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HomeMy WebLinkAboutResolution - 81-190 - Creation of Development District No. 1 and Economic Development District - 09/02/1981 FIRST DRAFT - O' CONNOR & HANNAN September 2 , 1981 CITY OF EDEN PRAIRIE COUNTY OF HENNEPIN STATE OF MINNESOTA RESOLUTION NO . 81 -190 A RESOLUTION ESTABLISHING AND DESIGNATING DEVELOP- MENT DISTRICT NO . 1 PURSUANT TO THE. PROVISIONS OF MINNESOTA STATUTES , SECTIONS 472A. 01 TO 472A. 13 , INCLUSIVE , AS AMENDED, - AND MINNESOTA STATUTES , SECTIONS 273 . 71 TO 273 . 78 , INCLUSIVE, AS AMENDED, AND ESTABLISHING TAX INCREMENT DISTRICT NO. 1 PUR- SUANT TO THE PROVISIONS OF MINNESOTA STATUTES , SECTIONS 273 . 71 TO 273 . 78 , INCLUSIVE, AS AMENDED AND ADOPTING AND APPROVING A DEVELOPMENT PROGRAM AND FINANCE PLAN FOR SAID DEVELOPMENT DISTRICT AND _ TAX INCREMENT DISTRICT. BE IT RESOLVED by the City Council (the "Council") of the City of Eden Prairie , Minnesota (the "City") , as fol- lows : Section 1 . Recitals . :i 1 . 01 . It has been proposed that the City establish a development district within the corporate limits of the City and approve a tax increment financing district and a tax in- crement financing plan with respect thereto, all pursuant to and in accordance with Minnesota Statutes , Chapter 472A, as amended, and Minnesota _Statutes , Sections 273 . 71 to 273 . 78 , inclusive , as amended . The proposed development district has been designated as Development District No. 1 (the "De- velopment District" ) . 1 . 02 . This Council has caused to be prepared , and has investigated the facts with respect thereto, a proposed Development Plan and Program for the Development District % the "Development Plan" ) , defining more precisely the prop- erty to be included in the Development District and de- scribing the action to be undertaken by the City to aid the development of the Development District , and has caused to be prepared , and has investigated the facts with respect thereto , a proposed Tax Increment Financing Plan (the "Financing Plan" ) , defining more precisely the property to be included in the tax increment financing district (the "Tax Increment District " ) and other matters relating thereto . 1 . 03 . The City has performed all actions required by law to be performed prior to the establishment of the De- velopment District , the Tax Increment District and the adop- tion of the Development Plan and the Financing Plan relating thereto , including , but not limited to, consultations with Hennepin County and the School Districts having taxing jurisdiction over the property proposed to be included in the Tax Increment District , a review of the proposed De- velopment District and Taxcrement District and the De- velopment Plan and Financing Plan by the City Planning Com- mission and the holding of a public hearing upon published and mailed notice as required by law. 1 . 04 . The Council hereby determines that it is neces- sary and in the best interests of the City at this time to establish the Development District and the Tax Increment District and to adopt and approve the Development Plan and the Financing Plan relating thereto . Section 2 . Findings and Establishment of Development District 2 . 01 . The Council hereby finds , determines and declares that the Development District constitutes a "development district" as defined in Minnesota Statutes , Section 472A. 02 , Subdivision 11 , and , therefore , constitutes a "project , " as defined in Minnesota Statutes , Section 273 . 73 , Subdivision 8 . 2. 02 . The Council further finds , determines and de- clares that the establishment of the Development District and the financing of the Development Plan by the City pur- suant to the Financing Plan is intended and , in the judgment of. this Council, its effect will be , to provide an impetus for commercial development , increase employment and other- wise promote certain public purposes and accomplish certain objectives specified in the Development Plan , Minnesota Statutes , Section 472A. 01 , and Minnesota Statutes , Sections 273 . 71 to 273 . 78, inclusive , as amended . 2 . 03 . Under and pursuant to Minnesota Statutes , Chapter 472A, as amended, and Minnesota Statutes , Sections 273 . 71 to 273 . 78 , inclusive , as amended , Development District No . 1 is hereby established , designated and numbered in and for the City . The property included in the Development District shall be the property described in the Development Plan for the Development District approved in Section 4 hereof . - - - 2 - Section 3 . Findings and Establishment of Tax Increment District . 3 . 01 . The Council hereby finds , determines and declares that the Tax Increment District constitutes a "tax increment financing district" , as defined in Minnesota Statutes , Sec- tion 273 . 