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)