Resolution No. 97-14 EDA - Laserfiche WebLink

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Member Kuether introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 97-14 RESOLUTION ADOPTING MODIFIED TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICT NOS. 1-1 AND 1-2 BE IT RESOLVED by the Lino Lakes Economic Development Authority 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. 1-1 ("TIF District No. 1-1") on January 26, 1987. 1.02. The City established Tax Increment Financing District No. 1-2 ("TIF District No. 1-2") on December 27, 1988. 1.03. The City established the Lino Lakes Economic Development Authority (the "Authority") in 1990 and transferred authority for the Development District and TIF Districts No. 1-1 and 1-2 to the Authority. 1.04. In the past the Development District Program (the "Program") and the TIF Plans have 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"). 1.05. It is proposed that the Plans for TIF District Nos. 1-1 and 1-2 again be modified in order to authorize reimbursement to the City for public improvements within The Village. 1.06. The Authority and the City have authorized preparation of modified TIF Plans which are contained in documents entitled "Modified Tax Increment Financing Plan, Tax Increment Financing District No. 1-1," and "Modified Tax Increment Financing Plan, Tax Increment Financing District No. 1-2," dated October 13, 1997 and on file with the Authority.