Loading...
HomeMy WebLinkAboutResolution - 83-101 - Adopting Tax Increment District #5 - 05/07/1983 Member introduced the following resolu- tion and moved its adoption: CITY OF EDEN PRAIRIE COUNTY OF HENNEPIN STATE OF MINNESOTA RESOLUTION NO. ! ' RESOLUTION PROVIDING FOR ESTABLISHMENT OF PROPOSED TAX INCREMENT DISTRICT NO . 5 AND THE ADOPTION OF A TAX INCREMENT FINANCING PLAN RELATING THERETO. BE IT RESOLVED by the City Council (the "Council " ) of the City of Eden Prairie , Minnesota ( the "City" ) , as fol- lows : Section 1 . Recitals . 1 . 01 . It has been proposed that the City establish an additional tax increment district within Development Dis- trict No. 1 and adopt a tax increment financing plan relat- ing thereto , all pursuant to Minnesota Statutes , Section 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 Tax Increment Financing Plan for a proposed Tax Increment Dis- trict No. 5 . 1 . 03 . The City has performed all actions required by law to be performed prior to the establishment of Tax Incre- ment District No. 5 and the adoption of the Tax Increment Financing Plan for Tax Increment District No. 5 , including , but not limited to , consultations or the opportunity for consultations with Hennepin County and the School Districts having taxing jurisdiction over the property proposed to be included in Tax Increment District No. 5 , 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 Tax Increment District No. 5 and to adopt the Tax Increment Financing Plan relating thereto. Section 2 . Findings Concerning Establishment of Tax Increment District No. 5 . 2 . 01. . The Council hereby finds , determines and declares that Tax Increment District No. 5 constitutes a " tax incre- ment financing district , " as defined in Minnesota Statutes , Section 273 . 73 , Subdivision 9 , and further constitutes an "economic development district , " as defined in Minnesota Statutes , Section 273 . 73 , Subdivision 12 . 2 . 02 . The Council further finds , declares and deter- mines that Tax Increment District No . 5 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 , thereby qualifying it as an economic development district . 2 . 03 . The Council further finds , declares and deter- mines that the development presently occurring for which tax increments from Tax Increment District No. 5 will be used , in the opinion of the Council would not have occurred solely through private investment within the reasonably foreseeable future and , therefore , the use of tax increment financing is deemed necessary; that the Tax Increment Financing Plan for Tax Increment District No. 5 conforms to the general plan for the development of the City as a whole ; and 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 . 2 . 04 . The Council further finds , declares and deter- mines that the City made the above findings stated in Sec- tion 2 and has set forth the reasons and supporting facts for each determination in writing , attached hereto as Exhibit A . 2 . 05 . Under and pursuant to Minnesota Statutes, Sec- tions 273 . 71 to 273 . 78, inclusive, as amended , Tax Increment District No. 5 is hereby established in and for the City . The property included in Tax Increment District No. 5 shall be the property described in the Tax Increment Financing Plan for Tax Increment District No. 5 , adopted in Section 3 hereof . Section 3 . Adoption of Tax Increment Financing Plan for Tax Increment District No. 5 . 3 . 01 . The Tax Increment Financing Plan for Tax Incre- ment District No. 5 is hereby approved and adopted in the form on file and of record in the Office of the Finance Director-Clerk . Section 4 . Implementation of Tax Increment Financing ' Plan for Tax Increment District No. 5 . - 2 - 4 . 01 . The officers of the City , the City' s financial advisor and the City ' s legal counsel and bond counsel are authorized and directed to proceed with implementation of the Tax Increment Financing Plan for Tax Increment District No. 5 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 S . Certificate of Assessed Value . 5 . 01. The County Auditor of Hennepin County (the "Audi- tor " ) is hereby requested to certify the original assessed value of all real property as described in the Tax Increment Financing Plan for Tax Increment District No. 5 , as of Janu- ary 2 , 1982 and each year hereafter to certify the amount by which the assessed value has increased or decreased from the assessed value of January 2 , 1982 . Each year the Auditor shall also add to the original assessed value of Tax Incre- ment District No. 5 an amount equal to the original assessed value for the preceding year multiplied by the average per- centage increase in the assessed valuation of all property included in Tax Increment District No. 5 during the five years prior to certification of Tax Increment District No. 5 , 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. 5 for that year and to remit to the City of Eden Prairie each year , commencing in 1986 and ending in 1993, that proportion of all taxes paid that year on real property in Tax Increment Dis- trict No. 5 which the captured assessed value bears to the total current assessed value , all pursuant to Minnesota Statutes , Section 273 . 76 , Subdivision 1 , as amended . Adopted on: May 17 , 1983 . <�4ayor ^ i" ATTEST : nce Director-Clerk C.. The motion for the adoption of the foregoing resolution was duly seconded by Member , and upon vote being taken thereon , the following voted in favor thereof : - 3 - and the following voted against the same : Whereupon said resolution was declared duly passed and adopted , and was signed by the mayor and attested by the City Finance Director-Clerk. 4 - EXHIBIT A TO RESOLUTION NO . `Ir'I The reasons and facts supporting the findings for the establishment of Tax Increment Districts Nos . 1 , 2 , 3 and 4 , as modified , and the approval and adoption of the Tax Incre- ment Financing Plans , as modified , for said Tax Increment Districts as required pursuant to Minnesota Statutes , Sec- tion 273 . 74 , Subdivision 3 are as follows : 1 . Finding that Tax Increment Districts Nos. 1 , 2 , 3 and 4 , as modified , are types of "economic development districts" as defined in Minnesota Statutes , Section 273 . 73 , Subdivi- sion 12 . 2 . Finding 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. 3 . Finding that the Tax Increment Financing Plans for Tax Increment Districts Nos. 1 , 2 , 3 and 4 , as modified, will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of Development District No. 1 by private enterprise . A - 1 4 . Finding that the establishment of Tax Increment Dis- tricts Nos. 1 , 2 , 3 and 4 and the adoption and approval of the Tax Increment Financing Plans relating thereto by the City is intended and , in the judgment of the Council , its effect will be , to promote the purposes and objectives specified in Section 3 of this Resolution No. 3-1r�1 and otherwise promote certain public purposes and accomplish certain objectives specified in the Modified Development Program for Development District No. 1 and in the Tax Incre- ment Financing Plans for Tax Increment Districts Nos . l , 2 , 3 and 4 . n A - 2