HomeMy WebLinkAboutCity Council Resolution 1995-352CITY OF PLYMOUTH, MINNESOTA
Resolution No. 95-352
GIVING PRELIMINARY APPROVAL TO A PROPOSAL FOR THE USE OF
TAX INCREMENT FINANCING AND AUTHORIZING THE PREPARATION
OF A TAX INCREMENT FINANCING °LAN AND PUBLICATION OF
PUBLIC HEARING NOTICES THEREFOR.
WHEREAS, the City of Plymouth (the "City") is authorized under Minnesota Statutes,
Sections 469.174 to 469.179 (the "Tax Increment Act"). to establish and create tax increment
districts in order to p1.y all or a portion of certain public redevelopment costs; and
WHEREAS, the City has received a proposal from Hoyt Properties, Inc. (the
"Developer") that the City establish a tax increment (redevelopment) district in order to assist
the Developer in land acquisition costs and public improvement costs associated with the
vacation of a railway line and construction of new commercial and industrial 'k-ilities in the
City; and
WHEREAS, the City has determined that the purposes and policies of tht, Tax Increment
Act would be served by the establishment and creation of a tax increment finance
(redevelopment) district to assist the Developer's proposed project in the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota that:
1. The City hereby preliminarily approves the creation of a tax increment finance
(redevelopment) district to assist the Developer's proposed project as described above, subject
in all events to compliance with the notice and public heFring requirements of the Tax Increment
Act and to the final approval by the City, in its discretion, of the terms and conditions of the
proposed tax increment district and of all documents or agreements to be entered into between
the City and the Developer in connection therewith.
2. The City Manager and staff of the City, the City's attorney and financial advisor
are hereby authorized to prepare a tax increment financing plan and all necessary agreements
for the establishment of a tax increment district for the Developer's proposed project, and to
give such notices to other governmental bodies, establish dates for public meetings and public
hearing notices as are required under the Tar Increment Act.
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3. This Resolution shall be in full force and effect from and after the date hereof.
Dated: June 20, 1995.
Attest: Laurie Ahrens
City Clerk
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CITY OF PLYMOUTH, MWNWOTA
By Joy Tierney
Mayor
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