HomeMy WebLinkAboutCity Council Resolution 1986-791. RESOLUTION NO. 86- 791
RESOLUTION ESTABLISHING DEVELOPMENT DISTRICT
NO. 4, APPROVING A TAX INCREMENT
FINANCING PLAN AND ESTABLISHING ECONOMIC
DEVELOPMENT TAX INCREMENT FINANCING
DISTRICT 4-1 IN DEVELOPMENT DISTRICT NO. 4
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota as
follows:
Section 1. Background.
1.01. This Council has directed the City staff to prepare a development
program and tax increment financing plan for the construction of various public
Improvements (Project) in a proposed development district (District) in the City
bv the establishment of one or more tax increment financing district (TIF
District) within the District, all pursuant to Minnesota Statutes, Chapter 472A
and Sections 273.71 to 273.77 (Act).
1.02. The City staff has developed a Development Program and tax increment
financing plan entitled "Development Program for Development District No. 4 and
Tax Increment Financing Plan Tax Increment Financing District No. 4-10 City of
Plymouth, Hennepin County, November. 1986" (Development Frogram, and TIF Plan).
The Development Program and TIF Plan have 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 273.74, Subdivision 2 of the Act.
1.03. This Council by Resolution No. 86-776 set a public hearing on the
proposed Development Program and TIF Plan for this date, and duly published
notice of the hearing was given pursuant to that resolution as required by
Sections 273.74, Subdivision 3 and 472A.03 of the Act.
1.04. The public hearing on the Development Program and TIF Plan was duly
held on this dote 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 manage-
ment of the City and its efficient and economic development that a) the District
be established and b) that TIF District be established in the District in
accordance with the TIF P13n in order to construct the Project and carry out the
Development Program.
Sec. 2. Findings.
2.01. This Council has reviewed the Development Program and the TIF Plan
and finds that they conform to the requirements of the Act and provide a work-
able plan for the construction and financing of the Project.
Resolution No. 86-791
Page Two
2.02. Pursuant to Section 274.74, Subdivision 3 of the Act, this Council
makes the following specific findings.
t) 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
the 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) Tile 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 predi-
cated on the provision of an adequate roadways transportation system
by the City to service an area that previously vas not serviced by
roadways. A traffic analysis 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 Proiect 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 Development Program
for the District, the proposed Improvements, and t1he TIF Plan and
found them to be in cc%nformance with the City's Comprehensive Plan,
including the City's Capital Improvement Program.
d) The TIF Plan will afford max -mum opportunity, consistent with the
sound needs of the City as a whole, for the development of the Project
proposed in the Development Program by private enterprise.
The opportunity and feasibility for development of the District Ly
private parties is maximized through the use of tax increment financ-
ing. 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
Imprcvements as an inducement to private development, the use of Lax
increment financing will maximize the development opportunities within
the District.
Resolution No. 86-791
Page Three
e) The City elects the method of tax inr:ement 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 propor-
tionately to all commercial/industrial properties within the City,
Including properties within the District.
Sec. 3. Establishment; Certifications; Filing.
3_01. The Development Program is approved and is incorporated herein by
reference.
3.02. Development District No. 4 is established.
3.03. The TIF Plan is approved. The TIF Plan is Incorporated by reference
herein.
3.04. TIF District No. 4-1 as described in the TIF Plan is established.
3.05. 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 TIF District be certified to the City pursuant to
• Section 273.76, Subdivision 1 of the Act.
3.06. The City Clerk is further authorized and directed to file a copy of
the TIF Plan with the Minnesota Energy and Economic Development Authority.
3.07. 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
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 the District No. 4 and TIF District 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.
Mayor Virgil Schneider
ATTEST:
0 Clerk Laurie Brandt
00661186.F16