HomeMy WebLinkAboutCity Council Resolution 1988-232CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meettng of the City Council of
the City of Plymouth, Minnesota, was held on the 18th day of April , 1988.
The following :members were present: Mayor Schne de�Z`ouncilmieiFers Va3illou,
Ricker Iitur and Sisk
the, following members were absent: None
Councilmdmber Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 88-232
RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN AND ESTABLISFiNG
ECONOMIC DEVELOPMENT TAX INCREMENT FINANCING DISTRICT 5-1
IN MUNICIPAL DEVELOPMENT DISTRICT NO. 5
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 Municipal. Development District No. 5 (the
"District") in accordance with the procedures set out in Minnesota Statutes, Chapter
469 (Act), -and adopted a Development Programa (the "Prpgram") 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 tax increment
financing district (the "TIF District") within the District for consideration by the
Planning Commission and the Council L11 in accordance with the Act.
1.02. The City staff has developed a tax increment financing plan entitled "Tax
Increment Financing Plan, Tax Increment Financing District No. 5-1, City of Plymouth,
Hennepin County, Approved April 18, 1988," (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 469.175, Subdivision 2 of the Act.
1.03. This Council, by Resolution No. 88-226, set a public hearing on the proposed TIF
Plan and Amended Program for this date, and duly published notice of the hearing was
given pursuant to that resolution as required by Section 469.175, Subdivision 3 of the
Act.
1.04. The public hearing on the amended TIF Plan was duly held on this date and all
j)ersons wishing to express an opinion, orally or in writing, were given an opportunity
to be heard. -
1.05. This Council finds and determines for
that it is necessary and desirable for the
Its efficient and economic development that
District in accordance with the TIF Plan in
out the Program.
(CONTINUED ON PAGE Two)
the reasons more fully set,out hereinafter
sound financial management of the City and
TIF District No. 5-1 be established in the
order to construct the Project and carry
RESOLUTION NO. 88-232
Page 2
0
Sec. 2. Findings.
M
2.01. This Council has reviewed the amended district program and proposed TIF Plan and
find: that they conform to the requirements of the Act and provide a workable plan for
the -construction and financing of the project.
2.02. Pursuant to Section 469.175, 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 469.174, Subdivision 12 of the Act. 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 w.11: 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. adequately 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 plan 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
o,' the City as a whole, for the development of the project proposed In the
Program by private enterprise.
0 (CONTINUED ON PAGE THREE)
RESOLUTION NO. 88-232
Page 3
The opportunity and feasibility for development of the District and the TIF
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
469.177, Subdivision 3, Clause (b) of the Act.
Pursuant to Section 469.177, 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; Filing.
3.01. The amended TIF Plan dated April 18, 1988 is approved. The TIF Plan is
Incorporated by reference herein.
0 3.02. TIF District No. 5-1 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
TIF District be certified to the City pursuant to Section 469.177, Subdivision i of the
Act.
3.04. The City Clerk is further authorized and directed to file a copy of the TIF Plan
with the Minnesota Department of Trade and Economic Development.
3.05. This Council shall at the appropriate time take action to issue .and -sell its
general obligation bonds or other obligations 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 TIF District.
(CONTINUED ON PAGE FOUR)
RESOLUTION Ng. 88-232
Page 4
4.02. The administration of the District and TIF District No. 5-1 is the
responsibility of the City Manager. The Manager shall insure that all reports and
disclosures required by Section 469.175, Subdivision 5 of the Act are made.
The motion for adoption of the foregoing Resolution was duly seconded by _
Councilmember Zitur , and upon vote being taken thereon, the
following voted In favor thereo ayor, hneider, Councilmembers Vasiliou, Ricker,
Zitur and Sisk
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and adopted.