Loading...
HomeMy WebLinkAboutCity Council Resolution 2022-099 CITY OF PLYMOUTH RESOLUTION NO. 2022-099 RESOLUTION APPROVING THE MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 7; ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 7-11 (DORAN) WITHIN DEVELOPMENT DISTRICT NO. 7; APPROVING THE TAX INCREMENT FINANCING PLAN THEREFOR AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT WHEREAS, it has been proposed that the City of Plymouth, Minnesota (the "City") (1) modify the Development Program for Development District No. 7 (the "Development District"); (2) establish Tax Increment Financing District No. 7-11 (Doran) therein (the "TIF District"); (3) approve and adopt the proposed Tax Increment Financing Plan therefor under the provisions of Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "Act"); and (4) authorize the execution of a development agreement; and WHEREAS, the City Council has investigated the facts and has caused to be prepared the Modification to the Development Program for the Development District (the "Development Program Modification"), and has caused to be prepared a proposed tax increment financing plan for the TIF District therein (the "TIF Plan"); and WHEREAS, the City has performed all actions required by law to be performed prior to the approval of the establishment of the TIF District and the adoption of the Development Program Modification and TIF Plan, including, but not limited to, notification of Hennepin County and Independent School District No. 270 having taxing jurisdiction over the property to be included in the TIF District and the holding of a public hearing upon published and mailed notice as required by law; and WHEREAS, DC-OV Bassett Creek, LLC, a Minnesota limited liability company (the "Developer") has requested the City to assist with the financing of certain costs incurred in connection with the construction of multifamily housing rental facilities (the "Project"); and WHEREAS, the Developer and the City have determined to enter into a Development Agreement providing for the City's tax increment financing assistance for the Project (the "Development Agreement"). NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA as follows: (1) The City is not modifying the boundaries of the Development District. (2) The Development Program Modification, a copy of which is on file in the office of the Community and Economic Development Director, is adopted. (3) There is hereby established in the City within the Development District, the TIF District, a housing tax increment financing district, the initial boundaries of which are fixed and determined as described in the TIF Plan. (4) The TIF Plan is adopted as the tax increment financing plan for the TIF District, and the City Council makes the following findings: Resolution 2022-099 Page 2 (a) The TIF District is a housing district as defined in Minnesota Statutes, Section 469.174, Subd. 11, the specific basis for such determination is set forth in Appendix C of the TIF Plan. (b) The proposed development, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future. The reasons for such determination are set forth in Appendix C of the TIF Plan. (c) The TIF Plan for the TIF District conforms to the general plan for development or redevelopment of the City as a whole. The reasons for supporting this finding are set forth in Appendix C of the TIF Plan. (d) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the Development District by private enterprise. The reasons supporting this finding are set forth in Appendix C of the TIF Plan. (e) Appendix C of the TIF Plan is incorporated herein by reference. (5) The adoption of the TIF Plan for the TIF District within the Development District conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State which is already built up to provide safe, decent, sanitary housing for residents of the City, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. (6) The Auditor of Hennepin County is requested to certify the original net tax capacity of the TIF District as described in TIF Plan, and to certify in each year thereafter the amount by which the original net tax capacity has increased or decreased in accordance with the Act; and the Community and Economic Development Director is authorized and directed to forthwith transmit this request to the County Auditor in such form and content as the Auditor may specify, together with a list of all properties within the TIF District for which building permits have been issued during the 18 months immediately preceding the adoption of this Resolution. (7) The Community and Economic Development Director is further authorized and directed to file a copy of the Modification and TIF Plan for the TIF District with the Commissioner of Revenue and the Office of the State Auditor. (8) The Council hereby approves the Development Agreement in substantially the form submitted, and the Mayor and the City Manager are hereby authorized and directed to execute the Development Agreement on behalf of the Council. The approval hereby given to the Development Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City officials authorized by this resolution to execute the Development Agreement. The execution of the Development Agreement by the appropriate officer or officers of the City shall be conclusive evidence of the approval of the Development Agreement in accordance with the terms hereof. APPROVED by the City Council on this 22nd day of March, 2022. Resolution 2022-099 Page 3 STATE OF MINNESOTA) COUNTY OF HENNEPIN) SS. The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth, Minnesota, certifies that I compared the foregoing resolution adopted at a meeting of the Plymouth City Council on March 22, 2022 with the original thereof on file in my office, and the same is a correct transcription thereof. WITNESS my hand officially as such City Clerk and the Corporate seal of the City this ___________ day of March, 2022. ____________________________________ City Clerk