HomeMy WebLinkAboutCity Council Resolution 1998-156CITY OF PLYMOUTH
Resolution 98-156
AUTHORIZING A RESTRUCTURING OF THE PROPOSED FINANCING FOR TAX
INCREMENT FINANCING DISTRICT No. 7-5, GIVING APPROVAL TO FUNDING FOR
PHASE 1, AND AUTHORIZING STAFF TO SCHEDULE THE PUBLIC HEARINGS FOR
ANY COUNCIL ACTIONS NECESSARY FOR THE RE -STRUCTURING OF THE
FINANCING PLAN FOR THE DISTRICT
WHEREAS, on September 3, 1997, the City Council of the City of Plymouth, Minnesota (the
"CITY") adopted Resolution No. 97-520, Establishing Tax Increment Financing District No. 7-5;
and
WHEREAS, since approval of this District the proposed development has been divided into two
proposed phases that will require a restructuring of the financing for the District; and
WHEREAS, a reservation of $3,344,400 from the U. S. Department of Housing and Urban
Development (HUD) for constriction of 46 units of low income senior housing as part of the Phase
1 development in the District will expire on May 22, 1998; and
WHEREAS, evidence of support from the City for the use of tax increment financing for Phase 1 of
the proposed development is needed in order to obtain an extension of the HUD reservation of
fiunding to make possible the development of these units in Plymouth;
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota
that:
1. The City hereby approves the use of up to $2,393,100 in tax increment fiunding from Tax
Increment Financing District No. 7-5 to support the Phase 1 development proposed by the
Rottlund Company, Inc. and CommonBond Communities (the "Developers"), subject in all
events to the requirements of Minnesota Statutes, Sections 469.174 to 469.179 (the "Tax
Increment Act") and to final approval at the City's sole discretion of all documents or
agreements to be entered into between the City and the Developers and all financing, including
the sale of City general obligation bonds in connection therewith._
2. The City Manager and the staff of the City are hereby authorized to establish dates for public
meetings and public hearing notices as are required under the Tax Increment Act for any
revisions or re -stricturing of Tax Increment District No. 7-5 necessary in order to minimize the
City's costs in association with development within said District and in order to facilitate and
promote development within said District in accordance with plans approved by the City.
3. This Resolution shall be in fill force and effect from and after the date hereof.
Adopted by the City Council on March 4, 1998.