HomeMy WebLinkAboutCity Council Resolution 1986-140CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the City Council of
the City of Plymouth, Minnesota, was held on the 11th day of March . 1986.
The following members were present: Mayor Schneider,—Zo ncilmembers rain, isk,
Vasiliou and Zitur
The following members were absent: none
Councilmember Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 86-140
RESOLUTION APPROVING A TAX INCREMENT FINANCING
PLAID AND ESTABLISHING ECONOMIC DEVELOPMENT TAX INCREMENT
FINANCING DISTRICT 1-3 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, 85-348, and 85-878 amended Development District No. 1 (the "District") in
accordance with the procedures set out in Minnesota Statutes, Chapter 472A, adopted a
Development Program (thP "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 for an Economic Development District No. 1-3, City of
Plymouth, Hennepin County, March 17, 1986", (the "TIF Plc-"). The TIF Plan has been
submitted to the Planning Commission for review. The TIF Pian has been forwarded for
review and comment to the Hennepin County Board of Commis!'oners and to the school
board of the Independent School District No. 284 in which ie TIF District is to be
located, in accordance with Section 273.74, Subdivision 2 of the Act.
1.03. This Council, by Resolution No. 86-137, 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.
RESOLUTION NO. 86- 140
Page 2
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. 1-3 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 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 solely
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 analyses conducted by an independent engineering consulting firm
and by the City staff has determined that there is insufficient traffic
capacity within the Distric� 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.
RESOLUTION NO. 86-140
Page 3
c) The TIf Plan conforms to the general plan for the development of the City
IDas 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 1986-1990 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 protect 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 foonding 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.
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 commercial/industrial properties within the City,
innluding properties within the District.
Sec. 3. Establishment; Certifications; Filing.
3.01 The TIF Plan dated March 17, 1986 is approved. The TIF Plan is incorporated
by reference herein.
3.02. The TIF District No. 1-3 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 Minnesota Energy and Economic Development Authority.
3.05. This Council shale at the appropriate time take action to issue and sell its
general obligation bonds to finance the Improvements as described In the TIF Plan.
RESOLUTION NO. 86-140
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. 1-3 is
the responsibility of the City Manager. He shall insure that all reports and
disclosures required by Section 273.74, Subdivision S of the Act are made.
Attest:
Jerk
Mayor
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Vasiliouand upon vote being taken thereon, Be -
following
e0 ow ng vo e n favorthereof: ayour SAneider, Councilmembers Crain, Sisk,
Vasiliou and Zitur
The following voted against or abstainea
Whereupon the Resolution was declared du