HomeMy Public PortalAbout1987-063Member '
its adoption:
introduced the following resolution and moved
CITY OF MEDINA
RESOLUTION NO. 3 / -
RESOLUTION ADOPTING A
TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 1-5
BE IT RESOLVED by the City Council (the Council) of the City of Medina,
Minnesota (the City) as follows:
Section 1. Recitals.
1.01. The City has previously established a development district
(Development District) pursuant to Minnesota Statutes, Sections 469.124
through 469.134, inclusive, and four tax increment financing districts (TIF
District Nos. 1-1, 1-2, 1-3 and 1-4) therein, pursuant to Minnesota Statutes,
Sections 469.174 through 469.179, inclusive.
1.02. It has been proposed that the City establish a new TIF District
(Tax Increment Financing District No. 1-5) within the Development District.
1.03. The Council has investigated the facts and has caused to be
prepared a Tax Increment Financing Plan (Plan) describing the specific acts to
be taken to assist development within Tax Increment Financing District No. 1-5
and the Development District.
1.04. The City has performed all actions required by law to be performed
prior to the establishment of Tax Increment Financing District No. 1-5 and the
adoption of the Plan relating thereto, including, but not limited to,
notification of Hennepin County and relevant school district; a review by the
City planning staff of the Plan for Tax Increment Financing District No. 1-5;
and holding a public hearing regarding the Plan upon such notice as is
required by law.
1.05. The Plan is contained in a document entitled "Tax Increment
Financing Plan, Tax Increment Financing District No. 1-5, City of Medina,
Minnesota," dated , 1987, and on file in the office of the City
Clerk -Treasurer.
Section 2. Findings Related to the Establishment of Tax Increment
Financing District No. 1-5.
2.01. It is the opinion of the Council that the proposed development of
the Temroc Metals facility would not reasonably be expected to occur solely
through private investment within the reasonably foreseeable future and that
the use of tax increment financing for certain site improvements and other
public purposes is therefore necessary.
2.02. The Council finds that the Plan for Tax Increment Financing
District No. 1-5 conforms to the general plan for development of the City,
based upon the recommendations of city planning staff.
2.03. The Council finds that the Plan for Tax Increment Financing
District No. 1-5 will afford maximum opportunity, consistent with the sound
needs of the City as a whole, for development of the District by private
enterprise.
2.04. The Council further finds that the establishment of Tax Increment
Financing District No. 1-5 is intended and, in the judgment of the Council,
its effect will be to promote the public purposes and accomplish the
objectives specified in the Plan.
Section 3. Approval of the Tax Increment Financing Plan.
3.01. The Plan for Tax Increment Financing District No. 1-5 is hereby
approved and adopted.
3.02. The geographic boundaries of Tax Increment Financing District No.
1-5 are described in the Plan therefor and are incorporate herein by
reference.
3.03. The City Clerk -Treasurer is authorized and directed to transmit a
certified copy of this resolution together with a certified copy of the Plan
to the Auditor of Hennepin County with a request that the original assessed
valuation of the property within Tax Increment Financing District No. 1-5 be
certified to the City pursuant to Minnesota Statutes, Section 469.177, Subd. 1
and to file a copy of the Plan with the Minnesota Commissioner of Energy and
Economic Development.
3.04. 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 Plan.
The motion for the adop ion of the foregoing resolution was duly seconded
by Councilmember .J C.,a, f f , and upon vote being taken
thereon, the following voted in favor thereof:_/
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and the following voted against the same:
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DATED:
ATTEST:
, 1987.
04-7 /L-t-c_-/t,e2
Donna Roehl, Clerk -Treasurer
A:0045RE86.E40
T oma Anderson, ayor
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