HomeMy WebLinkAboutCity Council Resolution 2018-140
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-140
R ESOLUTION S UPPORTING T AX I NCREMENT F INANCING
A SSISTANCE FOR A 58 U NIT M ULTI-F AMILY H OUSING P ROJECT
WHEREAS, Sand Development, LLC has proposed to build a 58 unit multi-family "work force"
housing development in the City of Plymouth known as the Element Multifamily Community; and
WHEREAS, the housing project meets the needs of the City and "work force" housing is found to
be in short supply in the City; and
WHEREAS, the success of the application is predicated, in part, on local support of the project
through the commitment of tax increment financing or other available municipal funds for the project.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA as follows: (1) the City Council supports the application for the tax credits for a 58 unit
multi-family "work force" housing project to be known as the Element Multifamily Community and (2)
the City staff is authorized to prepare a tax increment financing plan for a Tax Increment Financing
District qualified as a housing district and a maximum amount of tax increment financing assistance for
the project not to exceed $700,000; subject to the procedures under state law for the establishment of
the tax increment district and the grant of tax increment financing assistance or other available
municipal funds, and the adoption of this resolution does not bind the City Council to provide tax
increment financing or other available municipal funds for this project.
APPROVED by the City Council on this 27th day of March, 2018.
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 13, 2018
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