5.3 Resolutions regarding TIF 2-2 and Business Subsidy

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PEQUOT LAKES, MINNESOTA HELD: November 6, 2023 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Pequot Lakes, Crow Wing County, Minnesota, was duly called and held on the 6th day of November 2023, at 6:00 p.m. The following members of the Council were present: and the following were absent: Member _introduced the following resolution and moved its adoption: RESOLUTION AMENDING THE BOUNDARIES OF TAX INCREMENT FINANCING DISTRICT NO. 2 -1 WHEREAS: A. On March 2, 2021, the City of Pequot Lakes, Minnesota (the "City ") created Tax Increment Financing District No. 2 -1 which included 3 parcels of land (which have now been replatted an new parcel numbers assigned); and B. The City now proposes to remove a parcel of land included in TIF District No. 2 -1 and to include it in TIF District No. 2 -2; and C. Minnesota Statutes Chapter 469.175 subdivision 4(a) permits removal of parcels to occur without notification or a public hearing if the current net tax capacity of the parcels to be removed equals or exceeds the original net tax capacity of the parcels, or the authority agrees that the original net tax capacity of the TIF District will be reduced by no more than the current net tax capacity of the parcels removed. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Pequot Lakes: 1. Removal of oarcel from TIF District No. 2 -1. The City hereby removes the following parcel from TIF District No. 2 -1: 29230535 2. Agreement to limit tax capacity removed. The City agrees that the original net tax capacity of the TIF District will be reduced by no more than the current net tax capacity of the parcels removed. 3. Filing. The City Administrator is authorized and directed to file a copy of this resolution with the County Auditor. The motion for the adoption of the foregoing resolution was duly seconded by member and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: Whereupon said resolution was declared duly passed and adopted.