HomeMy Public PortalAbout1986-011Member /�`�e i�1 �a h
moved its adoption:
i
�ji/ntroduced the following resolution and
CITY OF MEDINA
RESOLUTION NO. n-//
RESOLUTION APPROVING A TAX INCREMENT
FINANCING PLAN AND ESTABLISHING TAX
INCREMENT FINANCING DISTRICT NO. 1-3
WHEREAS, the City of Medina (the City) has previously
established Development District No. 1 (the Development District)
pursuant to Minn. Stat. Chapter 472A and Tax Increment Financing
Districts Nos. 1-1 and 1-2, pursuant to Minn. Stat. Sec-
tion 273.71 through 273.78 (the TIF Act); and
WHEREAS, the purpose of creating the Development District is
to promote development in an area of the City generally parallel-
ing T.H. 55 from County Road 116 to the west of Willow Drive,
which area is characterized by undeveloped and underdeveloped
land and a lack of adequate municipal services; and
WHEREAS, pursuant to the development program (the Develop-
ment Program) adopted in connection with the establishment of the
Development District, the City has sold tax increment financing
bonds (the Bonds), the proceeds of which have been and will be
used for public improvements within the Development District; and
WHEREAS, the City seeks to encourage additional development
within the Development District and is willing to create addi-
tional tax increment financing districts to promote employment
opportunities for residents of the City and surrounding commu-
nities, to improve the tax base of the City and to enhance the
general economy of the state; and
WHEREAS, by resolution adopted January 7, 1986, the City
Council authorized the preparation of a tax increment financing
plan (the TIF Plan) for Tax Increment Financing District No. 1-3
(TIF District No. 1-3) and called for a public hearing on the TIF
Plan at 8:15 p.m. on February 4, 1986; and
WHEREAS, the TIF Plan has been prepared and copies have been
transmitted to Hennepin county and to the affected school dis-
tricts for comment and said jurisdictions have been notified of
the public hearing to be held on the TIF Plan; and
WHEREAS, notice of the public hearing on the TIF Plan has
been published at least 10 but not more than 30 days prior to the
public hearing in a newspaper of general circulation in the City;
and
WHEREAS, the City Council has fully reviewed the contents of
the TIF Plan and has considered all comments made at the public
hearing regarding the matter.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Medina, Minnesota as follows:
1. TIF District No. 1-3 is hereby established.
2. The document entitled "Development District No. 1 estab-
lished January 11, 1985 and Tax Increment Financing Plan for
Tax Increment District No. 1-3, City of Medina, Minnesota,
February 4, 1986" now on file in the office of the City
Clerk is hereby adopted as the TIF Plan for Tax Increment
Financing District No. 1-3.
3. TIF District No. 1-3 is declared to be an economic develop-
ment TIF district within the meaning of Section 273.73,
subd. 12 of the TIF Act.
4. It is the opinion of the City Council that development of
TIF District No. 1-3 would not reasonably be expected to
occur solely through private investment within the reason-
ably foreseeable future and therefore the use of tax incre-
ment financing is deemed necessary.
5. The TIF Plan for TIF District No. 1-3 conforms to the
general plan for the development of the City as a whole.
6. The TIF Plan will afford maximum opportunity, consistent
with the sound needs of the City as a whole, for development
by private enterprise.
7. The City Clerk is authorized and directed to transmit a
certified copy of this resolution together with a certified
copy of the TIF Plan to the Hennepin county auditor with a
request that the original assessed valuation of TIF District
No. 1-3 be certified to the City pursuant to Section 273.76,
subd. 1 of the TIF Act.
8. The City Clerk is authorized and directed to file a copy of
the TIF Plan with the Minnesota commissioner of energy and
economic development.
DATED: , 1986.
ATTEST:
Donna Roehl, Clerk/Treasurer
The motion for the adoption of the foregoing resolution was duly
seconded by member S6-1,4r 4.,e. and upon vote being taken
thereon, the/following voted in favor thereof:
—c s e-r, Ackx-ser), i�e iC/14-77 � 4/ , Se-6-4v'..--1,-
and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
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