HomeMy WebLinkAboutCity Council Resolution 2011-043CITY OF PLYMOUTH
RESOLUTION No. 2011-043
A RESOLUTION ADOPTING THE SPENDING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 7-4
WHEREAS, the City of Plymouth (the "City") previously established Tax
Increment Financing District No. 7-4 ("the District'), pursuant to and in accordance with
Minnesota Statutes, Sections 469.174 through 469.1799, as amended.
WHEREAS, the City previously established Development District No. 7, pursuant
to Minnesota Statutes, Chapter 469, as amended, in an effort to encourage development and
redevelopment within the City;
WHEREAS, pursuant to Minnesota Statutes, Section 469.176, subd. 4m, the City
is permitted to loan tax increment to private developers in order to stimulate constriction and
create jobs within the State of Minnesota;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA, AS FOLLOWS:
Section 1. Adoption. The Spending Plan is hereby adopted based on the
findings in Section 2 hereof.
Section 2. Findings for the Approval of the Spending Plan. The City
hereby makes the following findings:
(a) The Spending Plan provides the means to finance certain private
development consisting of the construction of a 67 -unit affordable housing
development (the "Project'). Based upon information from the developers of the
Project, the Project requires no more than $600,000 in tax increment financing
assistance from the City, provided as a 30 year loan (the "Assistance"). The
construction of the Project will create or retain jobs in the State of Minnesota,
including construction jobs.
(b) Based upon representations made by the developers of the Project,
constriction on the Project will commence prior to July 1, 2011, and constriction would
not have commenced before that date without the Assistance.
Approved this 8th day of February, 2011.
Resolution No. 2011-043
Page 2 of 2
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth,
Minnesota, certifies that I compared the foregoing resolution adopted at a meeting of the
Plymouth City Council on February 8, 2011 with the original thereof on file in my office, and the
same is a correct transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this
day of
City Clerk