HomeMy WebLinkAboutCity Council Resolution 2017-119
C ITY OF P LYMOUTH
R ESOLUTION N O. 2017-119
R ESOLUTION A PPROVING THE R ETURN OF T AX I NCREMENT
FROM T AX I NCREMENT F INANCING D ISTRICT NO. 7-4
WHEREAS, on August 1, 1995, the City of Plymouth (the “City”) created its Tax Increment
Financing District No. 7-4 (“District 7-4”) within its Development District No. 7; and
WHEREAS, on December 18, 2001, the City amended the tax increment financing plan (the
“Plan”) pursuant to the provisions of Minnesota Statutes, Section 469.175, subdivision 4(a) for the
primary purpose of amending the budget and authorizing the transfer out of available tax increment to
the extent necessary to eliminate future deficits in Tax Increment Financing District No. 7-5A (“District 7-
5A); and
WHEREAS, the City has determined there are at present sufficient funds within the Tax
Increment Fund for District 7-4 to provide for anticipated deficits within District 7-5A.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA that City staff shall take such action as is necessary in 2017 to cause the return of a portion
of tax increment in the amount of $1,314,000 from District 7-4 to Hennepin County for redistribution.
APPROVED by the City Council on this 28th day of March, 2017.
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 March 28, 2017
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