HomeMy WebLinkAboutCity Council Resolution 1993-125CITY OF PLYMOUTH
RESOLUTION NO. 93-125
RESOLUTION APPROVING THE MODIFICATION OF ECONOMIC
DEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 5-1
IN MUNICIPAL DEVELOPMENT DISTRICT NO. 5
WHEREAS, by passage of Resolution No. 88-232, dated April
18, 1988, the City Council (the 'Council') for the City of
Plymouth, Minnesota (the 'City') established Tax Increment
Financing District No. 5-1 ('TIF District 5-10) in accordance
with the City's Tax Increment Financing Plan (the "TIF Plan") in
order to carry out a development program to construct various
public improvements in Municipal Development District No. 5 (the
'District); and
WHEREAS, the Council now desires to modifiy the TIF Plan by
eliminating the property identified on Exhibit A hereto from TIF
District 5-1; and
WHEREAS, Minnesota Statutes, Section 469.175, subd. 4
authorizes the Council, upon the making of certain
determinations thereunder, to modify the TIF Plan by reducing
the geographic area of a tax increment financing district
without notice, public hearing or findings required for approval
of the original plan; and
WHEREAS, in accordance with such requirements under Section
469.175, subd. 4, the Council has determined that the only
modification to the TIF Plan is the elimination of a parcel from
TIF District 5-1; and that the current net tax capacity of the
parcel eliminated from TIF District 5-1 equals or exceeds the
net tax capacity of that parcel in original net tax capacity of
TIF District 5-1;
NOW THEREFORE, HE IT RESOLVED by the City Council of the
City of Plymouth, Minnesota, as follows:
1. That the TIF Plan is hereby modified to eliminate the
property described on Exhibit A from TIF District 5-1.
2. That the City Manager is hereby authorized and
directed to file a certified copy of this resolution
and the appropriate request de -certifying the property
described on Exhibit A with the Director of Property
Taxation of Hennepin County.
6319P
Adopte �- the City Council on %larch 1, 1993.
ECHISIT A
The property to be eliminated from TIF District No. 5-1 is
identified as that parcel bearing PIN #21-14-0002 and depicted
pictorially in both small and large scales on Attachments 1 and
2 hereto.
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