05.02 - Tax Increment Financing Project - Lonesome Cottage

Home Browse Search

CITY OF PEQUOT LAKES CROW WING COUNTY STATE OF MINNESOTA Council member introduced the following resolution and moved its adoption: RESOLUTION NO. RESOLUTION ADOPTING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1; AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1-13 THEREIN AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR. BE IT RESOLVED by the City Council (the "Council") of the City of Pequot Lakes, Minnesota (the "City"),as follows: Section 1. Recitals. 1.01. The City Council (the "Council")of the City of Pequot Lakes (the "City")has heretofore established Development District No. 1 and adopted the Development Program therefor. It has been proposed that the City adopt a Modification to the Development Program for Development District No. 1 (the "Development Program Modification")and establish Tax Increment Financing District No. 1-13 (the "District")therein and adopt a Tax Increment Financing Plan (the "TIF Plan")therefor(the Development �. Program Modification and the TIF Plan are referred to collectively herein as the "Program Modification and TIF Plan"); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469.134 and Sections 469.174 to 469.1799, all inclusive, as amended, (the "Act") all as reflected in the Program Modification and TIF Plan,and presented for the Council's consideration. 1.02. The City has investigated the facts relating to the Program Modification and TIF Plan and has caused the Program Modification and TIF Plan to be prepared. 1.03. The City has performed all actions required by law to be performed prior to the establishment of the District and the adoption and approval of the proposed Program Modification and TIF Plan, including, but not limited to, notification of Crow Wing County and Independent School District No. 186 having taxing jurisdiction over the property to be included in the District and obtaining waivers of the 30 day notification period, a consultation with the Planning Commission on July 19, 2007 regarding the Program Modification, and the holding of a public hearing upon published notice as required by law. 1.04. Certain written reports(the"Reports")relating to the Program Modification and TIF Plan and to the activities contemplated therein have heretofore been prepared by staff and consultants and submitted to the Council and/or made a part of the City files and proceedings on the Program Modification and TIF Plan. The Reports, including the Business Subsidy Application and the Business Subsidy Analysis, include data, information and/or substantiation constituting or relating to the basis for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. 1.05 The City is modifying the boundaries of Development District No. 1 and the