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HomeMy WebLinkAboutCity Council Resolution 2000-511CITY OF PLYMOUTH RESOLUTION NO. 2000-511 A RESOLUTION APPROVING ESTABLISHMENT OF TAX INCREMENT FINANCING (REDEVELOPMENT) DISTRICT NO. 7-6 AND APPROVING AND ADOPTING A TAX INCREMENT FINANCING PLAN RELATING THERETO WHEREAS, the City of Plymouth, Minnesota (the "City") has heretofore prepared a Development Program (the "Program") for Municipal Development District No. 7 (the "Development District") within the City, pursuant to Minnesota Statutes, Sections 469.124 to 469.134; WHEREAS, to assist in carrying out the Development Program, the City has now prepared a draft Tax Increment Financing Plan (the "TIF Plan") pursuant to Minnesota Statutes, Sections 469.174 to 469.179, for Tax Increment Financing (Redevelopment) District No. 7-6 (the "TIF District") within the Development District; WHEREAS, the City has submitted a copy of the TIF Plan to the County Board of Commissioners and the school board of the local school district, in accordance with the requirements of Section 469.175, subdivision 2, and has provided notice to the County Commissioner who represents the area proposed to be included in the TIF District, in accordance with the requirements of Section 469.175, subdivision 2a; WHEREAS, the City Council of the City (the "Council") on the date hereof held a public hearing regarding approval of the TIF Plan, for which hearing notice was published in a newspaper of general circulation in the City not less than 10 or more than 30 days prior to the date hereof, including a map of the Development District and TIF District; WHEREAS, the City has performed all actions required by law to be performed prior to the consideration of the TIF Plan, and the establishment of the TIF District. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA, as follows: 1. On the basis of the information presented to the Council at meetings regarding establishment of the TIF District, information included in the TIF Plan, information provided at the public hearing and at other Council meetings, the Council hereby finds and determines: Resolution No. 2000-511 Page 2 of 3 (a) that the TIF District qualifies as a redevelopment district as defined in Minnesota Statutes, Section 469.174, Subd. 10, for the reasons and on the basis of the evidence contained in Section E of the TIF Plan and the Exhibit referenced therein; (b) that the TIF Plan conforms to the general plan for the development of the City as a whole for the reasons set forth in Section J of the TIF Plan; (c) that the TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Development District by private enterprise since the planned investment of tax increment funds in the acquisition and renovation of the vacant building at 2300 Berkshire Lane in the City, as provided in Section K of the TIF Plan, will leverage expected private investment in said building of approximately $10,000,000; (d) that the acquisition and renovation of the building at 2300 Berkshire Lane proposed to be assisted as described in the TIF Plan would not, in the opinion of the City, reasonably be expected to occur within the reasonably foreseeable future through private investment for the reasons set forth in Section J of the TIF Plan; and (e) that, based on a comparative analysis of estimated market values both with and without the establishment of the TIF District and the use of tax increment assistance, the increase in estimated market value of the development site, less the present value of the projected tax increments for the duration of the TIF District as permitted by the TIF Plan, exceeds the market value of the development site expected to occur without the use of tax increment financing (see Exhibit V to the TIF Plan). 2. Based upon the foregoing, and the additional information provided in the TIF Plan, which is incorporated herein by reference, Tax Increment Financing (Redevelopment) District No. 7-6 within Municipal Development District No. 7 is hereby established and the TIF Plan is hereby approved and adopted by the City in substantially the form on file with the City on this date. 3. The City Manager and other staff are authorized and directed to take all action on behalf of the City, subject to such approval of the Council as is required by law, to implement the TIF Plan. -2- Resolution No. 2000-511 Page 3 of 3 4. The City Finance Director is authorized and directed to request the County Auditor to certify the original tax capacity value of the real property within the TIF District and the original tax capacity rate for the TIF District. 5. The City Finance Director is also authorized and directed to file a copy of the Tax Increment Plan with the Commissioner of Revenue, as required by Minnesota Statutes, Section 469.175, subd. 2. Adopted this 10th day of October, 2000. 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 October 10, 2000, 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 -3-