HomeMy WebLinkAboutCity Council Resolution 2004-488CERTIFICATE AS TO RESOLUTION
I, the undersigned, being the duly qualified and acting recording officer of the
City of Plymouth, Minnesota (the "City"), hereby certify that the attached resolution is a
true copy of Resolution No. 2004-488, entitled: "RESOLUTION RELATING TO
REDEVELOPMENT PROJECT AREA NO. 1 AND TAX INCREMENT FINANCING
(REDEVELOPMENT) DISTRICT NO. 1-1; APPROVING THE PROJECT PLAN AND
A TAX INCREMENT FINANCING PLAN THEREFOR" (the "Resolution"), on file in
the original records of the City in my legal custody; that the Resolution was duly adopted
by the City Council of the City at a meeting on November 23, 2004, and that the meeting
was duly held by the City Council and was attended throughout by a quorum, pursuant to
call and notice of such meeting given as required by law; and that the Resolution has not
as of the date hereof been amended or repealed.
WITNESS my hand officially this 23rd day of November, 2004.
City Clerk
CITY OF PLYMOUTH
RESOLUTION NO. 2004-488
RESOLUTION RELATING TO REDEVELOPMENT PROJECT
AREA NO. 1 AND TAX INCREMENT FINANCING
(REDEVELOPMENT) DISTRICT NO. 1-1; APPROVING THE
PROJECT PLAN AND A TAX INCREMENT FINANCING
PLAN THEREFOR
BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota (the "City"),
as follows:
Section 1. Recitals.
1.01. The Plymouth Housing and Redevelopment Authority (the "Authority"), pursuant
to Minnesota Statutes, Sections 469.001 to 469.047, as amended, has prepared and presented to
the City for approval, a redevelopment plan, as defined in Minnesota Statutes, Section 469.002,
Subdivision 16, designated as the Redevelopment Plan (the "Project Plan") for Redevelopment
Project Area No. 1 (the "Project Area"), and a redevelopment project to be undertaken pursuant
thereto, as defined in Minnesota Statutes, Section 469.002, Subdivision 14 (the "Redevelopment
Project'). The Project Plan has been transmitted to the planning agency of the City, which has
determined that the Project Plan conforms to the general plan for the development of the City.
Pursuant to Minnesota Statutes, Section 469.028, the approval of the Project Plan is for the
consideration of this Council. On November 23, 2004, this Council conducted a public hearing
on the desirability of approving the Project Plan. Notice of the public hearing was duly
published as required by law in the the official newspaper of the City,
on 2004.
1.02. Pursuant to Minnesota Statutes, Sections 469.174 to 469.1799 (the "Act'), the
Authority has adopted a tax increment financing plan for the proposed Tax Increment Financing
District No. 1-1 (the "Financing Plan"), which is now before this Council for approval. The
Financing Plan was prepared in conjunction with the Project Plan and is the proposed method for
financing the public redevelopment costs of certain of the redevelopment activities to be
undertaken pursuant to the Project Plan. The proposed Tax Increment Financing District No. 1-1
(the "District') comprises a single tax parcel within the Redevelopment Project as described in
the Financing Plan.
1.03. Members of the Board of County Commissioners of Hennepin County and of the
Board of Education of Independent School District No. 284 have been given an opportunity to
meet with the City and comment on the Financing Plan. Pursuant to Minnesota Statutes, Section
469.175, Subdivision 3, this Council on November 23, 2004, conducted a public hearing on the
desirability of approving the Financing Plan, in conjunction with the public hearing conducted on
the proposed Project Plan. Notice of the public hearing was duly published as required by law in
the , the official newspaper of the City, on , 2004. The City
has received written comments on the Financing Plan from [the county and] the school district
after providing the county and the school district boards with information on the fiscal and
economic implications of the Financing Plan not less than 30 days before the date of the public
hearing.
1.04. In addition to the notice and opportunity described in Section 1.03, as required by
Minnesota Statutes, Section 469.175, Subdivision 2a, the City, not less than 30 days before the
publication of the notice of public hearing referred to in Section 1.03, delivered written notice to
the member of the Board of County Commissioners of Hennepin County who represents the
District. The notice contained a general description of the boundaries of the District, the
proposed development activities to be undertaken therein, an offer by representatives of the City
to meet and discuss the proposed District with the county commissioner and a solicitation of the
commissioner's comments with respect to the District.
Section 2. Approval of Project Plan. On the basis of the proposed Project Plan adopted
by the Authority and the information elicited from consultation with the planning agency and at
the public hearing referred to in Section 1.01, it is hereby found, determined and declared:
2.01. The Project Plan proposes that the City undertake certain redevelopment activities
for the purpose of encouraging redevelopment of properties in the Redevelopment Project. The
Council hereby finds that the proposed Project Plan would improve the Redevelopment Project
by retarding blight, encouraging private redevelopment of property therein, thereby increasing
employment and housing opportunities and the tax base of the City and overlapping taxing
jurisdictions.
