HomeMy WebLinkAboutCity Council Resolution 1997-127CITY OF PLYMOUTH
Resolution 97-127
GIVING PRELIMINARY APPROVAL TO A PROPOSAL FOR THE USE OF TAX
INCREMENT FINANCING TO ASSIST WITH UP TO $39089,200 IN DEVELOPMENT
COSTS AND AUTHORIZING THE PREPARATION OF A TAX INCREMENT
FINANCING PLAN AND DEVELOPMENT AGREEWNT 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 pay all or a portion of certain costs related to the development of
housing for low and moderate income persons and families and other facilities; and
WHEREAS, the City has received a proposal from The Rottlund Co., Inc. (the
"Developer") that the City establish a tax increment housing district in order to assist the Developer
in site preparation and public improvement costs of up to $3,100,000 associated with he
development of housing and a commercial office building.
WHEREAS, the City has determined that the purposes and policies of the Tax
Inerenent Act would be served by the establishment and creation of a tax increment finance
housing 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
housing district to assist the Developer's proposed project as described above, subject in all events
N compliance xvit_h the notice and public hearing 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 the staff of the City, lite City's attorney and financial
advisor are hereby authorized to prepare a tax increment financing plan and all necessary
agreements, including a development agreement with the Developer, 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 Tax Increment Act.
3. This Resolutian shall be in full force and effect from and after the date hereof.
Dated: February 19, 1997
Attest:
Deputy Citi Clerk
CITY OF PLYMOUTH, MINNESOTA
By
Mayor
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