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HomeMy WebLinkAboutCity Council Resolution 1989-284RESOLUTION NO. 89-284 RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN AND ESTABLISHING ECONOMIC DEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 7-1 IN DEVELOPMENT DISTRICT NO. 7 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. 7 (the "Development District") has adopted a Development Program (the "Pro- gram") to construct various public improvements (the "Project") in the Development District; and has directed the City staff to prepare a tax increment financing plan for an economic development tax increment financ- ing district (the "TIF District") within the District for consideration by this Council all in accordance with Minnesota Statutes, Chapter 469 (the "Act") . 1.02. The staff has developed a tax increment financing plan entitled "Tax Increment Financing Plan for Economic Development District No. 7-1 (the "TIF Plan"). The TIF Plan has been forwarded for review and comment to the Hennepin County Board of Commissioners and to the school board of the Independent School District No. 281 in which the TIF District is to be located, in accordance with the Act. 1.03. This Council set a public hearing on the proposed TIF Plan for this date, and duly published notice of the hearing was given pursuant to that resolution as required by the Act. 1.04. The public hearing on the TIF Plan was duly held on this date 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 management of the City and its efficient and economic development that TIF District No. 7-1 be established in the Development District in accordance with the TIF Plan in order to construct the Project and carry out the Program. Section 2. Findings. 2.01. This Council has reviewed the 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 development of the Development District. 2.02. Pursuant to Section 469.175, Subdivision 3 of the Act, this Council makes the following specific findings. RESOLUTION NO. 89-284 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, 8, Subdivision 12 of the Act. The City Council finds that it is in the public interest to undertake the Project and the Improvements within the Development District, because these improvements will: make feasible the development and induce and make feasible other new industrial development, create additional employment and enhance the City's tax base through the encouragement of private commercial and industrial development. b) The proposed economic development described in the TIF Plan cannot, in the opinion of the City Council, reasonably be expec- ted to occur solely through private development within the reasonable foreseeable future and therefore the use of tax increment financing is deemed necessary. The Northwest Business Campus development in the Development District has been planned and predicated on the provision of an adequate roadway transportation system by the City to service an area that previously was not serviced by roadways. A traffic analysis conducted by an independent engineering consulting firm has determined that there is insufficient traffic capacity within the Project to accommodate new commercial/industrial growth. Therefore, the development cannot reasonably be expected to have occurred in the absence of the Improvements. The Improvements described in the TIF 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 Development District and the proposed improvements, and found them to be in conformance with the City's Comprehensive Plan. 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 Develop- ment District by private parties is maximized through the use of tax increment financing. Given the unavailability of funding from other governmental sources and the necessity of the Im- provements as an inducement to private development, the use of tax increment financing will maximize the development opportuni- ties within the Development District. Section 3. Establishment; Certifications; Filing. 3.01. The TIF Plan is approved. The TIF Plan is incorporated by reference herein. RESOLUTION NO. 89-284 3.02. TIF District No. 7-1 as described in the TIF Plan is estab- 10 3.03. The City Clerk is authorized and directed to transmit a certi- fied 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 tax capacity of the TIF District be certified to the City pursuant to Section 469.177, 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 Trade and Economic Development Authority. 3.05. This Council will at the appropriate time take action to issue and sell its general obligation bonds to finance the Improvements described in the TIF Plan. Section 4. Administration. 4.01. The City Manager must 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 incre- ments from the TIF District. 4.02. The administration of the Development District and TIF District No. 7-1 is the responsibility of the City Manager. The Manager must insure that the reports and disclosures required by Section 469.175, Subdivision 6 10 of the Act are made. Section 5. Miscellaneous. 5.01. In accordance with Minnesota Statutes, Section 462.356, Subdi- vision 2 the City Council finds and determines that any sale of public property contemplated in connection with the Project has no substantial relationship to the comprehensive plan and is in fact in compliance with that plan. 5.02. As stated in the TIF Plan the City intends that there will be a tax capacity contribution from the TIF District to the Metropolitan Fiscal Disparities Pool and therefore does not make the election provided for in Section 469.177, Subdivision 3(b) of the Act. 4 1_dz;111� Ma or Attest: 10 P1:00660689.F16 RESOLUTION NO. 89-284 RESOLUTION APPROVING A TAX INCREMENT FINANCING PLAN AND ESTABLISHING ECONOMIC DEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 7-1 IN DEVELOPMENT DISTRICT NO. 7 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. 