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been amended or repealed.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