HomeMy WebLinkAboutCity Council Resolution 1996-639•
CITY OF PLYMOUTH, MINNESOTA
Resolution No. 96-639
APPROVING AMENDMENTS TO THE TAX INCREMENT
FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS
NUMBERS 1.3, 1.4, 1.59 2.1, 3-19 3.2, 3.3, 4-114-29 4.3, S-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, the City is authorized under Minnesota Statutes, Sections 469.174 to
469.179 (the "TIF Act") to establish and create tar 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, icy 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 District
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
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 87-216, dated April 6, 1987, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 1.4") for Economic Development District No. 1-4
("TIF District No. 1-4") (Hennepin County TID No. 2057), as amended to the date
hereof, which TIF Plan No. 1-4 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 1-4; and
Vt', L.REAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 88-138, dated March 7, 1988, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 1-S") for Economic Development District No. 1-5
("TIF District No. 1.5") (Hennepin County TID No. 2060), as amended to the date
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hereof, which TIF Plan No. 1-5 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 1-5; and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 87-328, dated June 1, 1987, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 2-1") for Economic Development District No. 2-1
("TIF District No. 2-1") (Hennepin County TID No. 2059), as amended to the date
hereof, which TIF Plan No. 2-1 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 2-1; and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 86-414, dated July 21, 1986, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 3-1") for Economic Development District No. 3-1
("TIF District No. 3-1") (Hennepin County TID No. 2054), as amended to the date
hereof, which TIF Plan No. 3-1 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 3-1; and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 88-235, dated April 18, 1988, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 3-2") for Economic Development District No. 3-2
("TIF District No. 3-2") (Hennepin CountyTID No. 2061), as amended to the date
hereof, which TIF Plan No. 3-2 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 3-2; and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 88-237, dated April 18, 1988, adopted and established the Tax Increment
Financing Plan (the "TIF Plan No. 3-3") for Economic Development District No. 3-3
("TIF District No. 3-3") (Hennepin County TID No. 2062), as amended to the date
hereof, which TIF Plan No. 3-3 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 3-3; and
WHEREAS, in accordance with the TIF Act, the City has, by the passage of
Resolution No. 86-791, dated December 1, 1986, adopted and established the Tax
Increment Financing Plan (the "TIF Plan No. 4-1") for Economic Development District
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. 4-1 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. 4-2") for Economic Development District No. 4-2
("TIF District No. 4-2") (Hennepin County TID No. 2058), as amended to the date
hereof, which TIF Plan No. 4-2 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 4-2; and
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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. 4-3") for Economic Development District No. 4-3
('"TTF District No. 4-3") (Hennepin County TID No. 2063 and 2099), as amended to the
date hereof, which TIF Plan No. 4-3 outlines the terms and conditions for, and financial
details of providing public assistance to TIF District No. 4-3; 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 accordance with the TIF Act, the City has, by the passage of
Resolution 88-861, dated December 18, 1988 modified the foregoing Tax Increment
Financing Plans to provide for the aggregation of tax increment revenues for the
financing of the costs of public improvements pursuant to those Tax Increment Financing
Plans and the costs of additional public improvements designed to encourage
development of Development District No. 7; and
WHEREAS, in accordance 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 Finan:ing Plans hereinafter referred to together as the "TIF Plans," and the
foregoing described Econnmic Development Districts hereinafter referred to together as
the "TIF Districts"); and
WHEREAS, subsequent to the establishment of the Development District and the
TIF Districts, the City has, by the passage of Resolution No. 95-703, dated November 15,
1995 made certain amendments to the Development District and the TIF Plans, all in
accordance with the Development District Act and the TIF Act; and
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WHEREAS, subsequent to such amendments, the City has determined to amend
the TIF Plans to reallocate certain expenditures and to reduce the aggregate
expenditure: described therein; and
WHEREAS, because the geographic area of the TIF Districts is being neither
reduced nor enlarged and the total estimated tax increment expenditures are being
reduced, no public hearing on the amendments to the TIF Plans or notices to Hennepin
County or the respective School Districts are required pursuant to Minn. Stat. § 469.175,
subd. 4:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota that:
1. The City hereby amends each of the TIF Plans for each of the TIF
Districts to amend the Exhibit A, Estimated Costs of Improvements, attached to each
such TIF Plan by adding thereto the Amendment to Estimated Costs of Improvements,
in the form attached to this Resolution.
