HomeMy Public PortalAbout1990-64Member 14 /6
adoption:
introduced the following resolution and moved its
CITY OF MEDINA
RESOLUTION NO. (7(
RESOLUTION ADOPTING A
TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 1-7
BE IT RESOLVED By the City Council (the Council) of the City of Medina,
Minnesota (the City) as follows:
Section 1. Recitals.
1.01. On January 29, 1985, the City adopted a development district program
(Program) for Development District No. 1, pursuant to and in accordance with
Minnesota Statutes Section 469.124 through 469.134. The City modified the
Program for Development District No. 1 on March 4, 1986, April 21, 1987, and
April 26, 1990.
1.02. Since 1985, the City has established six tax increment financing
districts within Development District No. 1 pursuant to the provisions of 'Minnesota
Statutes Section 469.174 through 149.179 (the TIF Act).
1.03. It has been proposed that the City establish an additional tax
increment district to assist several new projects within Development District No.
1.
1.04. The Council has investigated the facts and has caused to be prepared
a tax increment financing plan (Plan) for Tax Increment District No. 1-7 describing
the assistance to be provided regarding the new projects.
1.05. The City has performed all actions required by law to be performed
prior to the adoption of the Plan, including, but not limited to, notification of
Hennepin County and Independent School District No. 284; a review by the City
planning commission of the 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.
1.06. The Plan is contained in a document entitled "Tax Increment
Financing Plan, Tax Increment Financing District No. 1-7, City of 'Medina" dated
September 18, 1990, and on file in the office of the city clerk -treasurer.
1.07. The City Council has fully reviewed the contents of the Plan and has
III on this date conducted a public hearing thereon at which the views of all interested
persons were heard.
Section 2. Findings Relating to the Establishment of Tax Increment
Financing District No. 1-7.
2.01. It is found and determined that it is necessary and desirable for the
sound and orderly development of the 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 to establish Tax Increment
Financing District No. 1-7.
2.02. It is further found and determined, and it is the reasoned opinion of
the City, that the projects proposed in the Plan for Tax Increment Financing
District No. 1-7 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 to assist the projects.
2.03. The expenditures proposed to be financed through tax increment
financing are necessary to permit the City to realize the full potential of the
District in terms of development intensity and tax base.
2.04. The Plan for Tax Increment Financing District No. 1-7 will afford
maximum opportunity, consistent with the sound needs of the City as a whole, for
the development of the tax increment financing district by private enterprise.
2.05. The 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 Plan and the establishment of Tax
Increment Financing District No. 1-7.
2.06. Tax Increment Financing District No. 1-7 is an economic development
tax increment financing district within the meaning of Section 469.174, Subd. 12 of
the TIF Act.
Section 3. Approval of the Tax Increment Financing Plan; Establishment of
Tax Increment Financing District No. 1-7.
3.01. The Plan for Tax Increment Financing District No. 1-7 is hereby
adopted. Tax Increment Financing District No. 1-7 is hereby established. The
boundaries of Tax Increment Financing District No. 1-7 are as described in the Plan
and incorporated herein by reference.
3.02. For purposes of Minnesota Statutes, Chapter 473F, the City hereby
elects to be treated under the provisions of Section 469.177, Subd. 3(b) of the TIF
Act.
3.03. The city clerk -treasurer is authorized 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 tax capacity of the property
within Tax Increment Financing District No. 1-7 be certified to the City pursuant
to Section 469.177, Subd. 1 of the TIF Act and to file a copy of the Plan for Tax
Increment Financing District No. 1-7 with the Minnesota commissioner of revenue.
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DATED: September 18, 1990.
ATTEST.91e74.1-,J L4-e}
Donna Roehl, Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by
member -/C-X e-v-e-e
in favor thereof:
r4n d e4,-son
and upon vote being taken thereon, the following voted
and the following voted against same:
/Iv/7e
Whereupon said resolution was declared duly passed and adopted.
ME230:MedRes2
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