HomeMy WebLinkAboutCity Council Resolution 2002-586CITY OF PLYMOUTH
RESOLUTION NO. 2002-586
RESOLUTION TERMINATING TAX INCREMENT FINANCING (ECONOMIC
DEVELOPMENT) DISTRICT NO. 7-2 AND DIRECTING DECERTIFICATION
THEREOF BY THE COUNTY AUDITOR
WHEREAS, by adoption of a resolution on September 12, 1994, the City
Council of the City of Plymouth, Minnesota has heretofore created Tax Increment
Financing (Economic Development) District No. 7-2 (the "District') and has approved a
Tax Increment Financing Plan (the "TIF Plan") for the District to promote the Olympic
Steel development set forth therein; and
WHEREAS, the County Auditor of Hennepin County has certified the original
net tax capacity and the original local tax rate of the District pursuant to the provisions of
Minnesota Statutes, Section 469.177; and
WHEREAS, as of the date hereof, all obligations to which tax increment from
the District has been pledged have been paid in fiill or defeased, and the City has
collected the maximum amount permissible pursuant to Minnesota Statutes, Section
469.1763, subdivision 2(d), to be used for low-income housing as provided thereunder,
and the City has determined that it is in the best interests of the City to terminate and
decertify the District.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Plymouth, Minnesota that (i) the District is hereby terminated effective December 31,
2002 and (ii) the Finance Director shall provide a certified copy of this resolution to the
County Auditor so that the District may be decertified on the books and records of the
County Auditor with no fiirther tax increment from the District being remitted to the City.
Adopted by the City Council December 17, 2002