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HomeMy WebLinkAboutCity Council Resolution 1985-391CITY OF PISMOUTH, MINNESOTA iPursuant to due call and notice thereof, a regular meeting of the City Council of the City of Plymouth, Minnesota, was held on the 3rd day of June, 1985 in the Council Chambers in the Plymouth Municipal Building. The following members were present: Mayor Davenport, Councilmembers Neils, Crain Schneider and Vasiliou and the following members were absent: none Councilmember Schneider moved the adoption of the following resolution: RESOLUTION NO. 85-391 RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN AND ESTABLISHING AN ECONOMIC DEVELOPMENT TAR INCREMENT FINANCING DISTRICT 1-2 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 Resolutions No. 83-677 and 85-348 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 (the "Project") in the District; and has 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 this 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. 1-2. City of Plymouth. Hennepin County. June. 1985". (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. Res No. 85-391 Page #2 1.03. This Council by Resolution No. 85- 349 set a public hearing on the proposed 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 TIF District No. 1-2 be established in the District in accordance with the TIF Plan in order to construct the Project and carry out the Program. Sec. 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 Economi, Development District. The proposed TIF District is an economic jevelopment 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 Dis- trict, because these Improvements will: make feasible the development and induce and make feasible other new commercial development through the provision of an adequate roadways -trans- portation system, and create additional employment and enhance the City's tax base through the encouragement of private commer- cial development. b) The proposed economic development described in the TIF Plan cannot, in the opinion of the City Council, reasonably be expect- ed to occur solely through private development within the reason- able 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 transporta- tion system by the City to service an area that previously was not serviced by roadways. A traffic analyses conducted by an Independent engineering consulting firm and by the City staff has determined 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. Res No. 85-391 Page K 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 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 aasessments,this source of funding is not sufficient by itself to fund the Improvements. Given the un- availability of funding from other governmental sources and the necessity of the Improvements as an inducement to private devel- opment. the use of tax increment financing will maximize the development opportunities within the Distrizt. 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, 0'ubd1v1sion 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 commer- cial/industrial properties within the City, including properties within the District. Sec. 3. Establishment; Certifications; Filing. 3.01. The TIF Plan is approved. The TIF Plan is incorporated by reference herein. 3.02. TIF District No. 1-2 as described in :►ie TIF Plan is estab- lished. 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 Minnesota Energy and Economic Development Authority. 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. Res No. 85-391 Page #4 Sec. 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 and TIF District No. 1-2 is the responsibility of the City Manager. He shall insure that all reports and disclosures required by Section 273.74, Subdi- vision S of the Act are made. Mayor Attest: Clerk The motion for the adoption of the foregoing Resolution was duly • seconded by Councilmember Neili and upon vote being taken thereon, the following voted in favor thereof: Mayor Davenport, Councilmembers Neils, Crain, Schneider and Vasiliou and the following voted against or abstained: none whereueoz the Resolution was declared duly passed and adopted.