HomeMy Public PortalAbout1987-005Member TA /S introduced the following resolution and moved its
adoption:
CITY OF MEDINA
RESOLUTION NO. 8 7-
RESOLUTION APPROVING A TAX INCREMENT FINANCING
PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-4;
ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1-4
Section 1. Recitals.
1.01. The City Council of the City of Medina (City) has established a
development district No. 1 (Development District) and adopted a development
district program (Program) related thereto, pursuant to Minn. Stat. Chapter
472A (Development District Act).
1.02. The City has established tax increment financing districts nos.
1-1, 1-2, and 1-3 (TIF Districts 1-1, 1-2, and 1-3) and adopted tax increment
financing plans (Plans) related thereto, pursuant to Minn. Stat. Section
273.71 through 273.78, inclusive (TIF Act).
1.03. The City has caused to be prepared a Plan for an additional tax
increment financing district (TIF District No. 1-4) for the purpose of
promoting development within the Development District.
1.04. Said Plan is included within a document entitled "Tax Increment
Financing Plan for Tax Increment Financing District No. 1-4", dated jaru..0e�rc� 4, /9g 7
and on file in the office of the city clerk.
1.05. The City has consulted with the city planning department
regarding the Plan and the planning department has concluded that the Plan is
consistent with the general plans for development of the City.
1.06. The City has transmitted a copy of the Plan to the Hennepin
county board and to the boards of school districts nos. 0284 - a 8 7(par4long
with a notice of the public hearing to be held before the city council
regarding the Plan.
1.07. The city clerk has caused a notice of the public hearing
regarding the Plan to be published at least 10 but not more than 30 days prior
to the hearing.
1.08. The city council has fully reviewed the contents of the Plan
and has on this date held the required public hearing regarding the Plan, at
which time the views of all persons communicating upon the matter were
considered.
Section 2. Findings.
2.01. It is found and determined that it is necessary and desirable
to the sound and orderly development of the Development District and the City
as a whole, and for the protection and preservation of the public health,
safety, and general welfare, that the authority of the TIF Act be exercised by
the City by establishing TIF District No. 1-4.
2.02. It is determined that TIF District No. 1-4 is an economic
development tax increment financing district within the meaning of Minn. Stat.
273.73, subd. 12.
2.03. It is further found and determined, and it is the reasoned
opinion of the City, that the development proposed in the TIF Plan could not
reasonably be expected to occur solely through private investment within the
reasonably foreseeable future and that therefore the use of tax increment
financing is necessary.
2.04. The TIF Plan conforms to the general plan for development of
the City as a whole.
2.05. The TIF Plan will afford maximum opportunity, consistent with
the sound needs of the City as a whole for the development of the Development
District by private enterprise.
Section 3. Establishment of TIF District.
3.01. TIF District No. 1-4 is hereby established and the Plan
therefore is hereby adopted.
3.02. The geographic boundaries of TIF District No. 1-4 are as
described in the Plan, which document is adopted herein by reference.
3.03. The city clerk is authorized and directed to transmit a certi-
fied copy of the Plan and of this resolution to the auditor of Hennepin county
with a request that the original assessed value of TIF District No. 1-4 be
certified to the City pursuant to Minn. Stat. Section 273.76, subd. 1.
3.04. The city clerk is authorized and directed to file a copy of the
Plan with the Minnesota commissioner of energy and economic development.
3.05. The City may at the appropriate time take action to issue and
sell its general obligation bonds pursuant to the TIF Act to finance public
development costs as identified by the Plan.
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Dated: December 16, 1986.
Thoma- Anders , Mayor
ATTEST:
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Donna Roehl, Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by
member e y-etr and upon vote being taken thereon, the following
voted in favor thereof:
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and the following voted against same:
Whereupon said resolution was declared duly passed and adopted.
0045RE34.E40
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