HomeMy WebLinkAboutResolution - 89-67 - Giving Approval to a Modified TIF Plan in Connection with the Elim Shores, Inc. Project Under Chapter 469, MN Statutes - 04/04/1989 RESOLUTION NO. 89- b
RESOLUTION GIVING APPROVAL TO A MODIFIED TAX
INCREMENT FINANCING PLAN IN CONNECTION WITH
THE F.LIM SHORES , INC. PROJECT UNDER CHAPTER
469 , MINNESOTA STATUTES .
WHEREAS , the City of Eder. Prairie, Minnesota (the
"City" ) has established the City Council of the City of Eden
Prairie (the "City Council") for the purpose, among others, to
undertake tax increment projects under Minnesota Statutes,
Chapter 469 (the "Act") ;
WHEREAS , Elim Homes, Inc. , a Minnesota nonprofit
corporation acting on behalf of itself and for Elim Shores, Inc. ,
an affiliated Minnesota nonprofit corporation (collectively, the
"Developer") has filed a proposal dated August 12 , 1988 with the
City requesting that the City and the City Council approve a
project which will consist of the acquisition of the real
property described on Exhibit A attached hereto and the
construction thereon of a 64-unit housing facility and related
common recreation and support facilities for rental to elderly
persons of low and moderate income (the "Project") ; and
WHEREAS , the Developer has requested the approval of
f an interest reduction program for the Project as permitted by the
Act (Minnesota Statutes §469 . 176, Subd. 4 (b) ) to be funded with
revenues derived from a tax increment financing plan ; and
WHEREAS , to encourage the development of the Project
and to serve the purpose of the Act as more fully set forth
herein, the City Council has determined that it is necessary and
appropriate to proceed with the Project as provided herein:
NOW, THEREFORE, THE MEMBERS OF THE CITY COUNCIL OF THE
CITY OF' EDEN PRAIRIE HEREBY RESOLVES AS FOLLOWS :
1. The City Council hereby adopts and approves the
Modified Tax Increment Financing Plan for Elim Shores Project
(the "Tax Increment Financing Plan") and the establishment of the
Tax Increment Financing District as a housing district, all as
set forth and attached hereto as Schedule I .
2 . The Tax Increment Financing Plan is hereby
incorporated by reference herein as if set forth in full herein
including the establishment of the tax increment financing
district as a housing district and the findings, expectations,
estimates and determinations set forth therein.
3 . The Tax Increment Financing Plan is hereby
determined to be in full compliance with the provisions of the
Art including, without limitation, Minnesota Statutes §469 . 175,
Subd. 1 .
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4 . On or about February 27, 1989 , copies of the Tax
Increment Financing Plan, which includes an estimate of the
fiscal and economic implications of the Tax Increment Financing
Plan, was presented to the members of the Hennepin County Board
of Commissioners and the members of School District No. 272
(being the only county and school district, respectively, in
which the proposed tax increment financing district is located)
and each such entity was advised that this City Council will
provide an opportunity to such members to meet with this City
Council regarding the Tax Increment Financing Plan and such tax
increment district if requested in writing to the Secretary of
the City Council within thirty days from the date of such
transmittal , all as provided by Minnesota Statutes §469 . 175 ,
Subd. 2 .
5. This City Council hereby determines thaw the Tax
Increment Financing Plan contains the information required to be
presented to the members of the County Board of Commissioners and
school district pursuant to Minnesota Statutes §469 . 175 , Subd.
2 , including the City Council's estimate of the fiscal and
economic implications of the proposed Tax Increment Financing
District .
6 . In addition to the transmittal to the members of
the Hennepin County Board of Commissioners and the members of
School District No. 272 as described in Paragraph 4 hereof, this
City Council has conducted a public hearing regarding the Tax
Increment Financing Plan in compliance with Minnesota Statutes
§469. 175 .
Approved and adopted by the City Council of the City of
Eden Prairie, Minnesota this 4th day of April, 1989 .
Mayor,,-"
ATTEST:
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