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Home My WebLink AboutCity Council Resolution 1997-490• CITY OF PLYMOUTH, MINNESOTA Resolution No. 97490 APPROVINGAMRTODPDEVELOPMENT DCNANDD APROVING AMENDMENTS FINANCING DISTRICT'S NUMBERS 1-39 To THE TAX INCREMENT FINANCING IA I-5, 2.19 }l, INCREMENT 4-2, 4.3, S-1, 6.1 AND 7-1. WHEREAS, the City of Plymouth (the "City'1 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 tett pedestrians from vehicle traffic and inclement weather to provide the employment; to pro necessary linkage between peripheral parking facilities and places of employment and shopping; to provide off-street parking to serve the shoppers ane+ 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 Developm%mt District Act, the City has, by the passage of Resolution No. 88-861, dated December 19, 1986, adopted and established the City of Plymouth Development Program (the "Development program') for Development District No. 7 (the "Development District"); and WHEREAS, the City has duly established within said Development District various tax increment financing districts (the 471F Districts') and has duly adopted tax increment financing plans (the `vnF Plans') for all of said TIF Districts in accordance with Minnesota Statutes, Sections 469.174 through 469.179 (the "TIF Act'), as follows: Date of Establishment of District TiF_ And initial A=M1dl of TIF Plae District No. 1-3 March 17. 1986 District No. 1.4 April 6. 1987 District No. 1-5 March 7,1988 District No. 2.1 June 1, 1987 District No. 3-1 July 21, 1986 District No. 3.2 April 18, 1989 District No. 3.3 April 18, 1989 District No. 4-1 December 1. 1986 District No. 4-2 April 69 1987 District No. 4-3 April 189 1998 District No. 5.1 April 18w 1988 District No. 6.1 April 18, 1988 District No. 7.1 June 5,1989; and -1- • WHEREAS, the City now proposes to amend the Development Program for the Development District and the respective budgets included in the TIF Plans for the TIF Districts to delete certain project expenditures included therein and to add certain new project expenditures and increase certain existing expenditum% and WHEREAS, the proposed amendment to the Development Program and the TIF Plans would be accomplished by (i) attaching to the Development Program, as Exhibit A, an Exhibit A, Amendment to Estimated Costs of Improvements, in the form attached to this Resolution and (H) by replacing the existing Exhibit A to each of the TIF Plans with the Exhibit A. Amendment to Estimated Costs of Improvements, in the form attached to this Resolution; and WHEREAS, pursuant to the Development District Act and the TIF Act, the City has consulted with its Planning Commission, has provided the County of Hennepin and each of the affected school districts with the notice and inf..rmation required by Section 469.175, subd. 2, has published the notice of hearing required by Section 469.175, subd. 3 and has held a public hearing on the proposed amendment of the Development Program and the TIF Plans. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota that: 1. The resolutions heretofore adopted creating the Development District and approving the Development Program, including Resolution No. 95-703, adopted November 14, 1995, establishing the current boundaries of the Development District, and the findings set forth therein, are hereby confirmed. The resolutions heretofore adopted creating the TIF Districta and approving the TIF Plans to date, and the findings set forth therein. are hereby confirmed. 2. The additional capital expenditures for infiastructure improvements to be made within the Development District, and iiunded from tax increments, as set forth in Exhibit A, are determined to be necessary to promote continued private investment within the Development District, which continued private investment would be impaired without such additional public infrastructure improvements. 3. As determined by the Planning Commission at its meeting of July 22, 1997, the proposed amendment to the Development Program and the TIF Plans is in conformance with the general plan for the development and redevelopment of the City as a whole. 4. The Development Program and the TIF Plans, as amended, will continue to afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development and redevelopment of the Development District by private enterprise since the role of the City has been and is to provide land for development by private enterprise and to provide needed public inftestructure improvements to stimulate development and redevelopment of land within the Development District by private enterprise. 5. The City hereby approves the amendment of the Development Program, and each of the TIF Plans, by updating the public improvements to be undertaken; and the respective -2- budgets therefor, as set forth in Exhibit A attached hereto, which Exhibit A, Amendment to Estimated Costs of Improverna ft shall hereafter be considered a part of the Development Program and each of the TIF Plana. b. The Director of Finance shall file a copy of this resolution, including Exhibit A attached hereto, with the County Auditor and the Commissioner of Revenue. 7. This Resolution shall be in full force and effect from and after the date hereof. Dated: August 20,1997. 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