HomeMy WebLinkAboutCity Council Resolution 2012-247CITY OF PLYMOUTH
RESOLUTION No. 2012-247
RESOLUTION AMENDING THE FINDINGS CONTAINED IN RESOLUTION 2011-120 RELATING
TO THE MODIFICATION OF THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT
NO. 7 AND THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 7-8
THEREIN.
WHEREAS, the City Council for the City of Plymouth, Minnesota (the "City")
has previously established Development District No. 7 and adopted the Development Program
therefor, pursuant to Minnesota Statutes, Sections 469.124 to 469.134 (the "Development
Program"); and
WHEREAS, on April 12, 2011, in Resolution Number 2011-120 (the
"Resolution"), the City approved a modification to the Development Program and established a
redevelopment tax increment financing district designated as Tax Increment Financing District
No. 7-8 (the "TIF District") and adopted a tax increment financing plan therefor (the "TIF Plan")
under Minnesota Statutes, Sections 469.174 to 469.1799; and
WHEREAS, in the Resolution, the City found that the developer proposed to
make 40% of the units available to persons and families who earn less than 60% of the area
median income, and the City desires to alter such finding in order to encourage the development
contemplated in the TIF Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA, AS FOLLOWS:
1. Amendment. The City Council hereby amends the findings contained in
Exhibit A to the Resolution to state that the developer "proposes to make 10% of the units
available to persons and families who earn less than 60% of the area median income."
2. Ratification. The City Council hereby ratifies the approval and
adoption of the Development Program and TIF Plan.
Approved this 14th day of August, 2012.