HomeMy WebLinkAboutCity Council Resolution 1986-533CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a special meeting of the City Council of
the City of Plymouth, Minnesota, was held on tWe--8t_fi day of �Se tteem_ber . 1986.
The following members were present: Mayor Schneider�� o ncilmembersCrain, mak,
Vasiliou, and Zitur
The following members were absent: none
Councilmember Crain introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 86-533
RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN AND
ESTABLISHING ECONOMIC DEVELOPMENT DISTRICT 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 has duly established Development District No. 1 (the
"District") in accordance with the procedures set out in Minnesota Statutes, Chapter
472A, and adopted and amended 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 the Council all in accordance with Minnesota Statutes, Section 273.73
to 273.78 (such sections and Chapter 472A referred to collectively as the "Act").
1.02. The City staff has developed an amended tax increment financing plan
entitled "Tax Increment Financing Plan Tax Increment Financing District No. 1-3, City
of Plymouth, Hennepin County, Approved March 17 and Amended September 8, 1986" (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 boards of the school districts in which the TIF
District is to be located, in accordance with Section 273.73, Subdivision 7 of the
Act.
1.03. This Council by Resolution No. 86-495 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 amended 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 amended 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.
Resolution No. 86-533
Page twu
Section 2. Findings
OR
2.01. This Council has reviewed the amended TIF Plan and finds tt►at it conforms
to the requirements of the Act and provides a workable plan for the construction and
financing of the Project.
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 reasonably foreseeable 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 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.
c) The TIF Plan conforms to the general pian 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 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 :.nrough '.ne use of tax increment financing. While a
portion of the costs of the Improvements will be met through special
assessments, this so,irce 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. 86-533
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 Disparities Act (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 amended TIF Plan is approved. The TIF Plan is incorporated by
reference herein.
3.02. 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 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 and TIF District No. 1-3
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.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Sisk , and upon vote being taken thereon, t e
following vote n favor thereof: ayor chneider, Councilmembers Crain, Sisk,
Vasiliou and Zitur
TR—e7ollowing voted against or abstained: none
Whereupon the Resolution was declared duly passed and adopt;