7 (the "Development District") has adopted a Development Program (the "Pro- gram") to construct various public improvements (the "Project") in the Development District; and has directed the City staff to prepare a tax Increment financing plan for an economic development tax increment financ- ing district (the "TIF District") within the District for consideration by this Council all in accordance with Minnesota Statutes, Chapter 469 (the "Act"). 1.02. The staff has developed a tax increment financing plan entitled "Tax Increment Financing Plan for Economic Development District No. 7-1 (the "TIF Plan"). The TIF Plan has been forwarded for review and cossient to the Hennepin County Board of Commissioners and to the school board of the Independent School District No. 281 in which the TIF District is to be • located, in accordance with the Act. 1.03. This Council set a public hearing on the proposed TIF Plan for this data, and duly published notice of the hearing was given pursuant to that resolution as required by the Act. 1.04. The public hearing on the TIF Plan was duly held on this date 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 management of the City and its efficient and economic development that TIF District No. 7-1 be established in the Development District in accordance with the TIF Plan in order to construct the Project and carry out the Program. Section 2. Findings 2.01. This Council has reviewed the 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 development of the Development District. 2.02. Pursuant to Section 469.175, Subdivision 3 of the Act, this Council makes the following specific findings. I RESOLUTION N0. 89-284 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, 8, Subdivision 12 of the Act. The City Council finds that it is in the public interest to undertake the Project and the Improvements within the Development District, because these improvements will: make feasible the development and induce and make feasible other new industrial development, create additional employment and enhance the City's tax base through the encouragement of private commercial and industrial development. b) The proposed economic development described in the TIF Plan cannot, in the opinion of the City Council, reasonably be expec- ted to occur solely through private development within the reasonable foreseeable future and therefore the use of tax Increment financing is deemed necessary. The Northwest Business Campus development in the Development District has been planned and predicated on the provision of an adequate roadway transportation system by the City to service an area that previously was not serviced by roadways. A traffic analysis conducted by an independent engineering consulting firm has determined that there is insufficient traffic capacity within the Project to accommodate new commercial/industrial growth. Therefore, the development cannot reasonably be expected to have occurred in the absence of the Improvements. The Improvements described in the TIF 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 Development District and the proposed improvements, and found them to be in conformance with the City's Comprehensive Plan. 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 Develop- ment District by private parties is maximized through the use of tax increment financing. Given the unavailability of funding from other governmental sources and the necessity of the Im- provements as an inducement to private development, the use of tax increment financing will maximize the development opportuni- ties within the Development District. Section 3. Establishment; Certifications; Filing. 3.01. The TIF Plan is approved. The TIF Plan is incorporated by reference herein. RESOLUTION NO. 89-284 3.02. TIF District No. 7-1 as described in the TIF Plan is estab- lished. 3.03. The City Clerk is authorized and directed to transmit a certi- fied 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 tax capacity 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 Trade and Economic Development Authority. 3.05. This Council vill at the appropriate time take action to issue and sell its general obligation bonds to finance the Improvements described In the TIF Plan. Section 4. Administration. 4.01. The City Manager must 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 incre- ments from the TIF District. 4.02. The administration of the Development District and TIF District No. 7-1 is the responsibility of the City Manager. The Manager must insure that the repom- and disclosures required by Section 469.175, Subdivision 6 of the Act are made. Section 5. Miscellaneous. 5.01. In accordance with Minnesota Statutes, Section 462.356, Subdi- vision 2 the City Council finds and determines that any sale of public property contemplated in connection with the Project has no substantial relationship to the comprehensive plan and is in fact in compliance with that plan. 5.02. As stated in the TIF Plan the City intends that there will be a tax capacity contribution from the TIF District to the Metropolitan Pistil Disparities Pool and therefore does not make the election provided for in Section 469.177, Subdivision 3(b) of the Act. Major Attest: KOM P1:00660689.F16 U STATE OF MINNESOTA) COUNTY OF HENNEPIN) SS. CITY OF PLYMOUTH ) I, the undersigned, being the duly qualified and appointed Clerk of the City of Plymouth, Minnesota, hereby certify that I have carefully compared the foregoing resolution adopted at a regular meeting of the City Council of said City held on Oune S, 1989, with the original thereof on file in my office, and the same is a full, true and complete copy thereof. WITNESS, my hand officially as such Clerk and the corporate seal of the City this 8th day of 9anuary, 1990. • Laurie Rauenhorst, City Clerk (SEAL)