HomeMy WebLinkAboutCity Council Resolution 1986-736CITY 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 t e rd day of November , 1986.
The following members were present: Mayor Schneiders, Zo ncilmembers ra.n,' ITS -
The
Vasiliou, and Zitur
he following members were absent: none
Councilmember Zitur introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 16-736
RESOLUTION APPROVING A TAX INCREMENT FINANCING
PLAN 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 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, Sections 273.73 to 273.78, (such
Sections and Chepter 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, 1986", and Amended September 8, and
November 3, 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 2 of the Act.
1.03. This Council, by Resolution No. 86-717, set a public hearing on the nPoposed
TIF Plan for this date, and duly published notice of the hearing was give _suant
to that resolution as required by Section 273.74, Subdivision 3 of the Act.
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RESOLUTION NO. 86-736
Page 2
• 1.04. The public hearing on the amended TIF Plan was duly held on this date and all
persons wishing to express an opinion, orolly or in writing, were given an
opportunity to be heard.
1.05. This Council finos 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 It's 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.
Sec. 2. Findings.
2.01. This Council has reviewed the amended 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 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 Deveiopment 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 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 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 thr Project and
the Improvements. The Improvements described In the Plan will meet this
purpose.
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RESOLUTION NO. 86-736
Page 3
c) The TIF Plan conforms to the general plan for the development of the City
obas 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 witty
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 dGd 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 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.
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.
Sec. 3. Establishment; Certifications; Filin
3.01 The amended TIF Plan dated November 3, 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 shall at the appropriate time take action to issue and sell it's
general obligation bonds to finance the Improvements as described in the TIF Plan.
0
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RESOLUTION NO. 66.736
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. 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 Vasiliouand upon vote being taken on, t�
0 owing vote in favor there , Mayor hneider, Councilmembers Crain, Sisk,
Vasiliou, and Zitur
efollowing voted against or abstained: none
Whereupon the Resolution was declared duly passed and adopted.