HomeMy Public PortalAbout1988-068Memb e r
its adoption:
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introduced the following resolution and moved
CITY OF MEDINA / (j
RESOLUTION NO. (r� O
RESOLUTION ADOPTING A MODIFIED
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 It has been proposed that the City adopt a modified Tax Increment
Financing Plan for Tax Increment Financing District No. 1-5 pursuant to and in
accordance with Minnesota Statutes, Sections 469.174 through 469.179.
1.02 The Council has investigated the facts and has caused to be
prepared a modified Tax Increment Financing Plan describing the specific acts
to be taken to assist development within Tax Increment Financing District No.
1-5.
1.03 The City has performed all actions required by law to be performed
prior to the modification of the Plan for Tax Increment Financing District
No. 1-5 including, but not limited to, notification of Hennepin County and
Independent School District No. 883; a review by the City planning commission
on July 14, 1988, of the modified Plan for its consistency with the general
plans for development of the City; and holding a public hearing regarding the
Plan upon such notice as is required by law.
1.04 The modified Tax Increment Financing Plan is contained in a
document entitled "Modified Tax Increment Financing Plan, Tax Increment
Financing District No. 1-5, City of Medina, Minnesota," dated August 16, 1988,
and which is on file at city hall.
1.05 The City Council has fully reviewed the contents of the modified
Tax Increment Financing Plan and has on this date conducted a public hearing
thereon at which the views of all interested persons were heard.
Section 2. Findings Related to the Modification of the Plan for Tax
Increment Financing District No. 1-5.
2.01 It is the opinion of the Council that development of the land
hereby added to Tax Increment Financing District No. 1-5 would not reasonably
be expected to occur solely through private investment within the reasonably
foreseeable future and that the use of tax increment financing is therefore
necessary.
2.02 The Council finds that the modified Tax Increment Financing Plan
for Tax Increment Financing District No. 1-5 conforms to the general plan for
development of the City, based upon the recommendations of the planning
commission.
2.03 The Council finds that the modified Tax Increment Financing 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 enlargement 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 Tax Increment Financing Plan.
2.05 The City Council has relied upon the opinions and recommendations
of its staff and planning commission and the personal knowledge of the members
of the council in reaching its conclusions regarding the modification of the
Plan for Tax Increment Financing District No. 1-5.
2.06 The City Council finds that the land hereby added to Tax Increment
Financing District No. 1-5 is an economic development tax increment financing
district within the meaning of Minnesota Statutes, Section 469.174, Subd. 12.
Section 3. Approval of the Modified Tax Increment Financing Plan.
3.01 The modified Tax Increment Financing 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 modified Tax Increment Financing Plan therefor and
are incorporated herein by reference.
3.03 The City elects to be governed by Minnesota Statutes, Section
469.177, Subd. 3b with regard to fiscal disparities for Tax Increment
Financing District No. 1-5.
3.04 The clerk -treasurer is authorized and directed to transmit a
certified copy of this resolution together with a certified copy of the
modified Tax Increment Financing Plan to the auditor of Hennepin County with a
request that the original assessed valuation of the property hereby added to
Tax Increment Financing District No. 1-5 be certified to the City pursuant to
Section 469.177, Subd. 1 of the Tax Increment Financing Act and to file a copy
of the modified Tax Increment Financing Plan with the Minnesota Commissioner
of Trade 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 Tax Increment Financing Act to
finance the public costs identified in the modified Tax Increment Financing
Plan.
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DATED: a,i fi/,
, 1988.
Thomas Anderso Mayor
ATTEST:
Donna Roehl, City Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by
member v1 iP�1"¢.(i' and upon vote being taken thereon, the following
voted in favor thereof:
I'1 ��✓' 5 o r1 , • -5c-4 /i r r / 2h e / i zt
and the following voted against same:
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Whereupon said resolution was declared duly passed and adopted.
MedRes5:045RE186.E40
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