HomeMy WebLinkAboutCity Council Resolution 2000-410CITY OF PLYMOUTH, MINNESOTA
Resolution No. 2000-410
AUTHORIZING THE PREPARATION OF AN AMENDED TAX INCREMENT FINANCING
PLAN AND CALLING OF A PUBLIC HEARING ON SAID AMENDED PLAN
WHEREAS, the City of Plymouth (the "City") has heretofore created Tax Increment
Financing (Economic Development) District No. 7-2 (the "TIF District") within Municipal
Development District No. 7 (the "Project Area") pursuant to Minnesota Statutes, Sections 469.174
through 469.1791 (the "TIF Act") to finance certain eligible costs in connection with an economic
development project undertaken by Olympic Steel; and
WHEREAS, pursuant to the TIF Act, as in effect prior to the 2000 legislative session, the
City was authorized to expend up to 25% of the revenues derived from tax increments produced
by the TIF District for eligible activities located outside the TIF District but within the Project Area;
and
WHEREAS, pursuant to Sections 469.176, subd. 4k, and 469.1763, subd. 2, as enacted and
amended during the 2000 legislative session, the City is now authorized, in connection with
housing that meets the requirements of Section 469.1763, subd. 2(d), to amend the tax increment
financing plan (the "TIF Plan") previously approved for the TIF District to increase by up to 10%
(to a total of 35%) the permitted amount of expenditures for eligible activities related to such
housing and such assisted housing may be located anywhere within the boundaries of the City
(and not necessarily within the TIF District or Project Area); and
WHEREAS, the City is desirous of exploring the ramifications of amending the TIF Plan to
permit such increased expenditures for eligible housing activities.
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 City's
financial consultants and the City's bond counsel to prepare a draft of the necessary amendment to
the TIF Plan for the TIF District to accomplish the foregoing purposes.
2. At such time as the City Manager and staff believe appropriate, but no later than
November 1, 2000, the City Manager and staff are authorized to establish a date for the public
hearing required under the TIF Act on the amended TIF Plan and to prepare and circulate the
notices and related information required to be given pursuant to the TIF Act prior to the hearing.
3. The City Manager and staff of the City are further authorized to submit the
amended TIF Plan and related documents to the Planning Commission prior to the public hearing
for a determination that the amended TIF Plan is consistent with the City's comprehensive plan.
4. Adoption of this preliminary resolution by the City shall not in any manner
commit the City to the ultimate approval of the amended TIF Plan or the provision of any tax
increment assistance to eligible housing activities.
5. This resolution shall be in full force and effect from and after the date hereof.
Dated: August 22, 2000
CITY OF PLYMOUTH, MINNESOTA