HomeMy WebLinkAboutCity Council Resolution 2002-023CITY OF PLYMOUTH, MINNESOTA
RESOLUTION NO. 2002-023
AUTHORIZING THE PREPARATION OF A TAX INCREMENT FINANCING
PLAN AND CALLING OF A PUBLIC HEARING ON SAID PLAN
WHEREAS, the City of Plymouth (the "City") is authorized under Minnesota
Statutes, Sections 469.174 through 469.1791 (the "TIF Act") to establish and create tax
increment financing districts for the purposes set forth in the TIF Act; and
WHEREAS, Plymouth Leased Housing Associates, Limited Partnership (the
"Developer") has requested that the City consider the establishment of a housing tax
increment financing district (the "TIF District") covering the property located generally
at Minnesota Highway 55 and West Medicine Lake Drive, identified by Property ID4 35-
118-22-11-0036; 35-118-22-11-0017; and 35-118-22-11-0018 in the City and the
utilization of tax increment revenues from the TIF District to assist the Developer in
acquiring and developing the site to provide an approximately 130 unit apartment facility
with approximately 34 units affordable to persons and families at or below 50% of area
median income; and
WHEREAS, the initial steps in said process would be to prepare a draft of the Tax
Increment Financing Plan (the "TIF Plan") for the TIF District, schedule the necessary
public hearing on the TIF Plan and provide the required notices to the County, School
District and public.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Plymouth, Minnesota that:
1. The City Manager and staff of the City are authorized to work with the
Developer, the City's financial consultants and the City's bond counsel to prepare a draft
of the TIF Plan for the TIF District, as well as any required plan or plan amendment for
the corresponding project area.
2. A public hearing is set for February 26, 2002 to consider the TIF Plan,
and the City staff is authorized to give published notice as required by statute. The City
staff is also authorized to provide a copy of the TIF Plan and related information, as
required by statute, to the County and the School District in which the proposed TIF
District will be located.
3. The City Manager and staff of the City are fi rther authorized to submit
the TIF Plan and related documents to the Planning Commission prior to the public
hearing for a determination that the TIF Plan is consistent with the City's comprehensive
plan.
Resolution No. 2002-023
Page 2 of 2
4. Adoption of this preliminary resolution by the City shall not in any
manner commit the City to the ultimate establishment of the TIF District or the provision
of any tax increment assistance to the Developer.
5. This resolution shall be in full force and effect from and after the date
hereof.
Adopted by the Plymouth City Council on January 8, 2002.