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HomeMy Public PortalAbout1987-026Councilmember introduced the following resolution and moved its adoption: CITY OF MEDINA RESOLUTION NO. 87-26 RESOLUTION ADOPTING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-1 WHEREAS, it has as been proposed that the City modify the Development Program for Development District No. 1 by expanding the area within the Development District and the Tax Increment Financing Plan for Tax Increment Financing District No. 1-1 by reducing the size of the TIF District, all pursuant to and in accordance with Minnesota Statutes, Chapter 472A, as amended, and Minnesota Statutes, Sections 273.71 to 273.78, inclusive, amended; and WHEREAS, the Council has investigated the facts and has caused to be prepared a modified Development Program for Development District No. 1, describing the land to be added to the Development District and has caused to be prepared a modified Tax Increment Financing Plan describing the property to be deleted from Tax Increment Financing District No. 1-1, and other matters relating thereto; and WHEREAS, the City has performed all actions required by law to be per- formed prior to the modification of Development District No. 1 and Tax Increment Financing District No. 1-1 and the adoption of the modified Develop- ment Program and modified Tax Increment Financing Plan relating thereto, including, but not limited to, notification of the county and school district, consultation with the City planning department regarding the modified Development Program and the modified Tax Increment Financing Plan; and holding as a public hearing regarding the Program and the Plan upon such notice as is required by law; and WHEREAS, the modified Development Program and modified Tax Increment Financing Plan are contained in a document entitled "Development Program, Development District No. 1 and Tax Increment Financing Plan, Tax Increment Financing District No. 1-1, City of Medina, Minnesota," which is on file in the office of the City Clerk -Treasurer. NOW, THEREFORE, BE IT RESOLVED BY the City Council of the City of Medina, Minnesota, as follows: 1. The Council hereby finds that the modification of Development District No. 1 by expanding its boundaries in accordance with the Program is intended, and in the judgment ,of the Council, its effect will be to provide an impetus for commercial, industrial and residential development in the City, increase employment, and otherwise promote certain public purposes and accomplish certain objectives as specified in the modified Development Program. 2. The Council finds that the modified Tax Increment Financing Plan for Tax Increment Financing District No. 1-1, which reduces the size of the TIF District by deleting property unlikely to be developed within the reason- ably foreseeable future, conforms to the general plan for development of the City and, in the judgment of the Council, its effect will be to promote the public purposes and accomplish the objectives specified in the modified Tax Increment Financing Plan and Development Program. 3. The modified Development Program for Development District No. 1 and the modified Tax Increment Financing Plan for Tax Increment Financing District No. 1-1 are hereby approved and adopted. 4. The geographic boundaries of enlarged Development District No. 1 and of reduced Tax Increment Financing District No. 1-1 are described in the Development Program and Tax Increment Financing Plan therefor and are incorporated herein by reference. 5. The City Clerk -Treasurer is authorized and directed to transmit a certified copy of this resolution together with a certified copy of the modified Development Program and the modified Tax Increment Financing Plan to the Auditor of Hennepin County with a request that the original assessed valuation of the property hereby deleted from Tax Increment Financing District No. 1 be certified to the City pursuant to Section 273.76, Subd. 1 of the Tax Increment Financing Act and the same be adjusted in the records of the County Auditor. 6. The City Clerk -Treasurer is hereby authorized and directed to file a copy of the modified Development Program and modified Tax Increment Financing Plan with the Minnesota Commissioner of Energy and Economic Development. 2 Councilmember ))/ moved its adoption: introduced the following resolution and CITY OF MEDINA RESOLUTION 87-26 RESOLUTION ADOPTING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-1 WHEREAS, it has as been proposed that the City modify the Development Program for Development District No. 1 by expanding the area within the Development District and the Tax Increment Financing Plan for Tax Increment Financing District No. 1-1 by reducing the size of the TIF District, all pursuant to and in accordance with Minnesota Statutes, Chapter 472A, as amended, and Minnesota Statutes, Sections 273.71 to 273.78, inclusive, as amended; and WHEREAS, the Council has investigated the facts and has caused to be prepared a modified Development Program for Development District No. 1, describing the land to be added to the Development District and has caused to be prepared a modified Tax Increment Financing Plan describing the property to be deleted from Tax Increment Financing District No. 1-1, and other matters relating thereto; and WHEREAS, the City has performed all actions required by law to be per- formed prior to the modification of Development District No. 1 and Tax Increment Financing District No. 1-1 and the adoption of the modified Develop- ment Program and modified Tax Increment Financing Plan relating thereto, including, but not limited to, notification of the county and school district, consultation with the City planning department regarding the modified Development Program and the modified Tax Increment Financing Plan; and holding a public hearing regarding the Program and the Plan upon such notice as is required by law; and WHEREAS, the modified Development Program and modified Tax Increment Financing Plan are contained in a document entitled "Development Program, Development District No. 1 and Tax Increment Financing Plan, Tax Increment Financing District No. 1-1, City of Medina, Minnesota," which is on file in the office of the City Clerk -Treasurer. NOW, THEREFORE, BE IT RESOLVED BY the City Council of the City of Medina, Minnesota, as follows: 1. The Council hereby finds that the modification of Development District No. 1 by expanding its boundaries in accordance with the Program is intended, and in the judgment of the Council, its effect will be to provide an impetus for commercial, industrial and residential development in the City, increase employment, and otherwise promote certain public purposes and accomplish certain objectives as specified in the modified Development Program. 2. The Council finds that the modified Tax Increment Financing Plan for Tax Increment Financing District No. 1-1, which reduces the size of the TIF District by deleting property unlikely to be developed within the reason- ably foreseeable future, conforms to the general plan for development of the City and, in the judgment of the Council, its effect will be to promote the public purposes and accomplish the objectives specified in the modified Tax Increment Financing Plan and Development Program. 3. The modified Development Program for Development District No. 1 and the modified Tax Increment Financing Plan for Tax Increment Financing District No. 1-1 are hereby approved and adopted. 4. The geographic boundaries of enlarged Development District No. 1 and of reduced Tax Increment Financing District No. 1-1 are described in the Development Program and Tax Increment Financing Plan therefor and are incorporated herein by reference. 5. The City Clerk -Treasurer is authorized and directed to transmit a certified copy of this resolution together with a certified copy of the modified Development Program and the modified Tax Increment Financing Plan to the Auditor of Hennepin County with a request that the original assessed valuation of the property hereby deleted from Tax Increment Financing District No. 1 be certified to the City pursuant to Section 273.76, Subd. 1 of the Tax Increment Financing Act and the same be adjusted in the records of the County Auditor. 6. The City Clerk -Treasurer is hereby authorized and directed to file a copy of the modified Development Program and modified Tax Increment Financing Plan with the Minnesota Commissioner of Energy and Economic Development. 2 7. The City may at the appropriate time take action to issue and sell its general obligation bonds pursuant to the Tax Increment Financing Act to finance the public costs identified in the modified Development Program and modified Tax Increment Financing Plan. Dated: April 21, 1987. Thoma- nderson or ATTEST: Donna Roehl, Clerk -Treasurer The motion for the adoption of the foregoing resolution was duly seconded by member -YG'e'r44,' 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. 0045RE65.E40 3