HomeMy Public PortalAbout1993-005i
Member Ferris introduced the following resolution and moved its
adoption:
CITY OF MEDINA
RESOLUTION NO. 93-05
RESOLUTION APPROVING MODIFIED TAX INCREMENT
FINANCING PLANS FOR TAX INCREMENT FINANCING
DISTRICT NOS. 1-1, 1-2, 1-3, 1-4, 1-5 AND 1-6
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 Program (the
"Program") for Development District No. 1, pursuant to and in accordance with
Minnesota Statutes, sections 469.124 through 469.134.
1.02. Development District No. 1 was expanded on March 4, 1986 and April 21,
1987 and the Program was also modified on April 3, 1990.
1.03. Since 1985, the City has established six tax increment financing
districts within Development District No. 1 pursuant to the provisions of Minnesota
Statutes, sections 469.174 through 469.179 (the "TIF Act") .
1.04. In order to finance certain additional public improvements which the
City views as essential to the development of Development District No. 1, it is
necessary to modify the tax increment financing plans (the "Plans") of the six tax
increment financing districts.
1.05. In furtherance thereof, the City has caused to be prepared modified
Plans for Tax Increment Financing District Nos. 1-1, 1-2, 1-3, 1-4, 1-5 and 1-6
describing the additional public improvements which the City will fund within
Development District No. 1.
1.06. The City has performed all actions required by law to be performed
prior to the approval of the modified Plans, including notice of the hearing and
transmittal of the Plans to Hennepin County and the Delano, Rockford and Wayzata
school districts and holding a public hearing regarding the Plans upon such notice
as is required by law.
1.07. The modified Plans are contained in a document entitled "Modified Tax
Increment Financing Plans, Tax Increment Financing District Nos. 1-1, 1-2, 1-3, 1-
4, 1-5 and 1-6, City of Medina, Minnesota" dated March 16, 1993, which document
is on file at city hall.
1.08. The Council has fully reviewed the contents of the Plans and has on this
date conducted a public hearing thereon at which the views of all interested persons
were heard.
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Section 2. Findings Relating to the Modification of the Tax Increment
Financing Plans.
2.01. It is found and determined that it is necessary and desirable for the
sound and orderly development of the Development 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 with regard to
TIF District Nos. 1-1, 1-2, 1-3, 1-4, 1-5 and 1-6.
2.02. The additional public expenditures proposed to be financed through tax
increment financing are necessary to permit the City to realize the full potential of
the Development District in terms of development intensity and tax base.
2.03. The modified Plans for the Tax Increment Financing Districts will afford
maximum opportunity, consistent with the sound needs of the City as a whole, for
the development of the Development District by private enterprise by providing the
public utilities necessary to support such development.
2.04. The modified Plans are consistent with the general plans for
development of the City as a whole.
Section 3. Approval of the Modified Tax Increment Financing Plans.
3.01. The modified Plans for Tax Increment Financing District Nos. 1-1, 1-2,
1-3, 1-4, 1-5 and 1-6 are hereby approved.
3.02. The City may issue and sell its general obligation bonds in an amount
not to exceed $2, 000, 000 in order to finance construction of the public improvements
identified in the modified Plans.
3.03. The city clerk -treasurer is authorized and directed to file a copy of the
modified Plans for Tax Increment Financing District Nos. 1-1, 1-2, 1-3, 1-4, 1-5 and
1-6 with the Minnesota department of revenue.
DATED: March 16 , 1993.
ATTEST:
y Clerk -Treasurer
_--)"\ 77f/47-r_ ..-i___-/
Anne E. Theis, Mayor
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The motion for the adoption of the foregoing resolution was duly seconded by member
Zietlow and upon vote being taken thereon, the following
voted in favor thereof: Councilmembers Ferris, Johnson, Thies, Zietlow and
Mayor Theis.
and the following voted against same: None.
Whereupon said resolution was declared duly passed and adopted.
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