HomeMy WebLinkAboutCity Council Resolution 1994-852F
CITY OF PLYMOUTH. M MESOTA
Resolutiea Nin. 94.852
RESOLU71CN APPROVING A TAX LNCREUMNT PLAN AND DISTRICT
FOR TAX INCREMBNT FINANCING (SOILS CORRECTION) DISTRICT No. 7-3
WHEREAS, the City of Plymouth (the 'City) is authorized under Minnesota Statutes,
Sections 469.17410 469.179 (the 'Act') to establish and create tax increment districts in order
to pay all or a portion of certain public redevelopment costs, and
WMMEAS, the City has received a proposal from Wayne W. Sharp or assign (tine
'Developer') that the City establish a tax increment district in order to assist the Developer in
the financing of soil correction work for an office facility in the City (the 'Project'); and
WHEREAS, the City has determined that the purpose: and policies of the Act would
be served by the establishment and creation of a tax increment disti;ct to assist with the
Developer's soil correction costs for the pnVosed project in the City; and
WHEREAS, in accordance with the Act, the City has prepared a draft Tax increment
Financing Plan for Tax Increment Financing (Soils Correction) District No. 7-3, which draft
plan outlines the terms and conditions for, and financial details of providing public asaift n e
to the Project; and
WHEREAS, the Heimepin County &ard of Commissioners, the School Board for
Independent School District 0281, the Hennepin County Manager of Administrative Services
Section and the Superintendent of the Hennepin Technical College District have received
notification as required under the Act; and
WiffREA.S, the City Council has scheduled and held a hearing on the proposed plan,
P"ler notice of mid hearing was published as required under the Act; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota, as follows:
1. The Z ax Increment Financing Plan for Tax Increment Financing (Soils Cotrection)
District No. 7-3 is hereby approved. In accordance with Section 469.175, Subd. 3 of the Act,
the following findings are hereby mace in connection with said approval:
a. The proposed Tax Increment Financing District is a soils correction
district as defined under Section 169.174, Subdivision 19. The supporting
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fact for such delamination am ad forth in Section H of the Tax
lnc mast Financing Pian.
b. no popoaed economic development dimmed in the Tax Increment
ment
Finv►cing Plan would not occur solely through Private investment in the
reasonably foreseeable Poture and, therdom the use of tax increment
t3nancing it deemed necessary. The supporting fact far such
determination are ad forth in Section J of the Tax Increumd Financing
Pian.
C. The Tax kammt Financing Plan oonforna to the general Pian for the
e0000mic development of the City as a whole. The suppoctiog facts for
such Siem minatiett am ret forth in .Section J of the Tax Increment
Financing Plan.
d. The Tic Ii=emsat Financing Plan will afford autdmum oPportunitY
consistent with the sound needs of the City as a whoiel for the
development of the Project by private enterprise. While the City will
iuovide some financial assistance for the Project, private enterprise will
also supply significant rands.
Adopted this 19th day of December, 1994.
AT=:
Laurie F. Ahrens, City Cerk
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Joycelyn :I. Tlemey, Mayor