducted a public hearing thereon at which the views of all interested persons were heard. Resolution NO. 97 - 135 Page -2- 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. 1-2 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. 2.02. It is further found and determined, and it is the reasoned opinion of the City, that the development which has occurred within TIF District No. 1-2 which was made possible by major infrastructure improvements in the modified Plan would not reasonably be expected to occur solely through private investment 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 in the form of a reimbursement to the City for funds previously spent on infrastructure improvements were necessary to permit the City to realize the full potential of Tax Increment Financing District No. 1-2 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. 1-2 are not affected by this modification and are described in the original 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. Resolution No. 97 - 135 Page -3- DATED: October 13 , 1997 ATTEST: U /1j rilMarilynn .nde rson Clerk -Treasurer John L. Landers, Mayor The motion for the adoption of the foregoing resolution was duly seconded by member Kuether and upon vote being taken thereon, the following voted in favor thereof: Bergeson, Kuether, Landers, Neal. and the following voted against same: None, Council Member Lyden was absent. Whereupon said resolution was declared duly passed and adopted.