73 , Subdivision 9 , and further constitutes an °'economic development district" , as defined in Minnesota Statutes , Section 2.73 . 73 , Subdivision 12 . 3 . 02 . The Council further finds , declares and deter- mines that the Tax Increment District does not meet the requirements found in the definition of redevelopment dis- trict or housing district , as defined in Minnesota Statutes , Section 273 . 73 , Subdivisions 10 and 11 , respectively , but is in the public interest because : (a) It will discourage commerce , industry or manu- facturing from moving their operations to another state; City ; (b) It will result in increased employment in the (c) It will result in the preservation and en- hancement of the tax base of the City . 3 . 03 . The Council further finds , determines and de- clares that the proposed development , in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and , therefore , the use of tax increment financing is deemed necessary; that the Financing Plan conforms to the general plan for the develop- ment of the City as a whole ; and that the Financing Plan will afford maximum . opportunity, _ consistent with the sound needs of the City as a whole , for the development of the Tax Increment District by private enterprise . 3 . 04 . The Council further finds , determines and de- clares that the establishment of the Tax Increment District and the adoption and approval of the Development Plan and the Financing Plan by the City is intended and , in the judg- ment of this Council , its effect will be , to promote the purposes and objectives specified in this Section 3 and otherwise promote certain public purposes and accomplish certain objectives specified in the Development Plan, the Financing Plan , Minnesota Statutes , Section 472A. 01 , and Minnesota _Statutes , Sections 273 . 71 to 273 . 78 , inclusive , as amended . 3 . 05 . Under and pursuant to Minnesota Statutes , Sec- tions 273 . 71 to 273 . 780 inclusive , as amended , Tax Increment District No. 1 is hereby established and approved in and for 3 - the City . The property included in the Tax Increment Dis- tract No . 1 shall be the property described in the Financing Plan for the Tax Increment District approved in Section 4 hereof . Section 4 . Adoption of Development Plan and Financing Plan . 4 . 01. . The development Plan for the Development District and the Financing Plan related thereto , presented to the Council on this date , is hereby approved and adopted and shall be placed on file in the office of the City Clerk . The Development Plan and the Financing Plan are in the form attached as Exhibit A hereto, and hereby made a part hereof , entitled "Development District No . 1 and Tax Increment Fin- ancing Plan for Economic Development District , City of Eden Prairie , Minnesota , September 22 , 1.981 . " Section 5 . Implementation of Development Plan and Fin- cinq Plan. 5 . 01 . The officers of the City, the City ' s financial advisor and underwriter therefor, and the City ' s legal coun-- set and bond counsel are authorized and directed to proceed with -the implementation of the Development Plan and Financ- ing Plan and for this purpose to negotiate , draft , prepare and present to this Council for its consideration all fur- ther plans , .resolutions , documents and contracts necessary for this purpose . 5 . 02 . It is presently the intention of the City to impose a gen- eral tax levy of not less than $14 , 130 , 000 plus special assess- ments of not less than $3 , 363 , 000 to accomplish the objectives of the development program. Section 6 . Certification of Assessed Value . 6 . 01 . The Board of Commissioners of Hennepin -County, acting as County Auditor of Hennepin County , are hereby requested to certify the original assessed value of all real property within the applicable parcels of the Tax Increment District, as described in the Financing Plan as of January 2 , 1980 , and each year hereafter to certify the amount by which the assessed value has increased or decreased from the assessed value of January 2 , 1980 , and also to certify the proportion which any such increase or decrease bears to the total assessed value for the real property in the Tax Incre- ment Districts for that year and also to remit to the City of Eder_ Prairie each year , commencing on the date indicated in the Financing Plan for the Tax Increment District, that proportion of all taxes paid that year on real property in i -4- the Tax Increment District which the captured assessed value bears to the total current assessed value , all pursuant to Minnesota Statutes , Section 273 . 76 . r; Y / . YMayor Attest r ' ty Clerk i 5 - ('