HomeMy WebLinkAbout95-109
RESOLUTION 95-109
MOTION BY:
GREENFIELD
SECOND BY:
SCOTT
WHEREAS,
the City Council of the City of Prior Lake has previously established Tax
Increment Financing Districts Nos. 2-2 and 2-3 which were certified by
the Scott County Auditor on June 2, 1995; and,
WHEREAS,
the City Council of Prior Lake has also previously established Tax
Increment Financing District No. 2-5 which was certified by the Scott
County Auditor on June 29, 1995; and,
WHEREAS,
pursuant to the 1995 Omnibus Tax Bill, Article 5, Section 6, the City
Council may request an exemption from a LGA/HACA penalty if a
contribution of unrestricted funds in excess of 10% of the tax increment
revenues is pledged.
NOW THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF PRIOR
LAKE, hereby pledges to make a contribution of unrestricted funds equal to or in excess of
10% of the annual tax increment revenues generated from Tax Increment Financing Districts
Nos. 2-2, 2-3 and 2-5. By this action the City of Prior Lake will be exempt from any
LGAIHACA penalties in relation to the Tax Increment Financing Districts.
BE IT FURTHER RESOLVED that the City Manager is hereby directed to file a copy of
this resolution with the Minnesota Department of Revenue and the Scott County Auditor.
Passed and adopted this 16th day of October, 1995.
YES
NO
Andren X
Greenfield X
Kedrowski X
Schenck X
Scott X i
{Seal}
RES95109.DOC
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
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