HomeMy WebLinkAboutCity Council Resolution 1987-327CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a re Ular meeting of the City Council of
the City of Plymouth, Minnesota, was held on the ISt day of June . 1987.
The following members were present: Mayor Schnee er, Councilmeni6eP'`'Crain, Sisk, —
Vasiliou and Zitur
The following members were absent: none
if! •iFM R►R
Councilmember Crain introduced the following Resolution and moved Its
adoption:
RESOLUTION NO. 87- 327
RESOLUTION APPROVING AN AMENDED TAX INCREMENT FINANCING
PLAN AND AMENDING ECONOMIC DEVELOPMENT TAX INCREMENT
FINANCING DISTRICT 1-4 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 " Programl') to construct various public
improvements (the " Protect') In the District; and has directed the city staff to
prepare a tax Increment financing plan for an economic development district (the" TTF
District') within the District for consideration by the Planning Comaissle+► and the
Council all in accordance with Minnesota Statutes, Sections 273.73 to 273.78, (such
Sections and Chapter 472A referred to collectively as (the" Act').
1.02. The staff has developed an amended tax increment financing plan entitled" Tax
Increment Financing Plan, Tax Increment Financing District No. 1-4, City of Plymouth,
Hennepin County, Approved dune 1, 1987 , and Amended April 6 and May 18, 1987, (the
" TIF Plari'). 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 board of the school district in which the TIF
District Is located, in accordance with Section 273.74, Subdivision 2 of the Act.
1.03. This Council, by Resolution No. 87-323, set a public hearing on the proposed
amendment to the 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.
(CONTINUED ON PAGE TWO)
RESOLUTION NO. 87- 327
Page 2
1.04. The public hearing on the amended TIF Plan was
persons wishing to express an opinion, orally or
opportunity to be heard.
duly held on this date and all
in writinq, were qiven an
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 and that amended TIF District
No. 1-4 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 Plait and finds that it conforms to
the requirements of the Act and provides a workable plan for the construction and
financing o° the development of the District.
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 reasonable 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 the Project and
the Improvements. The Improvements described in the Plan will meet this
purpose.
(CONTINUED ON PAGE THREE)
'``f RESOLUTION NO. 87 327
Page 3
c) the Tlf Plan conforms to the general plan for the development of the CitN
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 through the use of tax Increment. financlno.
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
goverrvnental 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 6, 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
requirements (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 amended TIF Plan dated dune 1, 1997 is approved. The TIF Plan is
Incorporated by reference herein.
3.02. The TIF District No. 1-4 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 desrrlbed in the TIF Plan.
(CONTINUED ON PAGE FOUR)
nEsaLutul# No. e7- 327
Paqe 4
Sec. 4 Administration.
W 4.01. The City Manager shall establish such special funds and a(!counts 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. 1-4 is
the responsibility of the City Manager. He shall insure that all reports and
disclosures required by Section 271.74, Subdivision 5 of the Act are made.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Sisk and upon vote beingakqn t r on the
following voted n favor thereof: yor c neider,Councilmeerrain, �s�C, '
Vasiliou and Zitur
The foIlowing voted against or abstained: none
Whereupon the Resolution was declared duly passed and a opte