HomeMy WebLinkAboutCity Council Resolution 2007-372CITY OF PLYMOUTH
RESOLUTION NO. 2007-372
AUTHORIZE RETURN OF TAX INCREMENT REVENUE TO
HENNEPIN COUNTY FOR REDISTRIBUTION
WHEREAS, in 1995, Tax Increment District 7-4 was created to assist with public infrastructure
improvements associated with the Plymouth Technology Park
WHEREAS, all obligations of Tax Increment District 7-4 have been paid
WHEREAS, Tax Increment District 7-4 was modified due to the tax reform act of 2001
WHEREAS, tax increment revenue generated from district 7-4 can be used to pay shortfalls for debt
associated with tax increment district 7-5A
WHEREAS, tax increment district 7-5A has been to maintain debt payments
WHEREAS, tax increment district 7-4 has a cash balance of $1,768,523
WHEREAS, tax increment district 7-4 will remain open and will be evaluated each year to determine if
7-5A has a shortfall
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, that the Administrative Services Director is authorized to submit $1,768,523 to
Hennepin County for redistribution to the allowable taxing jurisdictions.
Adopted by the City Council on September 11, 2007.
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
September 11, 2007 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
City Clerk