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HomeMy WebLinkAboutCity Council Resolution 2006-421CERTIFICATE 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. 2006-421, entitled: "RESOLUTION RELATING TO REDEVELOPMENT PROJECT AREA NO. 1 AND TAX INCREMENT FINANCING (REDEVELOPMENT) DISTRICT NO. 1-3; APPROVING A 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 October 24, 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notice of such meeting given as required by law; and that the Resolution has not as of the date hereof been amended or repealed.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 day of , 2006. Sandra R. Engdahl, City Clerk CITY OF PLYMOUTH RESOLUTION NO. 2006-421 RESOLUTION RELATING TO REDEVELOPMENT PROJECT AREA NO. 1 AND TAX INCREMENT FINANCING (REDEVELOPMENT) DISTRICT NO. 1-3; APPROVING A 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. 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. 1-3 (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 (Redevelopment) District No. 1-3 (the "District') comprises contiguous tax parcels within the Redevelopment Project as described in the Financing Plan. 1.03. 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. Pursuant to Minnesota Statutes, Section 469.175, subdivision 3, this Council on October 24, 2006, conducted a public hearing on the desirability of approving the Financing Plan. Notice of the public hearing was duly published as required by law in the Plymouth ,Sun ,Sailor, the official newspaper of the City, on October 12, 2006. The City has 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. 1.04. In addition to the notice and opportunity described in Section 1.03, 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 1.03, 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 Financing Plan. On the basis of the Financing Plan and the information elicited at the public hearing referred to in Section 1.03, it is hereby found, determined and declared: 2.01. 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 further 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. 2.02. This Council hereby finds that the addition to the District consists of four (4) contiguous tax parcel within 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 addition to the District contains the following conditions, reasonably distributed throughout: The property consists of parcels consisting of 70 percent of the area of the District are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar strictures and more than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance. Therefore, the addition to the District qualifies as a "redevelopment district" within the meaning of Minnesota Statutes, Section 469.174, subdivision 10. 2.03. 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; and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the District permitted by the Financing Plan. -2- 2.04. 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. 2.05. 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 redevelopment of the District by private enterprise. The redevelopment 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 2.06. Upon review of the Financing Plan, the information elicited at the public hearing and on the basis of the findings in Sections 2.01 to 2.05, 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 (Redevelopment) District No. 1-3." Adopted by the City Council this 24th day of October, 2006. QCT