HomeMy WebLinkAboutCity Council Resolution 2010-035CITY OF PLYMOUTH
RESOLUTION No. 2010-035
A RESOLUTION APPROVING MODIFICATIONS TO THE TAX INCREMENT FINANCING PLANS FOR
TAX INCREMENT FINANCING DISTRICT NO. 1-1 AND FOR TAX INCREMENT FINANCING
DISTRICT NO. 7-6
WIIEREAS, the Housing and Redevelopment Authority in and for the City of Plymouth (the
"Authority") previously established Redevelopment Project Area No. 1, pursuant to Minnesota Statutes,
Chapter 469, as amended, in an effort to encourage the development and redevelopment of certain designated
areas within the City of Plymouth (the "City"); and
WIIEREAS, the Authority previously established Tax Increment Financing (Redevelopment)
District No. 1-1 ("TIF District 1-1"), pursuant to and in accordance with Minnesota Statutes, Sections 469.001
through 469.047, as amended, and Sections 469.174 through 469.1799, as amended (the "Act'); and
WIIEREAS, the Authority is proposing modifications to its Tax Increment Financing Plan for
TIF District 1-1 (the "TIF District 1-1 Modifications"), which include:
(i) extending the duration of TIF District 1-1 district for an additional 10 years,
(ii) pooling the maximum amount allowed under law from TIF District 1-1 for qualified
housing development projects,
(iii) increasing the budget of TIF District 1-1, and
(iv) removing a parcel from TIF District 1-1,
pursuant to and in accordance with the Act, all to provide for pooling for housing projects and qualified housing
development projects and to make other conforming changes; and
WIIEREAS, the Board of the Authority, on October 22, 2009, adopted the TIF District 1-1
Modifications, subject to approval by this City Council following a public hearing as described below, and
transmitted the TIF District 1-1 Modifications to this City Council for consideration; and
WIIEREAS, the City previously established Development District No. 7, pursuant to Minnesota
Statutes, Chapter 469, as amended, in an effort to encourage the development and redevelopment of certain
designated areas within the City; and
WIIEREAS, the City previously established Tax Increment Financing (Redevelopment) District
No. 7-6 ("TIF District 7-6" and, together with TIF District 1-1, the "Districts"), pursuant to and in accordance
with the Act; and
WIIEREAS, the Authority and the City are proposing modifications by the City to TIF District
7-6 (the "TIF District 7-6 Modifications" and, together with the TIF District 1-1 Modifications, the
"Modifications"), which include:
(i) increasing the budget of TIF District 7-6, and
(ii) pooling the maximum amount allowed under law from TIF District 7-6 for qualified
housing development projects,
pursuant to and in accordance with the Act, all to provide for pooling for housing projects and qualified housing
development projects and to make other conforming changes; and
WHEREAS, members of the Board of County Commissioners of Hennepin County and of the
Board of Education of Independent School District No. 284 have been given an opportunity to meet with the
City and the Authority and comment on the Modifications. Pursuant to Minnesota Statutes, Section 469.175,
subdivision 3, this Council, on November 24, 2009, conducted a public hearing on the desirability of approving
the Modifications. Notice of the public hearing was duly published as required by law in the Plymouth,
Wayzata, Orono Sun Sailor, the official newspaper of the City, on November 12, 2009. The City and the
Authority have [not] received written comments on the Modifications from the county and the school district
after providing the county and the school district boards with information on the fiscal and economic
implications of the Modifications not less than 30 days before the date of the public hearing; and
WHEREAS, in addition to the notice and opportunity described above, as required by Minnesota
Statutes, Section 469.175, subdivision 2a, the City and the Authority, not less than 30 days before the
publication of the notice of public hearing referred to above, delivered written notice to the members of the
Board of County Commissioners of Hennepin County who represent the Districts. The notice contained a
general description of the boundaries of the Districts, the proposed development activities to be undertaken
therein, an offer by representatives of the City and the Authority to meet and discuss the proposed
Modifications with the county commissioners and a solicitation of the commissioners' comments with respect
to the Districts;
WHEREAS, the Authority and the City have caused the Modifications to be prepared and
submitted to the Plymouth Planning Commission (the "Commission"), and the Commission has determined, on
November 18, 2009, that each of the Modifications conforms to the general plan for the development and
redevelopment of the City as a whole and that each of the Districts is properly zoned and will afford maximum
opportunity, consistent with the sounds needs of the City as a whole, for the development or redevelopment of
the proposed projects by private enterprise;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA, AS FOLLOWS:
Section 1. Approval of Modifications. On the basis of the Modifications and the information
elicited at the public hearing referred to herein, it is hereby found, determined and declared that:
(a) Each of the Districts is a "redevelopment district" within the meaning of Minnesota
Statutes, Section 469.174, Subdivision 10.
(b) The proposed development, in the opinion of the City, would not reasonably be expected to
occur solely through private investment within the reasonably foreseeable fiiture and, with respect to
each District, the increased market value of the site that could reasonably be expected to occur without
the use of tax increment financing would be less than the increase in the market value estimated to result
from the proposed development after subtracting the present value of the projected tax increments for
the maximum duration of the District permitted by the respective Modifications. Therefore, the use of
tax increment financing from each of the Districts is deemed necessary since private developers could
not economically develop the projects without the proposed subsidy.
(c) Each of the Modifications conforms to the general plan for the development or
redevelopment of the City as a whole.
(d) Each of the Modifications affords maximum opportunity, consistent with the sounds needs
of the City as a whole, for the development or redevelopment of the proposed projects by private
enterprise.
(e) Upon review of the Modifications, the information elicited at the public hearing and on the
basis of the findings in (a) through (d) above, this Council hereby approves each of the Modifications.
Section 4. Filing. The [City Clerk] is hereby authorized and directed to file the TIF District 7-6
Modifications with the Commissioner of Revenue and the Office of the State Auditor as required by Minnesota
Statutes, Section 469.175, subdivision 4a.
Approved this 26th day of January, 2010.
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
January 26, 2010, 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