2.02. This Council hereby finds that the private redevelopment proposed to be
encouraged in the Redevelopment Project pursuant to the proposed Project Plan would not occur
without the financial aid to be provided pursuant to the Financing Plan since private developers
could not economically develop the District without the proposed redevelopment activities.
2.03. This Council hereby finds that the Project Plan will afford maximum opportunity,
consistent with the sound needs of the City as a whole, for the redevelopment of the District by
private enterprise. The redevelopment activities contemplated in the Project Plan would help to
retard blight in the Redevelopment Project, provide an increase in employment and housing
opportunities in the City, enhance the tax base of the City and improve the general economy of
the City and the State of Minnesota.
2.04. This Council hereby finds that the redevelopment activities proposed by the Project
Plan conform to the general plan for the development of the City as a whole. The redevelopment
activities are compatible with the City's zoning ordinances and other related regulations and
encourage efficient use of existing infrastructure as set forth in the City's Land Use Plan. It is in
the best interests of the City to approve the Project Plan.
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2.05. Upon review of the Project Plan, the information elicited from the planning agency
and at the public hearing, and on the basis of the findings made in Sections 2.01 to 2.04, this
Council hereby approves the Project Plan.
Section 3. Approval of Financing Plan. On the basis of the Financing Plan and the
information elicited at the public hearing referred to in Section 1.03, it is hereby found,
determined and declared:
3.01. The Financing Plan provides the means to finance certain public redevelopment
costs of the Redevelopment Project, including the redevelopment activities described in Section
2.01, which benefit the District. The Financing Plan contains a statement of objectives for the
improvement of the Redevelopment Project, a statement as to the redevelopment program for the
District and a statement of the property within the Redevelopment Project which the City intends
to acquire. The Financing Plan also estimates the public redevelopment costs of the
Redevelopment Project, the amount of bonded indebtedness to be incurred (not to exceed
$2,000,000), the sources of revenues to finance or otherwise pay public costs of the District, the
most recent net tax capacity of taxable real property within the District, the estimated captured
net tax capacity of the District at completion and the duration of the District. The Financing Plan
also describes and identifies the development activities to be undertaken or expected to be
undertaken in the District. The Financing Plan further contains alternative estimates of the
impact of the proposed tax increment financing on the net tax capacities of all taxing
jurisdictions in which the District is located. All the captured tax capacity is necessary for the
objectives of the District.
3.02. This Council hereby finds that the District consists of a "project' as defined in
Minnesota Statutes, Section 469.174, Subdivision 8, and is a proper tax increment financing
district within the meaning of Section 469.174, Subdivision 9. This Council further finds, based
on the information in the Financing Plan and representations of the developer, that the District
contains the following conditions, which are reasonably distributed throughout the District:
Parcels comprising at least 70% of the area of the District are occupied by buildings, streets,
utilities, paved or gravel parking lots, or other similar strictures, and more than 50% of the
buildings (not including outbuildings) are structurally substandard requiring substantial
renovation or clearance. The Authority finds that the foregoing conditions exist in the District as
a whole. Therefore, the District qualifies as a "redevelopment district' within the meaning of
Minnesota Statutes, Section 469.174, Subdivision 10.
3.03. This Council hereby finds that the private redevelopment proposed, in the opinion
of this Council, would not reasonably be expected to occur solely through private investment
within the reasonably foreseeable future and that the increased market value of the site that could
reasonably be expected to occur without the use of tax increment financing would be less than
the increase in the market value estimated to result from the proposed redevelopment after
subtracting the present value of the projected tax increments for the maximum duration of the
District permitted by the Financing Plan. Therefore, the use of tax increment financing is
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deemed necessary. The studies and analyses supporting this finding are identified in the
Financing Plan.
3.04. This Council hereby finds that the Financing Plan conforms to the general plan for
the development of the City as a whole. The development is compatible with the City's zoning
ordinances and other related regulations and encourages efficient use of existing infrastructure as
set forth in the City's Land Use Plan.
3.05. This Council hereby finds that the Financing Plan will afford maximum
opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of the
District by private enterprise. The redevelopment activities contemplated in the Project Plan
would help to retard blight in the Redevelopment Project, provide an increase in employment
and housing opportunities in the City, enhance the tax base of the City and improve the general
economy of the City and the State of Minnesota
3.06. Upon review of the Financing Plan, the information elicited at the public hearing
and on the basis of the findings in Sections 3.01 to 3. 05, this Council hereby approves the
Financing Plan and the establishment of the District as a tax increment financing district in the
City, to be denominated "Tax Increment Financing (Redevelopment) District No. 1-1."
Adopted by the City Council this 23rd day of November, 2004.
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