HomeMy WebLinkAboutCity Council Resolution 2006-242CERTIFICATE AS TO RESOLUTION
I, the undersigned, being the duly qualified and acting recording officer of the City of
Plymouth, Minnesota (the "City"), hereby certify that the attached resolution is a true copy of
Resolution No. 2006-242, entitled: "RESOLUTION RELATING TO REDEVELOPMENT
PROJECT AREA NO. 1 AND TAX INCREMENT FINANCING (QUALIFIED HOUSING)
DISTRICT NO. 1-2; APPROVING A HOUSING PROGRAM AND TAX INCREMENT
FINANCING PLAN THEREFOR" (the "Resolution"), on file in the original records of the City
in my legal custody; that the Resolution was duly adopted by the City Council of the City at a
meeting on June 13, 2006, and that the meeting was duly held by the City Council and was
attended throughout by a quorum, pursuant to call and notice of such meeting given as required
by law; and that the Resolution has not as of the date hereof been amended or repealed.
WITNESS my hand officially this 13th day of June, 2006.
Sandra R. Paulson, City Clerk
CITY OF PLYMOUTH
RESOLUTION NO. 2006-242
RESOLUTION RELATING TO REDEVELOPMENT PROJECT
AREA NO. 1 AND TAX INCREMENT FINANCING
(QUALIFIED HOUSING) DISTRICT NO. 1-2; APPROVING A
HOUSING PROGRAM AND TAX INCREMENT FINANCING
PLAN THEREFOR
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"),
as follows:
Section 1. Recitals.
1.01. The Housing and Redevelopment Authority in and for the City of Plymouth (the
"Authority"), pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended, has
prepared and presented to the City, and the City has approved, a redevelopment plan, as defined
in Minnesota Statutes, Section 469.002, subdivision 16, designated as the Redevelopment Plan
(the "Project Plan") for Redevelopment Project Area No. 1 (the "Project Area"), and a
redevelopment project to be undertaken pursuant thereto, as defined in Minnesota Statutes,
Section 469.002, subdivision 14 (the "Redevelopment Project').
1.02. The Authority has adopted a housing program pursuant to Minnesota Statutes,
Chapters 462C and 469 for the Project Area (the "Housing Program") to include the constriction
of a 50 -unit rental townhome development consisting of 46 two-bedroom and three-bedroom
rental townhomes and 4 one -bedroom rental townhomes (the "Project') and related site
improvements and other improvements of a public nature, which is now before this Council for
approval;
1.03. Pursuant to Minnesota Statutes, Sections 469.174 to 469.1799 (the "Act'), the
Authority has adopted a tax increment financing plan for the proposed Tax Increment Financing
District No. 1-2 (the "Financing Plan"), which is now before this Council for approval. The
Financing Plan is the proposed method for financing the public redevelopment costs of certain of
the redevelopment activities to be undertaken pursuant to the Project Plan. The proposed Tax
Increment Financing (Qualified Housing) District No. 1-2 (the "District') comprises a single tax
parcel within the Redevelopment Project as described in the Financing Plan.
1.04. Members of the Board of County Commissioners of Hennepin County and of the
Board of Education of Independent School District No. 284 have been given an opportunity to
meet with the City and comment on the Financing Plan. In addition, the Metropolitan Council
has been given an opportunity to review and comment on the Housing Program. Pursuant to
Minnesota Statutes, Section 469.175, subdivision 3, and Minnesota Statutes, Section 462C.06,
subdivision 5, this Council on June 13, 2006, conducted a public hearing on the desirability of
approving the Financing Plan and the Housing Program. Notice of the public hearing was duly
-2-
published as required by law in the , the official newspaper of the
City, on and 2006. The City has [not] received written
comments on the Financing Plan from the county and the school district after providing the
county and the school district boards with information on the fiscal and economic implications of
the Financing Plan not less than 30 days before the date of the public hearing. The City has
received comments on the Housing Program from the Metropolitan Council after submitting the
Housing Program to the Metropolitan Council on or before the day on which the notice of the
public hearing was published.
