Resolution No. 94-03 EDA - Laserfiche WebLink

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Member Kuether introduced the following resolution and moved its adoption: LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 94 - 03 RESOLUTION APPROVING THE PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-6 BE IT RESOLVED by the Lino Lakes Economic Development Authority as follows: Section 1. Recitals. 1.01. The City Council (Council) of the City of Lino Lakes (City) established Development District No. 1, approved a development district program (Program) for Development District No. 1 and adopted a tax increment financing plan for Tax Increment Financing District No. 1-1 on January 26, 1987. 1.02. Following adoption of the Program, the City approved four additional tax increment financing districts within Development District No. 1. 1.03. The City has transferred authority for Development District No. 1 and the five tax increment financing districts contained therein to the Lino Lakes Economic Development Authority (Authority) and the Authority now exercises control over same pursuant to Minnesota Statutes, sections 469.090 through 469.108. 1.04. In response to a new development proposal, the Authority and the City have authorized the preparation of a Tax Increment Financing Plan for Tax Increment Financing District No. 1-6 within Development District No. 1 and which is contained in a document entitled "Tax Increment Financing Plan, Tax Increment Financing District No. 1-6, Lino Lakes Economic Development Authority" dated August 11, 1994 and on file with the Authority. 1.05. The Plan was referred to the planning and zoning board and on July 13, 1994, the planning and zoning board found that the Plan was consistent with the general plans for redevelopment of the City as a whole. Section 2. Authority Approval. 2.01. The Authority has reviewed the Plan. The Authority finds that the objectives of the Authority and the City of encouraging development and redevelopment within Development District No. 1 will be advanced by adoption of the Plan. 2.02. The Plan is hereby approved and adopted by the Authority. The boundaries of Tax Increment Financing District No. 1-6 are as described in the Plan. RHB74263 LN140-29