HomeMy WebLinkAboutCity Council Resolution 1982-549CITY OF PLYMIUII;I
Pursuant to due call and notice thereof, arguUlar meeting of the City
Council of the City of Plymouth, Minnesota, was held EMEW lath day of
nr+nhcr 19_x. The following members were present: Mayor Davenport.
pn- NAJ1% and Srhnpid r
M following members were absent: Counrilmemher Threinen
,lmember Neils introduced the following Resolution and moved
its adoption:
RESOLUTION NO. 82-549
RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN AND ESTABLISHING A TAX
INCREMENT FINANCING DISTRICT IN DEVELOPMENT DISTRICT NO. 2.
BE IT RESOLVED by the City Council of City of Plymouth, Minnesota, as follows:
Section 1. Background.
1.01 This Councii, by Resolution No. 82-257, duly established Development
District No. 2 (the"District") in accordance with the procedures set out in
Minnesota Statutes, Chapter 472A, adopted a Development Program (the "Program")
to construct various public improvements to facilitate the development of the
Northwest Business Campus (the "Project") in the District; and directed the City
staff to prepare a tax increment financing plan for an economic development district
(the "TIF District") Within the District for consideration by the Planning Com-
mission and the Council all in accordance with Minnesota Statutes, Sections 273.
73 to 273.78, (such Sections and Chapter 472A referred to collectively as the "Act").
1.02 The staff has developed a Tax Increment Financing Plan entitled "Tax
Increment Financing Plan Development District No. 2, City of Plymouth, Hennepin
County, October 1982", (the "TIF Plan"). The TIF Plan has been submitted to the
Planning Commission for review. The TIF Plan has been forwarded for review and
comment to the Hennepin County Board of Commissioners and to the school board of
the Independent School District No. 284 in which the TIF District is to be located,
in accordance with Section 273.74, Subdivision 2 of the Act.
1.03 This Council by Resolution No. 82-466 set a public -hearing on the pro-
posed TIF Plan for this date, and duly published notice of the hearing was given
pursuant to that Resolution as required by Section 273.74, Subdivision 3 of the
Act.
1.04 The public hearing on the TIF Plan was duly held on this date and all
persons wishing to express an opinion, orally or in writing, were given an
opportunity to be heard.
1.05 This Council finds and determines for the reasons more fully set out
hereinafter that it is necessary and desirable for the sound financial management
of the City and its efficient and economic development that a TIF District be
established in the District in accordance with the TIF Plan in order to construct
the Project and carry out the Program.
Section 2. Findings.
2.01 This Council has reviewed the TIF Plan and finds that it conforms to the
requirements of the Act and provides a workable plan for the construction and
financing of the development of the District.
Resolution No. 82-549
Page 2
2.02 Pursuant to Section 274.74,
makes the following specific findings.
A. The proposed TIF District
Subdivision 3 of the Act, this Council
is an Economic Development District.
The proposed TIF District is an economic development district as defined
in Section 273.73, Subdivision 12. The City Council finds that it is in the
public interest to undertake the Project and the Improvements described in
the TIF Plan within the District, because these Improvements will: make
feasible the development and induce and make feasible other new commercial
development through the provision of an adequate roadways transportation
system, and create additional employment and enhance the City's tax base
through the encouragement of private commercial development.
B. The proposed economic development described in the TIF Plan cannot,
in the opinion of the City Council, reasonably be expected to occur soley
through private development within the reasonable forseeable future and
therefore the use of tax increment financing is deemed necessary.
The proposed development in the District has been planned and predicated
on the provision of an adequate roadways transportation system by the City to
service an area that previously was not serviced by roadways. A traffic
analysis conducted by an independent engineering consulting firm has deter-
mined that there is insufficient traffic capacity within the District to
accommodate new commercial/industrial growth. Therefore, the proposed
development cannot reasonably be expected to have occurred or to occur in the
absence of the Project and the Improvements. The Improvements described in
the Plan will meet this purpose.
C. The TIF Plan conforms to the general plan for the development of the
City as a whole.
The City's Planning Commission has reviewed the Program for the District
and the proposed Improvements, and found them to be in conformance with the
City's Comprehensive Plan, including the City's 1982-1986 Capital Improvement
Program.
D. The TIF Plan will afford maximum opportunity, consistent with the
sound needs of the City as a whole, for the development of the project pro-
posed in the Program by private enterprise.
The opportunity and feasibility for development of the District by
private parties is maximized through the use of tax increment financing.
While a portion of the costs of the Improvements will be met through special
assessments, this source of funding is not sufficient by itself to fund
the improvements. Given the unavailability of funding from other govern-
mental sources and the cessity of the Improvements as an inducement to
private development, the use of tax increment financing will maximize the
development opportunities within the District.
E. The City elects the method of tax increment computation set forth in
Section 273.76, Subdivision 6, Clause (b) of the Act.
Pursuant to Section 273.76, Subdivision 3, of the Act, the City elects
the method of tax increment computation as defined in clause (b), whereby
the contribution ratio for the City under the Fiscal Disparities requirements
(Minnesota Statutes, Chapter 473F) will be applied proportionately to all
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Resolution #82-549
Page 3
commercial/industrial properties within the City, including properties with-
in the District.
Section 3. Establishment; Certifications; Filing.
3.01 The TIF Plan is approved. The approval of the Program and Project given
by Resolution No. 82-257 is ratified and confirmed. The TIF Plan is incorporated
by reference herein.
3.02 The TIF District as described in the TIF Plan is established.
3.03 The City Clerk is authorized and directed to transmit a certified copy
of this Resolution together with a certified copy of the TIF Plan to the Director
of Property Taxation of Hennepin County with a request that the original assessed
value of the District be certified to the City pursuant to Section 273.76, Sub-
division 1 of the Act.
3.04 The City Clerk is further authorized and directed to file a copy of the
TIF Plan with the State Department of Energy, Planning and Development.
3.05 This Council shall at the appropriate time take action to issue and
sell its general obligation bonds to finance the Improvements as described in the
TIF Plan.
Section 4. Administration
4.01 The City Manager shall establish such special funds and accounts as
are necessary and required by the Act and subsequent resolution of this Council to
insure compliance with the Act and the proper use of tax increments from the
District.
4.02 The Administration of Development District No. 2 is the responsibility
of the City Manager. He shall insure that all reports and disclosures required
by Section 273.74, Subdivision 5 of the Act are made.
Mayor
Attest:
bTy1W motion for the adoPtion of the foregoing Resolution was duly seconded
fol owe vvt . oen , and upon vote being taken thereon, the
g ae r reo Mavnr Davenport, Councilmembers Moen,
ider
20110wing s amst or sta
"ereupon the Resolution was declared duly PAMSed and adopted.
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