HomeMy WebLinkAboutCity Council Resolution 1995-7030
( CITY OF PLYMOUTH, MINNESOTA
Resolution No. 95-m
APPROVING AMENDMENT TO DEVELOPMENT DISTRICT NO.7
AND APPROVING AMENDMENTS TO THE TAX INCREMENT
FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS
NUMBERS 1.39 1.49 1-S, 2-19 3-1, 3.29 3-3, 4.1, 4.21 4a, 5.1, 6.1 AND 7.1.
WHEREAS, the City of Plymouth (the "City") is authorized under Minnesota
Statutes, Sections 469.124 to 469.134 (the "Development District Act") to establish and
create development districts in order to provide impetus for commercial development; to
increase employment; to protect pedestrians from vehicle traffic and inclement weather,
to provide the necessary linkage between peripheral parking facilities and places of
employment and shopping; to provide off-street parking to serve the shoppers and
employees of the district; and to provide other facilities as are outlined in the
development program adopted by the governing body; and
WHEREAS, in accordance with the Development District Act, the City has, by
the passage of Resolution No. 88-861, dated December 19, 1988, adopted and
established the City of Plymouth Development Program (the "Development Program")
for Development District Number 7 (the "Development District"); and
WHEREAS, subsequent to the establishment of the Development District, the
City has determined to amend the Development Program and modify the boundaries of
the Development District in order to accommodate the changing development patterns
and needs within the City; and
WHEREAS, pursuant to the Development District Act, the City has consulted
with its Planning Department and has held a public hearing on the amendment of the
Development Program and the designation of the boundaries of the Development
District, as modified:
WHERI!AS, the City is authorized under Minnesota Statutes, Sections 469.174 to
469.179 (the "TIF Act") to establish and create tax increment districts in order to pay all
or a portion of certain public redevelopment costs, and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution dated March 17, 1986, adopted and established the Tax Increment Financing
Plan (the '"TIF Plan No. 1-3") for Economic Development District No. 1.3 ("TIF Disnict
No. 1.3") (Hennepin County TID No. 2055), as amended to the date hereof, which TIF
Plan No. 1.3 outlines the terms and conditions for, and financial details of providing
public assistance to TIF District No. 1.3; and
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No. 4-1 ("TIF District No. 4-1") (Hennepin County TID No. 2056 and 2096), as amended
to the date hereof, which TIF Plan No. 41 outlines the terms and conditions for, and
financial details of providing public assistance to TIF District No. 4-1; and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 87-215, dated April 6, 1987, adopted and established the Tax Increment
Financing Plan (the 'TIF Plan No. 44") for Economic Development District No. 42
("TIF District No. 4-r) (Hennepin County TID No. 2058), as amended to the date
hereof, which TIF Plan No. 42 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 42; and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 88-236, dated April 18, 1988, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 43") for Economic Development District No. 4-3
("TIF District No. 43") (Hennepin County TID No. 2063 and 2099), as amended to the
date hereof, which TIF Plan No. 43 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 43; and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 88-232, dated April 18, 1988, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 5-1") for Economic Development District No. 5-1
("TIF District No. 5.1") (Hennepin County TID No. 2064 and 2098), as amended to the
date hereof, which TIF Plan No. 5-1 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 5-1; and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 88-233, dated April 18, 1988, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 6-1") for Economic Development District No. 6-1
('TIF District No. 6-1") (Hennepin County TID No. 2065 and 2097), as amended to the
date hereof, which TIF Plan No. 6-1 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 6.1; and
WHEREAS, in accofdance with the TIF Act, the City has, by the passage of
Resolution No. 89.284, dated June 5, 1989, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 7-1") for Economic Development District No. 7.1
('TIF District No. 7-1") (Hennepin County TID No. 2066), as amended to the date
hereof, which TIF Plan No. 7-1 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 7-1 (the foregoing described Tax
Increment Financing Plans hereinafter referred to together as the "TIF Pians," and the
foregoing described Economic Development Districts hereinafter referred to together as
the 'TIF Districts"), and
WHEREAS, subsequent to the establishment of the TIF Districts, the City has
determined to amend the 'TIF Pians to reallocate certain budgeted expenditures and to
reduce the aggregate expenditures described therein; and
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