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HomeMy Public PortalAbout1985-004Member /le r dr. ma in introduced the following resolution and moved its adoption: CITY OF MEDINAc� RESOLUTION NO. 04S161 RESOLUTION APPROVING A DEVELOPMENT PROGRAM AND TAX INCREMENT FINANCING PLANS FOR DEVELOPMENT DISTRICT NO. 1; ESTABLISHING DEVELOPMENT DISTRICT NO. 1; ESTABLISHING TAX INCREMENT FINANCING DISTRICT NOS. 1-1 AND 1-2 WHEREAS, the City Council desires to promote develop- ment of an area of the City generally paralleling T.H.55 from County Road 116 to the west of Willow Drive; and WHEREAS, the City Council is of the opinion that proper development of the area in accordance with the City's Comprehensive Plan is essential to the economic viability of the area and the orderly development of the City as a whole; and WHEREAS, the City Council has ordered the preparation of a development program for the area in accordance with Minnesota Statutes, Chapter 472A (Municipal Development District Act) and of tax increment financing plans (TIF Plans) for portions of the area in accordance with Minnesota Statutes, Sections 273.71 through 273.78 (TIF Act); and WHEREAS, the development program and TIF plans are contained in a document entitled "Development District No. 1 and Tax Increment Financing Plan for Tax Increment District No. 1-1 and Tax Increment District No. 1-2", dated January, 1985, now on file with the City Clerk; and WHEREAS, the City Council has consulted with the City's Planning Department and has determined that the development program and TIF plans are consistent with the general plan for development of the City as a whole; and WHEREAS, the City Council proposes to establish Develop- ment District No. 1 and TIF Districts Nos. 1-1 and 1-2 for the purpose of financing public improvements and encouraging investment in the area; and WHEREAS, the City Council has forwarded copies of the TIF plans to Hennepin County and to Independent School Districts Nos. 284, 287, 879 and 883; and WHEREAS, the City Council has this date conducted the required public hearing on the development program and TIF plans, at which the views of all interested parties were heard; and WHEREAS, the City Council has fully reviewed the contents of the development program and TIF plans. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Medina, Minnesota: 1. There is a need for new development within the area to provide employment opportunities for residents of the City and surrounding communities, to improve the tax base of the City and to improve the general economy of the state. 2. It is found that the area of the development district is currently characterized by undeveloped and under- developed land and a lack of adequate municipal services. 3. It is necessary for the orderly and beneficial develop- ment of the area to ensure the construction and provide moneys for the payment of the cost of certain public improvements within the development district, including a municipal water distribution system. 4. It is determined that implementation of the development program is essential to the economic well-being of the City and its citizens. 5. It is necessary for the sound and orderly development of the area and of the City as a whole and for the protection and preservation of the public health, safety and general welfare, that the powers authorized by the Municipal Development District Act and the TIF Act be exercised by the City to provide public financial assistance to the area. 6. It is the opinion of the City Council that development within the TIF districts cannot reasonably be expected to occur solely through private investment in the reasonable foreseeable future and that the use of tax increment financing is necessary. 7. It is found that the development district program and TIF plans conform to the general plans for the develop- ment of the City as a whole. 8. It is determined that the TIF plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the area by private enterprise. 9. It is declared to be the intent of the City to use the powers granted to it by the Municipal Development District Act and Tax Increment Financing Act to achieve the objectives of the Acts. 10. The development program is approved and development district No. 1 is established. 11. The TIF plans are approved and TIF districts Nos. 1-1 and 1-2 are established. 12. The proposed TIF districts will be economic development TIF districts, as defined by Minnesota Statutes, Section 273.73, Subd. 12. 13. The geographic boundaries of the development district and TIF districts are as described in the development program and TIF plans, which documents are adopted herein by reference. 14. The City elects to be treated under Section 273.76, Subd. 3(b) of the TIF Act for purposes of Minnesota Statues, Chapter 473F. 15. The City Clerk is authorized and directed to transmit a certified copy of this resolution together with a certified copy of the development program and TIF plans to the County Auditor of Hennepin County with a request that the original assessed valuation of the TIF districts be certified to the City pursuant to Section 273.76, Subd. 1 of the TIF Act and to file a copy of the development program and TIF plan with the Minnesota Commissioner of Energy and Economic Development. 16. The City Council shall at the appropriate time take action to issue and sell its general obligation bonds pursuant to the TIF Act to finance the public costs identified in the TIF plans. Dated: Thas d= son, Mayor ATTEST: Ae-n,rt,aJ /gac.,C.eJ Donna Roehl, City Clerk The motion for the adopti� of the foregoing resolution was duly seconded by member and upon vote being taken thereon, the following voted in favor thereof: 4/7alexSon Pe/5er� /1/utatie//, /Ne/demdz- 6G4t_ v and the following voted against same: do,Je Whereupon said resolution was declared duly passed and adopted.