HomeMy WebLinkAboutCity Council Resolution 1984-066CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a special meetinn of the
City Council of the City of Plymouth, Minnesota, was held on the 23rd
day ofJanuar 19 84 . The following members were present:
Mayor Davenport, oC uncilmem ers en'�ils, Schneider and Crain
The following members were absent: none
Councilmember Moen introduced the followino Resolution and
moved its adoption:
RESOLUTION NO. 84-66
RESOLUTION APPROVING .A TAX INCREMENT FINANCING PLAN AND ESTARLISHING
A TAX INCREMENT FINANCING DISTRICT IN DEVELOPMENT DISTRICT NO. 1
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota, as
follows:
Section 1. Background
1.01 This Council, by Resolution No. 80-886, duly established and by
Resolution No. 83-677 amended, Development District No. 1 (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 Carlson Center through the
construction of County Road 61, and interchanges of County Roads 6 and 15 with
I-494, (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 Commission
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. 1, City of Plymouth,
Hennepin County, December 19, 1983", (the "TIF Plan"). The TIE Plan has been
submitted to the Plannino 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. 83-650 set a public hearing on the
proposed TIE Plan for this date, and duly ablished 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 December 19,
1983 and January 16, 1984 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 fnr 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.
Resolution No. 84- 66
Page 2
' 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.
2.02 Pursuant to Section 274.74, Subdivision 3 of the Act, this Council
makes the following specific findings.
A. The proposed TIF District 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 Protect 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 emDlovment
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 solely through private development within the reasonable forseeahle
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 engineerino
consulting firm has determined that there is insufficient traffic
capacity within the District to accommodate new commercial/industrial
growth. Therefore, the proposed development cannot reasonably he
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 he in
conformance with the City's Comprehensive Plan, including the City's
1984-1988 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 proposed 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
governmental sources and the necessity of the Improvements as an
inducement to private development, the use of tax increment financing
will maximize the development opportunities within the district.
Resolution No. 84-66
Page 3
E. The City elects the method of tax increment computation set
forth In Section 273.76, Subdivision 6, Clause (h) 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 (h),
whereby the contribution ratio for the City under the Fiscal Disparities
requirements (Minnesota Statutes, Chapter 473F) will be applied
proportionately to all commercial /Industrial properties within the City,
Including properties within the District.
Section 3. Establishment; Certifications; Filing.
3.01 The TIF Plan is approved. The approval of the Prooram and Protect
given by Resolution No. 80-886 and amended by Resolution No. 83-677 Is
ratified and confirmed. The TTF 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, Subdivision 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, Plannino 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. 1 Is thf
responsibility of the City Manager. He shall insure that all reports and
disclosures required by Section 273.74, subidvision 5 of the Act are made.
Attest:
Clerk
yor
The motion for the adoption of the foregoing Resolution was duly seconded by
Counrilmemher Crain , and upon vote beino taken thereon, the
following voted in favor thereof: Manor Davenport. Councilmembers Moen, Neils,
acnneiuer ane train
he ollowing voted against or abstained:
Whereupon the Resolution was
gra rag