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HomeMy WebLinkAboutResolution - 82-58 - Amending TIF District #1 & Establishing TIF District #2 - 03/30/1982 FIRST DRAFT-A-O ' CONNOR & HANNAN March 25 , 1982 CITY OF EDEN PRAIRIE COUNTY OF HENNEPIN STATE OF MINNESOTA RESOLUTION NO. ='/ RESOLUTION PROVIDING FOR MODIFICATION OF THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND THE TAY INCREMMENT FINANCING PLAN FOR THE ECONOMIC DEVELOPMENT TAX INCREMENT DISTRICT THEREIN AND FOR THE ESTABLISHMENT OF PROPOSED TAX INCREMENT DISTRICT NO. 2 AND THE ADOPTION OF A TAX INCREMENT FINANC.L1.141a PLAN RELATING THERETO BE IT RESOLVED by the City Council (the "Council" ) of the City of Eden Prairie , Minnesota ( the "City" ) , as follows : Section 1. Recitals. ? 01. . It has been proposed that the City modify its development program for Development District No. 1 (the "Development District" ) and the tax increment financing plan (the "Tax Increment Financing Plan" ) for the economic de- velopment tax increment district therein, establish an addi- tional tax increment district therein and adopt a tax incre- ment financing plan relating 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.- 1. 02 . This Council has caused to be prepared, and has investigated the facts with respect thereto, a proposed amendment to the Development Plan and Program for the Development District ( the "Development Plan Amendment" ) , and has caused to be prepared , and has investigated the facts with respect thereto, a proposed amendment to the present Tax Increment Financing Plan ( the "Financing Plan Amend- ment") , defining snore precisely and redesignating the property to be included in the modified tax increment fin- ancing district ( "Tax "Increment District No. 1" ) and other matters reiat.i.ng thereto and a proposed Tax Increment Fin- ancing Plan ( "Finarir ing ?lan No. 2" ) defining more precisely the property to he included in the new tax increment financ- ing district ( "Tax Increment District No. 2" ) and other r ;natters relating thereto. 1 . 03. The City has performed all actions required by law to be performed prior to the modif ication of Tax Incre- ment District No. 1 and the establishment of Tax Increment District No. 2 and the adoption of the Development Plan Amendment , the Financing Plan Amendment and Financing Plan No. 2 , including , but not limited to , consultations with Hennepin County and the School Districts having taxing jur- isdiction over the property proposed to be included in Tax Increment District No . 1 and Tax Increment District No. 2, a review of the modified Tax Increment District No. 1 and proposed Tax. Increment District No. 2 , the Development Plan Amendment, Financing Plan Amendment and Financing Plan No. 2 by the City Planning Comm'.ssion 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 modify Tax Increment District No . 1 and establish Tax Incre- ment District No. 2 and to adopt and approve the Development Plan Amendment , the Financing Plan F.mendment and Financing Plan No . 2 relating thereto. Section 2. Findings Concerning Development District. 2. 01. The Council finds , determines and declares that the financing of the Development Plan and Development Plan Amendment by the City pursuant to the Tax Increment Financ- ing Plan, the Financing Plan Amendment and Financing Plan No. 2 is intended and , in the judgment of this Council , its effect will be , to provide an impetus for commercial de- velopment, increase employment and otherwise promote certain public purposes and accomplish certain objectives specified in the Development Plan, Development Plan Amendment , Minne- sota Statutes , Section 472A. 01 , and Minnesota Statutes , Sections 273 . 71 to 273 . 78 , inclusive , as amended. Section 3. Findings Concerning Modification of Tax Increment District No . l and Establishment of Tax Increment District No . 2. 3. 01 . The Council hereby finds , determines and declares that Tax Increment District No. 1 and Tax Increment District No. 2 each constitutes a " tax increment financing district , " as defined in Minnesota Statutes , Section 273 . 73 , Subdivi- sion 9 , and further each constitutes an "economic develop- ment district , " as defined in Minnesota Statutes , Section 273. 73 , Subdivision 12. 3 . 02 . The Council further finds, declares and deter- mines that neither Tax Increment District No . 1 nor Tax r Increment District No . 2 meets the requirements found in the definition of redevelopment district or housing district , as 2 defined in Minnesota Statutes , Section 273 . 