2. This Resolution shall be in full force and effect from and after the date
hereof.
Dated: , 1996.
Attest:
City Clerk
d m\955W505751656W. RFS
CITY OF PLYMOUTH, MINNESOTA
By
Its Mayor
-4.
City of Plymouth, Minnesota
Amendment to Estimated Costs of Improvements
Exhibit A
Prepared By: Springsted Incorporated (11112196)
Original
Actual
Now Project
Now Project
Total New
Tax Increment financing Dletrlc% a
TIF Plan
Project
Capita
Soft Coats
'IF Plan
Projovt Description
Budget
Expenditures
Expenditures
Expenditures
Budget es Amended
1
Interchange w/ Co. Rd. 6 and 1-494
$6,500,000
$6.679,782
$100,000
50
$6,779,782
2
Improvement of Co. Rd. 61 from Xenlum
Lane to Co. Rd. 9
$2,550,000
$2.421,196
$50,000
$0
$2,471,196
3
Upgrading Co. Rd. 8 from Co. Rd. 101
easterly to Fembrook Ln.
52,275,000
$1.416,446
$100,000
50
$1,516,446
4
Fembroak Ln. from Gleason Lk. Rd. to
Co. Rd. 6
$800,000
$0
50
m
$12,125,000
$10.517,424
$250,000
S('
31C,767,424
Subtotal
IIE
5
District Nos, 2 and 24
Co. Rd. 61 from Co. Rd. 6 to Hwy. 55
$3,900,000
50
$0
$0
$0
8
W. Medicine 1.k Rd. relocation from 13th
Ave. to 23rd Ave and trail construction
from T.H. 55 north to 26th Ave.
$2,275,000
51.317,959
S897,716
$60,772
$2,305,449
7
Extension of Xenium Ln. from 38th Ave.
to Co. Rd. 61 and W. of Vinewood Ln,
from Cottonwood Plaza south to
Xenium Ln
51,175,000
5149.131
511,000
$1,100
$161,231
Extension of 18th Ave. to Co. Rd. 6 at
T.H. 65 and extension of Industrial
Park Blvd. from Co. Rd. 6 to T.H. 65
S1.025,0001
545.000
$o
$0
$45,000
$6,375,000
S1.512.090
$908,718
$90,872
$2,511,680
Subtotal
TIF
9
131shict Has, 3.1
Improvements Segments A, C, E
(10th Ave. - Bassett Creek to South Shore)
(Hwy. 55 Frontage Rd. Quaker Ln to 8th Ave)
(13th Ave. and C.S.A.H. 18)
Includes (Trunk Hwy. 169 Frontage Rd. from
8th Ave. to 13th Ave.)
52,680,000
S2.109,965
$0
SO
$2,109,965
10
Lard Writedown - (DevadFreemen)
$825,000
S674.000
$0
SO
$674,000
$3,505,000
52.783.965
_
S0
SO
$2,783,965
Subtotal
TIF
nistrid Nos, 3.2 ndi3
11
Imp. to the Hwy. 55 6 Revere Ln. Intersection
$230,000
5105,000
$0
$0
$105,000
12
Hwy. 55 d South Shore Drive Into-secdon
5415,000
SO
$0
$0
SO
13
Hwy. tis Frontage Rd, from S. Shore Dr, to
Valley Forgo Ln.
$200,000
5357,966
$250,000
$25,000
$632,966
14
Right -of -Way Acquisition
51,500,000
SO
$0
$0
$0
15
Admin., C01, Cap, Int.
$550,000
$0
$0
$0
SO
'
Land Writedown - TID No. 3.3
$1,050,000
t0
$0
$0
— SO
$3,945,000
Sa62,966
_
$250,000
$25,000
$737,988
Subtotal
Prepared By: Springsted Incorporated (11112196)
City of Plymouth, Minnesota
Amendment to Estimated Costs of Improvements
Exhibit A
Q Represents changes from the previous budget.
