HomeMy Public PortalAbout1985-047Member introduced the following resolution and
moved its adoption:
CITY OF MEDINA
RESOLUTION NO. .5 - 7
RESOLUTION APPROVING A MODIFIED
TAX INCREMENT FINANCING PLAN FOR
TIF DISTRICTS NOS. 1-1 AND 1-2
WHEREAS, the city council desires to modify the tax incre-
ment plan for TIF districts Nos. 1-1 and 1-2 which was originally
approved on January 29, 1985 and first modified on March 13,
1985; and
WHEREAS, modification of the TIF plan is made pursuant to
Minnesota Statutes, Section 273.74, Subd. 4, including submission
of the modified plan to the school district and to Hennepin
County for comment; and
WHEREAS, the modified TIF plan is contained in a document
entitled "Development District No. 1 and Tax Increment Financing
Plan for Tax Increment District No. 1-1 and Tax Increment Dis-
trict No. 1-2", dated January 11, 1985 and amended April 26,
1985, now on file with the city clerk; and
WHEREAS, the city council has this date conducted the
required public hearing on the modification of the TIF plan, at
which the views of all interested parties were heard.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Medina, Minnesota as follows:
1. The modified TIF plan is approved.
2. The city elects the method of computation provided for by
Minnesota Statutes, Section 273.76, Subd. 3(a).
3. All of the matters set forth in Resolution No.
adopted on January 29, 1985 establishing development dis-
trict No. 1 and TIF districts Nos. 1-1 and 1-2 are hereby
adopted by reference in regard to the modified plan, except
for paragraph 14.
4. The city clerk is authorized and directed to transmit a
certified copy of this resolution together with a certified
copy of the modified TIF plan to the Hennepin County auditor
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
modified TIF plan with the Minnesota commissioner of energy
and economic development.
5. The city council shall take appropriate action to issue and
sell its general obligation bonds pursuant to the TIF Act to
finance the public costs identified in the modified TIF
plan.
DATED:
hom.s Ande % n, ayor
ATTEST:
Donna Roehl, Clerk/Treasurer
The motion for the adoption of the foregoing resolution was duly
seconded by member and upon vote being taken
thereon, the following voted in favor thereof:
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.