73 , Subdivisions 10 and 11 , respectively , but each is in the public interest because : (a) It will discourage commerce , industry or manu- facturing from moving their operations to another state; (b) It will result in increased employment in the City; (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 declares that the proposed development, in the opinion of the Council , would not occur solely through private invest- ment. within the reasonably foreseeable future and , there- fore , the use of tax increment financing is deemed neces- sary; that the Tax Increment Financing Plan , the Financing Plan Amendment and Financing Plan No. 2 conform to the gen- eral plan for the development of the City as a whole ; and that the Tax Increment Financing Plan, the Financing Plan Amendment and Financing Plan No . 2 will afford maximum op- portunity, consistent with the sound :seeds of the City as a whole , for the development of Tax Increment District No. 1 and Tax Increment District No. 2 by private enterprise. 3 . 04. The Council further finds , determines and de- clares that the modification of Tax Increment District No. 1 and the establishment of Tax Increment District No. 2 and the adoption and approval of the Development Plan Amendment , the Financing Plan Amendment and Financing Plan No. 2 by the City are intended and , in the judgment of this Council , the effect thereof will be to promote the purposes and objec- tives specified in this Section 3 and otherwise promote certain public purposes and accomplish certain objectives specified in the Development Plan, the Development Plan Amendment , the Tax Increment Financing Plan , the Financing Plan Amendment and Financing Plan No. 2 , 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 , Sections 273 . 71 to 273 . 78 , inclusive , as amended , Tax Incre- ment District No. 1 is hereby modified and approved in and for the City. The property included in Tax Increment Dis- trict No. 1 shall be the property described in the Tax In- crement Financing Plan and the Financing Plan Amendment for Tax Increment District No. 1; and the property included in Tax Increment District No. 2 shall be the property described in Financing Plan No. 2 for Tax Increment District No. 2 , both of which Financing Plan Amendment and Financing Plan No. 2 are approved in Section 4 hereof . .. 3 Section- 4 . Adoption of Develonment Plan Amendment , Financing Plan Amendment and Financing Plan No. 2 . 4 . 01. The Development Plan Amendment for the Develop- ment District and the Financing Plan Amendment and Financing Plan No . 2 related thereto, presented to the Council on this date , are hereby approved and adopted and shall be placed on file in the office of the Finance Director-Clerk . The Development Plan with Development Plan Amendment and the Tax Increment Financing Plan with Financing Plan Amendment and Financing Plan No. 2 are in the form attached as Exhibit A hereto , and hereby made a part hereof , entitled "Amended bevelopment District No. 1 Program and Tax Increment Financ- ing Plans for the City cf Eden Prairie, Minnesota, September 22 , 1981 , as amended March 30 , 1982 . " Section 5 . Implementation of Development Plan, Develop- ment Plan Amendment , rax Increment Financing Plan, Financing Plan and Financing Plan No . 2 . 5 . 01. The officers of the City, the City ' s financial advisor and underwriter therefor , and the City ' s legal coun-. sel and bond counsel are authorized and directed to proceed with the implementation of the Development Plan, Development A Plan Amendment , Tax Increment Financing Plan , Financing Plan Amendment and Financing Plan No. 2 and for . this purpose to negotiate, draft, prepare and present to this Council for its consideration all further plans , resolutions , documents and contracts necessary for this purpose . Section 6 . Certificate 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 Tax Increment District No. 2 , as described in Financing Plan No. 2, as of January 2 , 1981, and each year hereafter to certify the amount by which the. assessed value has increased or decreased from the assessed value of January 2, 1981 , and also to certify the proportion which any such increase or decrease bears to the total assessed value for the real property in Tax Increment District No. 2 for that year and also to remit to the City of Eden Prairie each year , com- mencing on the date indicated in Financing Plan No. 2 for Tax Increment District No. 2, that proportion of all taxes paid that year on real property in Tax Increment District No. 2 which the captured assessed value bears to the total t -- 4 - 4 current as$essed value , all pursuant to Minnesota Statutes , Section 273 . 76 . Mayor ATTEST: pl,nf ance ctor-Clerk EXHIBIT A AMENDED DEVELOPMENT DISTRICT NO, 1 PROGRAM AND TAX INCREMENT FINANCING PLANS FOR THE CITY OF EDEN PRAIRIE, MINNESOTA, SEPTEMBER 22 , 1981 , AS AMENDED MARCH 30 , 1982