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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