HomeMy WebLinkAboutResolution - 90-115 - 1990 Amendment of Tax Increment Financing Districts 2-7 - 04/17/1990 After some discussion, Counoilmember
• introduced the following resolution and moved its adoption :
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RESOLUTION NQ�Q//S
RESOLUTION RELATING TO DEVELOPMENT DISTRICT
NO. 1 AND TAX INCREMENT FINANCING DISTRICTS
NOS . 2, 3, 4, 5, 6 AND 7; ADOPTING AMENDMENT'S
TO THE DEVELOPMENT PROGRAM AND TaX INCREMENT
FINANCING PLANS THEREFOR
BE IT RESOLVED by the City Council of the City of Eden
Prairie, Minnesota (the "City") , as follows :
Section 1 . Recital _
1 . 01 . On September 22, 1981, this Council designated
under Minnesota Statutes, Sections 469 .124 to 469.134, as amended,
certain land within the City as Development District No. 1 -(the
"Development Di.striot'r) and adopted a Development Program
therefor. The Development Program was subsequently amended by
this Council, on March 30, 1982 and May 17, 1983 (as so amended,
the "Original Program") . Pursuant to the Minnesota Tax Increment
Financing Act, Minnesota Statutes, Sections 469.174 to 469.179, as
amended (the "Act") , this Council has established. Tax Increment
Financing Districts Nos . 1, 2, 3, 4, 5, 6 and 7 (collectively, the
"Districts") within the Development District and has adopted and
in some cases amended Tax Increment Financing. Plans therefor '(as
• originally adopted or, if amended, as so amended, the "Original
Plans") on the dates indicated below:
Tax Increment Date of Adoption Tax Increment Date of
District No. Or Disqt7rict No. Adoption
2. 3/20/82; amended 5 5/17/83
5/17/83
3 11/16/82; amended 6 8/16/83
5/17/83
4 3/15/83; amended 7 4/17/84
5/17/83
1'.02 . It has been proposed that the City further amend
its Development Program (the "Program Amendment") in order to
undertake additional development activities and to amend the
Original Plans (the- "Plan Amendment") to provide a means of
financing the capital and administrative costs to be incurred by
the City in undertaking the development activities authorized. by
the Program Amendment . The Original Program as amended and
supplemented by the Program Amendment is hereinafter referred to
as the "Program" .
1 .03 . Pursuant to Minnesota Statutes, Sections 469.126
• and 469. 175, the adoption of the Program Amendment and Plan*
Amendment is for. the consideration of this Council . On April 1.7,
1990, this Council conducted a public hearing on the desirability
of adopting the Program Amendment and the Plan Amendment. Notice
of the public hearing was duly published as required by law in the
Eden-Prairie News, the official newspaper of the City on March
1 .04 . Members. of the Board of County Commissioners of
Hennepin County, the Board of Edueation of Independent. School
District No. 272 and the Board of Education of Independent
District No. 287 were given an opportunity to meet with thc 'City
and comment on the Plan ]amendment. At least 30 days before the
public hearing the City-provided the county and the school
district boards with inforinat'.ion on the fiscal and economic
implications of the Plan Amendment.
Section 2 . Ador),j,on of Program Am .n ment . On the basis
of the proposed Program Amendment prepared by officers of the City
and the information elicited from consultation with the planning
agency and at the public hearing referred to in Section 1.03, it
is hereby found, determined and declared:
2 .01 . The Council hereby ratifies and confirms its
determination- that there is a need for new development in the area
of the City encompassed by the Development District to provide
employment opportunities, to improve the tax base and to improve
• the general .economy of the. state. The Qrogram Amendment proposes _
that the City undertake certain additional public highway, street,
water system and park improvements to encourage the development of
land in the Development District. The Council hereby finds that
the proposed development activities to be undertaken pursuant to
the Program Amendment would improve the Development District by
encouraging private development of property therein, thereby
increasing employment and the tax base of. the City and overlapping
tak jurisdictions. It is in the best interests of the City to
adopt the Program Amendment.
2 .02 . Upon review of the Program, the information
elicited at the public hearing, and on the basis of the findings
made in Section 2.01, this Council hereby adopts the Program
Amendment conditioned upon the submission of the 'Program Amendment
to the City' s Planning Commission and upon the City' s Planning
Commission finding that the Program Amendment conforms to the
general plan for the development of the City as a whole.
Section 3 . Approval of Plan Amendment. On the basis of
the Plan Amendment and the information elicited at the public
hearing referred to in Section 1 .03, it is hereby found,
determined and declared:
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3 .01. The Plan Amendment provides the means to finance
the costs of the additional public highway, street, water system
• and park improvements to be undertaken pursuant to the Program
Amendment. ' The Original Plans, -as amended and supplemented by the
Plan Amendment (as so amended and supplemented, the "Plans")
contain a statement of objectives for the improvement of the
Development District, a statement as to the development program
for the respective District and a statement of the property within
the Development District which the City intends to acquire. The
Plans also estimate the capital and administrative costs of the
Development District, the amount of bonded indebtedness to be
incurred, the sources of revenues to finance or otherwise pay
public. costs of the respective District, the captured net tax
Capacity of the respective District at completion and the duration
of the District- . The Plans also describe and identify the
development activities to-be- undertaken or expected to be
undertaken in each District . The Plan Amendment further contains
-an estimate of the impact of the proposed tax increment financing
on the net tax capacities of all taxing jurisdictions in which the
each .District is located. _All the- captured tax capacity is-
necessary for the objectives of each District.
3 .02 . This Council hereby finds that the proposed
development of the Development District to be encouraged pursuant
to the Program Amendment would not, in the opinion of this
Council, occur solely through private investment within the
reasonably foreseeable future and that therefore the use of tax
. increment financing is necessary. Improvements to the street and
• highway access, traffic flow and the water supply are necessary in
order- to permit additional development to occur within the
Development District.
3 .03 . This Council hereby finds that the Plans conform
to the general- plan for the development of tho City as a whole.
Under the general plan for the development of the City the
Districts are zoned so as to permit the uses proposed by the
Program Amendment .-
3.04 . This Council hereby ratifies and confirms that
the plan Amendment will afford maximum opportunity, consistent
with the sound needs of the City as a whole, for the development
of each the Districts by private enterprise. The development
activities contemplated in the Program Amendment would provide an
opportunity for a significant increase in employment opportunities
in the City and enhance the tax base of the ' City.
3 .05 . Upon review of the Plans, the information
.elicited at the public hearing and on. the basis of the findings in
Sections 3 .01 to 3 .04, this Council hereby approves the Plan
Amendment .
Section 4 , Filing. The Finance Director/Clerk is
hereby authorized and directed to -file the Program Amendment and
• the Plan Amendment with the Commissioner -of Revenue as required by
Minnesota. Statutes, Section 469.175, Subdivision 2 .
J'
. Mayor
Attest :
Fin irector/Clerk