RES 1995-84 - 00002969143
RESOLUTION NO. 84 - 1995
A RESOLUTION ELECTING A QUALIFYING CONTRIBUTION TO TAX
INCREMENT FINANCING DISTRICT NO. 13
BE IT RESOLVED by the City Council (the "Council ") of the City of Fridley,
Minnesota (the "City "), as follows:
Section 1. Recitals.
1.01. The Council has created Tax Increment Financing District No. 13 (the
"TIF" District ") on February 13, 1995, pursuant to Minnesota Statutes, Section
469.174 through 469.179, inclusive, as amended and supplemented from time to
time.
1.02. The Council has investigated the application of the provisions of 1995
Laws of Minnesota, Chapter 264, Article 5, which provides for a local
contribution to a TIF District in lieu of a reduction in its Local Government
Aid ( "LGA ") and Homestead and Agriculture Credit Aid ( "HACA ").
1.03. The Council hereby determines that it is necessary and in the best
interests of the City, at this time, to elect the payment of a qualifying
' local contribution to the TIF District in lieu of a reduction in its LGA/HACA
payments, pursuant to 1995 Laws of Minnesota, Chapter 264, Article 5, Section
6.
Section 2. Findings.
2.01. The Council hereby finds, determines, and declares that TIF District No.
13 is qualified as a Redevelopment TIF District.
2.02. The Council hereby finds, determines, and declares that the
qualifying local contribution for TIF District No. 13 is equal to 7.5 percent
of the tax increment generated from the TIF District.
2.03. The Council hereby finds, determines, and declares that the City elects
to make a qualifying local contribution to the TIF District in lieu of a
reduction in its LGA /HACA payments.
Section 3. Election of Qualifying Local Contribution.
3.01. The election to make a qualifying local contribution to the TIF District
in lieu of a reduction in the City's LGA /HACA payments is hereby approved and
adopted by the City Council of the City of Fridley.
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Page 2 -- Resolution No. 84 - 1995
Section 4. Filing of Plans.
4.01. Upon approval and adoption of the Resolution, the City shall cause said
resolution to be filed with the Commissioner of Revenue.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 13TH DAY OF
NOVEMBER, 1995.
f�r1Q �
WILLIAM J. NE IV- MAYOR
ATTEST:
WILLIAM A. CHAMPA - CITY rLERK