HomeMy WebLinkAboutCity Council Resolution 1986-415RESOLUTION NO. 86-__41,5_
RESOLUTION APPROVING A TAX INCREMENT
FINANCING PLAN AND ESTABLISHING ECONOMIC
DEVELOPMENT TAX INCREMENT FINANCING
�'T`,TRICT 3-1 IN DEVELOPMENT DISTRICT NO. 3
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota as
follows:
Section 1. Background.
1.01. This Council has duly established Development District No. 3 (the
"District") in accordance with the procedures set out in Minnesota Statutes,
Chapter 472A, and adopted and amended a Development Program (the "Progrnm") 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 she Planning Commission and the Council all In accordance with
Minnesota Statutes, Section 273.73 to 273.78 (such sectionr and Chapter 472A
referred to collectively as the "Act").
1.02. The City staff has developed a tax increment finan-:,ing plan entitled
"Tax Increment Financing Plan Tax Increment Financing District No. 3-1, City of
Plymouth, Hennepin County, July, 1986" (the "TIF Plan"). The Tlk 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 boards of the school districts in which the TIF District In to
be located, in accordance with Section 273.74, Subdivision 2 of the Act.
1.03. This Council by Resolution No. 86- 401 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 sornd financial manage-
ment of the City and its efficient and economic development that TIF District
No. 3-1 be established in the District in accrrdance 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 TI2 Plan and finds that it conforms to
the requirements of the Act; and provides a workable plan for the construction
and financing of the Project.
Resolution No. 86-415
Page Two
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 ..,ithin the reasonably foreseeable
future and therefore the use of tax increment financing is deemed
necessary.
The proposed development in the District has been planned and predi-
cated 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 thet 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 de-
scribed 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
Capital Improvement Program.
d) The TIF Plan will afford maximum opportu.iity, 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 aevelopment of the District by
private parties is maximized through the use of tax increment financ-
ing. While a portion of the costs of the Improvements will be net
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 Rax
increment financing will maximize the development opportunities vi,:nin
the District. )
Resolution No. 86-415
Page Three
e) The City elects the method of tax increment computation set forth in
Section 273.76, Subdivision 3, 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 Dispari-
ties Act (Minnesota Statutes, Chapter 473F) will be applied
proportionately to all commercial/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. 3-1 as described in the TTF 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 origi-
nal 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.
Sec. 4. Administration.
4.01. The City Manager shall establish such special funds and accounts as
%re 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. 3 and TIF District
No. 3-1 is the responsibility of the City Manager. The manager shall insure
that all reports and disclosures required by Section 273.74, Subdivision 5 of
the Act are made.
ATTEST:
IDClerk
00660786.R01