HomeMy WebLinkAboutCity Council Resolution 1993-219CITY OF PLYMOUTH
RESOLUTION 93-219
RESOLUTION ESTABLISHING A TAX INCREMENT FINANCING PROGRAM FOR EXISTING TAX
INCREMENT DISTRICTS.
WHEREAS, the City of Plymouth pursuant to State Enabling Statutes has created
several Tax Increment Financing Districts within the City, specifically Tax
Increment Districts 1-3, 1-4, 1-5, 2-1, 3-1, 3-2, 3-3, 4-1, 4-2, 4-3, 5-1, 6-
1, and 7-1; and,
WHEREAS, it is the policy and intent of the City of Plymouth to encourage
development within these existing Tax Increment Districts for the long term
benefit of the citizens and tax payers of Plymouth; and,
WHEREAS, the City Council finds that a specific program to utilize forecasted
Tax Increments to encourage such development through financial incentive is in
the interest of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, that it should and hereby does authorize and direct City staff to
execute and undertake the Tax Increment Financing Program as described by the
memorandum from the Community Development Director of April 14, 1993, together
with attachments which is attached hereto as Exhibit A.
FURTHER, that the percentage of forecasted increment directly applied to the
development project proposed under this program shall be limited to
percent; and administrative fees shall be charged each project in the amount
of 10 percent of the forecasted increment collectable.
Adopted by the City Council on April 19, 1993.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City
of Plymouth, Minnesota, certifies that I compared the foregoing resolution
adopted at a meeting of the Plymouth City Council on April 19, 1993 , with
the original thereof on file in my office, and the same is a correct
transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the
City this 29th day of April, 1993
City Clerk
(res/cc/tif)
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Resolution No. 93 -219
DRAFT
EXHIBIT A. TO RESOLUTION 93-219
CITY OF PLYMOUTH, MINNESOTA
Tax Increment Financing (TIF) Program
for Economic Incentives for
the City's TIF Districts
(1-3, 1-4, 1-5, 2-1, 3-1, 3-2, 3-3, 4-1, 4-2, 4-3, 5-1, 6-1, 7-1)
Introduction: The City has established a number of TIF
districts which will terminate over the
next few years, and which still have
sizeable undeveloped parcels. The City is
interested in providing economic
incentives to appropriate developments
within these TIF districts. These
incentives will be within the dictates of
eligible expenditures defined in the TIF
statutes. As the remaining duration of
these districts is short, the City is only
interested in assisting those developments
which will move forward in an expeditious
manner.
Objectives: 1) The City wishes to promote development
consistent with the land -use plans and
the zoning ordinance in the subject
TIF districts. A mapping of the
districts and their land -use plans is
enclosed as Exhibit 1. Accompanying
Exhibit 1 is a financial profile of
each TIF district, listing its type
and duration.
2) In particular, the City is interested
in promoting development of the
following types:
* Basic Manufacturing
* High Tech Research/Development
* Distribution
Priority Developments: The City has established a priority of the
types and characteristics of developments
it wishes to see occupy these parcels.
Although developments not matching these
priority types will not be precluded from
receiving TIF assistance, those projects
which do accomplish these objectives will
be given preference. Priority types and
characteristics of development are:
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Resolution No. 93-219
*Basic Manufacturing, High Tech
Research/Development, Distribution
*Locations Within Existing TIF
Districts
*Compliance with all
City/State/Federal Regulatory
Controls on Land Use and Development
Type of Assistance: The City will consider funding the
following types of expenditures:
1) Land acquisition write-down;
2) Site preparation
3) Necessary public improvements; and
4) The costs of certain development
permitting fees.
Form of Assistance: The City will consider two forms of
assistance:
1) Pay-as-you-go TIF assistance whereby
payments are made over time as the
property owner makes property tax
payments; and
2) Up -front TIF assistance through bond
proceeds.
The City reserves the right to negotiate
the form of assistance based on cost
effectiveness considerations.
Application for TIF Assistance: The City has developed a TIF application
form to provide a description of proposed
development, the nature and extent of TIF
assistance and the information from which
a calculation of TIF revenues can be made.
The application form is enclosed as
Exhibit II.
Questions Regarding the Program: Interested parties should contact Mr.
Chuck Dillerud, Community Development
Director, City of Plymouth, at (612) 550-
5059.
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Resolution No. 93-219
EXHIBIT II
REQUEST FOR TAX INCREMENT FINANCING
PROJECT:
1. Business Name:
Address:
Telephone:
Contact:
2. Brief description of the business.
3. Address and/or Legal Description of Site
4. Proposed Project: Building square footage, size of property,
description of buildings - materials, etc.
Attach site plan, if available.
5. If property is to be subdivided, show division planned.
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Resolution No. 93_219
n
u
6. Estimated Project Costs: (Please enclose construction performa, if
available)
a.
Land Acquisition
$
b.
Site Development
;
C.
Building Cost
j
d.
Equipment
$
e.
Architectural & Engineering Fees
$
f.
Legal Fees
$
g.
Financing Costs
a
h.
Broker Costs
S
i.
Contingencies
$
j.
Other (please specify)
$
TOTAL
S
7. Total
Estimated Market Value at
completion.
$
8. Source of Financing
a. Equity $
b. Bank Loan $
c. Tax Increment Assistance j
d. Industrial Revenue Bonds $
e. Other $
9. Form of tax increment financing: Pay as You Go
or
Bond Insurance
10. Name & Address of architect, engineer, and general contractor.
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Resolution No. 93-219
11. Estimated real estate taxes on project site upon completion of project.
(Please show calculations)
12. Project construction schedule:
a. Construction Start Date:
b. Construction Completion Date:
c. If phased project:
Year n Complete
Year $ Complete
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Resolution No. 93-219
TAX INCREMENT FINANCING REQUEST:
1. Describe amount and purpose for which tax increment financing is required.
2. Statement of necessity for use of tax increment financing for project.
3. Please indicate how the project and use of T.I.F. would meet one or more
of the following goals: job retention, job creation, head -of -household
jobs, tax base expansion, development of the Southcross Corporate Center,
conference center, fine dining, class "A" office, or corporate
headquarters.
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Resolution No. 93-219
4. Municipal Reference (if applicable). Please name other municipalities
wherein the applicant, or other corporations the applicant has been
involved with, has completed developments within the last five years.
(TIF)
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