HomeMy Public PortalAbout1992-031Member r`flOO
adoption:
introduced the following resolution and moved its
CITY OF MEDINA
RESOLUTION NO. U-.3 �
RESOLUTION DELETING CERTAIN
PARCELS FROM TAX INCREMENT
FINANCING DISTRICT NO. 1-6
WHEREAS, the City of Medina (City) has established a city development
district pursuant to Minnesota Statutes § 469.124 through 469.134 in the commercial
and industrial area along T . H . 55 ; and
WHEREAS, within the development district, the City has established seven tax
increment financing districts in order to assist projects which would not have
occurred but for public intervention; and
WHEREAS, pursuant to its policy and consistent with the program adopted for
the development district, the City established Tax Increment Financing District No.
1-6 (TIF No. 1-6) on April 26, 1990; and
WHEREAS, Hennepin County certified the original tax capacity of the
properties within TIF No. 1-6 on May 16, 1990; and
WHEREAS, certain development which was anticipated has not occurred on
several parcels within TIF No. 1-6; and
WHEREAS, the City wishes to delete those parcels from TIF No. 1-6 prior to
two years from the date of certification of the original tax capacity of the parcels;
and
WHEREAS, the City may eliminate the parcels from TIF No. 1-6 without a
formal plan modification if the current net tax capacity of the parcels equals or
exceeds the original net tax capacity of those parcels or if the City agrees that the
original net capacity of TIF No. 1-6 will be reduced by no more than the current net
tax capacity of the parcels.
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NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Medina, Minnesota as follows:
1. The following parcels are hereby eliminated from TIF No. 1-6:
11-118-23-22-0003
11-118-23-23-0001
11-118-23-23-0002
3-118-23-31-0001
2. Pursuant to Minnesota Statutes § 469.175, Subd. 4, the City hereby agrees
with regard to any parcel whose current net tax capacity is less than the
original net tax capacity that the original net tax capacity of TIF No. 1-6 may
be reduced by no more than the current net tax capacity of the parcel;
3. The clerk -treasurer is directed to send a copy of this resolution to Hennepin
County with a request to delete the named parcels from TIF No. 1-6; and
4. The city staff is authorized and directed to take any and all other actions
reasonably necessary to effect the intent
the City in this matter.
Dated: LAI J , 1992.
ATTEST:
0aura L. NConroe Acting Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly seconded by member
favor thereof:
and upon vote being taken thereon, the following voted in
971p5,t1 Pr />1Prom/-601 zr f/66,
and the following voted against same: ,(M yl ,e
iabsel/) F : 0n Pr en
Whereupon said resolution was declared duly passed and adopted.
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