HomeMy WebLinkAboutCity Council Resolution 2000-637CITY OF PLYMOUTH
RESOLUTION NO. 2000-637
RESOLUTION APPROVING AN AMENDED TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 7-2
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, a draft of the proposed 2000 Amendment to the TIF Plan (the "2000
Amendment") has been prepared and furnished to this Council for review; and
WHEREAS, the City has submitted copies of the proposed 2000 Amendment to the
County Board of Commissioners and the school board of the local school district not less than 30
days prior to the date hereof,
WHEREAS, the City Council, on the date hereof, held a public hearing regarding
approval of the 2000 Amendment, 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 Project Area and the TIF District; and
WHEREAS, the City has performed all actions required by law to be performed prior to
the consideration of the 2000 Amendment.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota that:
1. On the basis of the information presented to the Council, information included in the
2000 Amendment, information provided at the public hearing and at other meetings, the Council
hereby finds and determines that it is necessary and desirable to amend the TIF Plan to
encourage and support the construction, rehabilitation and preservation of low and moderate
income housing in the City.
2. The 2000 Amendment is hereby approved and adopted by the City in substantially the
form on file with the City on this date.
3. Housing projects selected for assistance pursuant to the 2000 Amendment will be
selected in accordance with the guidelines and pursuant to the process set forth in the Plymouth
Tax Increment Housing Assistance Program, which is incorporated by reference into the 2000
Amendment. Such selection will insure that assisted projects would not reasonably be expected
to occur solely through private investment in the reasonably foreseeable future and that the
increase in market value resulting from the assisted project will exceed the present value of the
tax increment assistance (the increased market value that would occur in such cases without the
use of tax increment assistance being zero since only projects requiring tax increment assistance
will be selected), will insure that assisted projects conform to the City's comprehensive plan and
will insure that maximum opportunity is afforded to private enterprise, consistent with the sound
needs of the City as a whole, to develop, own and operate the assisted projects.
4. The City Finance Director is authorized and directed to file a copy of the 2000
Amendment with the Commissioner of Revenue.
Adopted this 19th day of December, 2000.
Mayor
Attest:
City Clerk