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
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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