5.3 Resolutions regarding TIF 2-2 and Business Subsidy

Home Browse Search

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 # APPROVING THE CREATION OF TAX INCREMENT FINANCING DISTRICT NO. 2 -2 WITHIN MUNICIPAL DEVELOPMENT DISTRICT NO. 2 AND THE ADOPTION OF THE TAX INCREMENT FINANCING PLAN RELATING THERETO WHEREAS: A It has been proposed that the City of Pequot Lakes, Minnesota (the "City "), create Tax Increment Financing District No. 2 -2 within Municipal Development District No. 2 and adopt a tax increment financing plan relating thereto, under the provisions of Minnesota Statutes, Sections 469.124 to 469.134 and 469.174 to 469.1794 (collectively, the "Act "); and B. The City of Pequot Lakes has investigated the facts and has caused to be prepared the tax increment financing plan for Tax Increment Financing District No. 2 -2 within Municipal Development District No. 2; and C. The City has performed all actions required by law to be performed prior to the creation of Tax Increment Financing District No. 2 -2 within Municipal Development District No. 2 and the adoption of the tax increment financing plan relating thereto, including, but not limited to, notification of Crow Wing County and Pequot Lakes Public Schools (District #186), having taxing jurisdiction over the property to be included in Tax Increment Financing District No. 2 -2, and the holding of a public hearing upon published notice as required by law. NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Pequot Lakes as follows: 1. Tax Increment Financing District No. 2 -2 within Municipal Development District No. 2. The City hereby approves the establishment of Tax Increment Financing District No. 2 -2 within Municipal Development District No. 2, the boundaries of which are fixed and determined as described in the Tax Increment Financing Plan. 2. Tax Increment Financing Plan. The Tax Increment Financing Plan is adopted as the tax increment financing plan for Tax Increment Financing District No. 2 -2, and the City Council makes the following findings;