Prepared By: Springsted Incorporated (11112196)
TAX Increment Financing Dlstrim i
Project Description
Origtaai
TIF Plan
Budget
Actual
Project
Expenditures
Nov Pfood
Caplw
Expenditures
Now Project
Soft Coats
Expenditures
Total Nov
TIF Pion
Budget as Amended
TIF
17
ct Nos. 44, 4.2 and 4.3
Schmidt Lake Road Const from Zachary Ln.
to Saratoga Ln.
$1,375,000
$921,305
$0
$0
$921,305
18
Co. Rd. 10 Upgrading from T.H.169 to 1-494
$575,000
$1,205.648
$75,000
$7,500
$1,288,148
19
Ottw Necessary Improvements (Zachary Ln.
from 34th Ave. to Co. Rd. 10)
$2,375,000
$0
$2,750,000
$275,000
53,025,000
20
Co. Rd. 61 from Co. Rd. 9 to 54th Ave. (RR xing)
$3.450.000
1 $2,335,360
s0
$0
$2.335.360
$7,775,000
$4,462,313
$2,825,000
$282.500
$7,569,813
Subtotal
TIF
1
District Nos, &I
Co. Rd. 61 from Co. Rd. 47 to 54th Ave.
$700,000
so
$0
SO
50
22
Upgrading of Co. Rd. 9 west of 1494 for 1 mile
$1,300,000
SO
s0
$0
s0
3
Fernbrook Ln. from Hwy. 55 to 34th Ave.
$400,000
$0
$400,000
$40,000
$440,000
4
Fembrook Ln. from T.H. 55 to 27th Ave.
$200,000
s0
$400,000
$40,000
$440,000
5
Admin., C01, Cap. Int
$275,000
$0
s0
so
$0
26
Schmidt Lk. Rd. from W. Medicine Lk. Dr. to
Fembrook Ln.
$700,000
$1,643,760
s0
s0
$1,643,760
$3,575.000
$1,643,760
$800,000
$80,000
$2,523,760
Subtotal
F
OhMict Nos, 6.1
Hwy. 55 and W. Medicine Lk. Dr. Intersection
5300,000
$0
$300,000
$30,000
$330,000
2e
Signals (Betty Crocker Dr., Nathan Ln, Ford Rd.)
$150,000
$0
$0
S0
s0
29
Extension of Co. Rd. 73 from OM Co. Rd. 15
to Hwy. 56
511000,000
S0
$0
s0
$0
30
Admin., COI, Cap. Int.
$200,000
SO
s0
$0
$0
31
Ext of 811h Ave. from Pineview Ln. to Co. Rd. 73
$2,300,000
s0
s0
$0
so
32
Co. Rd. 73 from south City limits north to Old
Co. Rd. 15
$250,000
S0
so
s0
$0
33
W. Medicine Lk. Dr. from Hwy. 55 to 61h Ave.
$1,000,000
SO
SO
$0
$0
34
Admin., C01, Cap. Int.
$175,000
$0
s0
$0
$0
35
Payment to ISD's
S0
SO
$2,000,000
$0
$2,000,000
36
Downtown Plymouth Improvements
Sol
so
$600,000
580,000
$660,000
$5,375,000
SO
$2,900,000
$90,000
$2,990,000
Subtotal
TIP
37
District Nos, 7.1
Co. Rd. 61, Soo Line Bridge, Right of Way
54,975,000
$3,238,369
$0
$0
$3,236,369
38
Soil Conacdona/Site Imp./Developer Assistance
$1,375,000
$1,000,077
50
$0
$1,000,077
39
1.494 Schmidt Lk. Rd. Bridge
$8,000,000
$934,918
$3,850,000
$385,000
S5,169,918
0
Peony Lane Improvements
s0
$1,159872
53,500,000
$350,000
$5,009,872
$14,350,000
$6,331,236
$7,350,000
$735,000
$14,416,236
Subtotal
Totals
$59,025,000
127,713,754
$15,283.716
S1,303,372
$44,300,844
Q Represents changes from the previous budget.
Prepared By: Springsted Incorporated (11112196)