HomeMy WebLinkAboutCity Council Resolution 1995-454•
CITY OF PLYMOUTH, 1V1a1 MOTH
Resolution No. 95- 454.
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WHEREAS, the City of Plymouth (the "City") is authorised under Minnesota Statutes,
Sections 469.174 to 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
WHEREAS, the City has received a proposal from Hoyt Properties, Inc. (the
"Developer") that the City establish a tax increment 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 facilities in the City (the "Project"); and
WHEREAS, the City has determined that the purposes and policies of the Act would
be served by the establishment and creation of a tax increment district to assist the Developer's
proposed project in the City; and
WHEREAS, in accordance with the Act, the City has prepared a draft Tax Increment
Finaniag Plan for Tax Increment Financing (Redevelopment) District No. 7-4, which draft plan
outlines the terms and conditions for. and financial details of providing public assistance to the
Project; and
WHEREAS, the Hennepin County Board of Commissioners, the Schoo! Board for
Independent School District #281, the Hennepin County Manager of Administrative Services
Section have received notification as roquired under the Act; and
WHEREAS, the City Council has scheduled and held a hearing on the proposed plan,
after notice of said hearing was published as required under the Act; and
WHEREAS, the City and the Developer have agreed upon a Development Agreement
(the. "Development Agreement") which provides the terms and conditions under which the City
will assist the Project from the tax increments received by the City from Tax Increment
Financing (Redevelopment) District 7-4.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota, as follows:
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1. The Tax Increment Financing Plan for Tax Increment Financing District No. 74
is hereby approved. In accordance with Section 469.175, Subd. 3 of the Act, the following
findings are hereby made in connection with said approval:
a. The proposed Tax Increment Financing District is a redevelopment district
as defined under Section 469.174, Subdivision 10. The supporting facts
for such determination are set forth in Section B of the Tax Increment
Financing Plan.
b. The proposed economic development discussed in the Tax Increment
Financing Plan would not occur solely through private investment in the
reasonably foreseeable future and the increased market value of the site
that could be reasonably expected to occur without the use of tax
increment would be less than the increase in market value estimated to
result from the proposed development after subtracting the present value
of the projected tax increments for the maximum duration of the TIF
District permitted by the TIF Plan, therefore, the use of tax increment
financing is deemed necessary. The supporting facts for such
determination are set forth in Section J of the Tax Increment Financing
Plan.
C. The Tax Increment Financing Plan conforms to the general plan for the
development or redevelopment of the City as a whole. The supporting
facts for such determination are set forth in Section J of the Tax Increment
Financing Plan.
d. The Tax Increment Financing Plan will afford maximum opportunity
consistent with the sound needs of the City as a whole, for the
development of the Project by private enterprise. While the City will
provide some financial assistance for the Project, private enterprise will
also supply significant funds. The supporting facts for such determination
are set forth in Section J of the Tax Increment Financing Plan,
e. The City elects the method of tax increment computation set forth in
Minnesota Statutes Section 469.177, Subdivision 3(b) (see method (b) In
Section P).
2. The execution and delivery by the City of the Development Agreement is hereby
authorized and approved. The Mayor and City Manager of the City are authorized and directed
to execute the Development Agreement in substantially the form thereof on file in the offices of
the City, with such modifications and amendments as they may deem necessary or appropriate,
the approval of which shall be conclusively evidenced by their execution of such Development
Agreement. In the event that the Mayor or City Manager is unable to execute the Development
Agreement, any other member of the City Council may act in the place of the Mayor and the
Assistant City Manager may act in the place of the City Manager.
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