1.05. In addition to the notice and opportunity described in Section 1.04, as required by
Minnesota Statutes, Section 469.175, subdivision 2a, the City, not less than 30 days before the
publication of the notice of public hearing referred to in Section 1.04, delivered written notice to
the member of the Board of County Commissioners of Hennepin County who represents the
District. The notice contained a general description of the boundaries of the District, the
proposed development activities to be undertaken therein, an offer by representatives of the City
to meet and discuss the proposed District with the county commissioner and a solicitation of the
commissioner's comments with respect to the District.
Section 2. Approval of Housing Program. On the basis of the proposed Project Plan
adopted by the Authority and the information elicited from consultation with the Metropolitan
Council and at the public hearing referred to in Section 1.04, it is hereby found, determined and
declared that the development activities proposed by the Housing Program are consistent with
the City's affordable housing goals and implementation strategies as reflected in the City's
negotiated Livable Communities housing goals, which are also set forth in the City's
comprehensive plan, and it is in the best interests of the City to approve the Housing Program.
Therefore, this Council hereby approves the Housing Program.
Section 3. Approval of Financing Plan. On the basis of the Financing Plan and the
information elicited at the public hearing referred to in Section 1.04, it is hereby found,
determined and declared:
3.01. The Financing Plan provides the means to finance certain public redevelopment
costs of the Redevelopment Project that benefit the District. The Financing Plan contains a
statement of objectives for the improvement of the Redevelopment Project, a statement as to the
development program for the District and a statement of the property within the Redevelopment
Project which the City intends to acquire. The Financing Plan also estimates the public
redevelopment costs of the Redevelopment Project, the amount of bonded indebtedness to be
incurred, the sources of revenues to finance or otherwise pay public costs of the District, the
most recent net tax capacity of taxable real property within the District, the estimated captured
net tax capacity of the District at completion and the duration of the District. The Financing Plan
also describes and identifies the redevelopment activities to be undertaken or expected to be
undertaken in the District. The Financing Plan fiirther contains alternative estimates of the
impact of the proposed tax increment financing on the net tax capacities of all taxing
jurisdictions in which the District is located. All the captured tax capacity is necessary for the
objectives of the District.
QCT
3.02. This Council hereby finds that the District consists of a "project" as defined in Minnesota
Statutes, Section 469.174, subdivision 8, and is a proper tax increment financing district within
the meaning of Section 469.174, subdivision 9. This Council further finds, based on the
information in the Financing Plan and representations of the developer, that the District consists
of a project intended for occupancy, in part, by persons or families of low and moderate income,
as defined in chapter 462A, Title II of the National Housing Act of 1934, the National Housing
Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act of
1937, as amended, or similar federal legislation and the regulations promulgated thereunder. As
evidence thereof, the Developer represents that the project qualifies for the low-income housing
tax credit under Section 42 of the Internal Revenue Code of 1986, as amended. The project to be
constricted in the District consists only of housing for individuals or families of low or moderate
income, and no commercial or other uses are contemplated therein. Therefore, the District
qualifies as a "qualified housing district" within the meaning of Minnesota Statutes, Section
469.174, subdivision 29. The income limitations of Section 469.1761 of the Act are applicable
to tenants in the project, because the District is not located in a targeted area as defined in
Minnesota Statutes, Section 462C.02, subdivision 9, clause (e).
3.03. This Council hereby finds that the private development proposed, in the opinion of
this Council, would not reasonably be expected to occur solely through private investment within
the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed
necessary since private developers could not economically develop the project without the
proposed subsidy.
3.04. This Council hereby finds that the Financing Plan conforms to the general plan for
the development of the City as a whole. The development is compatible with the City's zoning
ordinances and other related regulations and encourages efficient use of existing infrastructure as
set forth in the City's Land Use Plan.
3.05. This Council hereby finds that the Financing Plan will afford maximum
opportunity, consistent with the sound needs of the City as a whole, for the development of the
District by private enterprise. The development activities contemplated in the Project Plan
would provide an increase in employment and housing opportunities in the City, enhance the tax
base of the City and improve the general economy of the City and the State of Minnesota
3.06. Upon review of the Financing Plan, the information elicited at the public hearing
and on the basis of the findings in Sections 3.01 to 3. 05, this Council hereby approves the
Financing Plan and the establishment of the District as a tax increment financing district in the
City, to be denominated "Tax Increment Financing (Qualified Housing) District No. 1-2."
Adopted by the City Council this 131h day of June, 2006.
In