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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