HomeMy WebLinkAboutResolution - 88-239 - Setting Public Hearing on a Tax Increment Financing Plan in Connection with the Elim Shores, Inc. Project Under Chapter 469, Minnesota Statutes - 4 7 f
RESOLUTION NO. ' !' - 'J
RESOLUTION SETTING PUBLIC HEARING ON A TAX
INCREMENT FINANCING PLAN IN CONNECTION WITH
THE ELIM SHORES , INC . PROJECT UNDER
CHAPTER 469, MINNESOTA STATUTES .
WHEREAS, the City of Eden Prairie, Minnesota (the
"City") has established the Housing and Redevelopment Authority
in and for the City of Eden Prairie (the "Authority" ) for the
purpose, among others, to undertake tax increment projects under
Minnesota Statutes , Chapter 469 (the "Act" )
WHEREAS, Eli.m 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 (the
"Proposal") with the City requesting that the City and the
Authority approve a project which will consist of the acquisition
of the real property described on Exhibit A attached thereto and
the construction thereon of a 64-unit housing facility and
related common recreation and support facilities for rental to
elderly persons and families of low and moderate income (the
"Project" ) ; and
WHEREAS, the Developer has requested the approval of 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 (the "Tax
Increment Financing Plan") ; and
WHEREAS , based in part upon the representations of the
Developer in the Proposal (in particular, pages 5 and. 6 thereof)
the Project is not reasonably expected to occur solely through
private investment within the reasonable foreseeable future and,
accordingly, tax increment financing is deemed necessary to
encourage the development of the Project and to serve the
purposes of the Act as more fully set forth herein ; and
WHEREAS , the Authority has preliminarily determined
that it is necessary and appropriate to proceed with the Project
and has transmitted such Tax Increment Financing Plan to this
City council ; and
WHEREAS , Minnesota Statutes Section 469 . 175, Subd. 3
provides that the City shall approve the Tax Increment Financing
Plan only after a public hearing thereon after public notice in a
newspaper of general circulation in the City at least once not
less than ten ( 10) days nor more than thirty (30) days prior to
the hearing;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EDEN
PRAIRIE HEREBY RESOLVES AS FOLLOWS:
1 . Receipt of the Tax Increment Financing Plan is
hereby acknowledged and such Tax Increment Financing Plan shall.
be filed with the Finance Director and available for public
inspection.
2 . Before the City shall consider the adoption and
approval of the Tax Increment Financing Plan and the tax
increment district specified in the Tax Increment Financing Plan ,
Minnesota Statutes Section 469 . 175, Subd. 3 requires a public
hearing on the Tax Increment Financing Plan after public notice
in a newspaper of general circulation in the municipality at
least once not less than 10 days nor more than 30 days prior to
the date of the hearing.
3 . The City Council shall conduct such public hearing
on December 6, 1988 at its regularly scheduled meeting, and the
Finance Director shall cause notice of such public hearing to be
published pursuant to Minnesota Statutes Section 469. 175,
Subd. 3 in substantially the form of Exhibit .A hereto.
Approved and adopted by the City Council of the City of
Eden Prairie:, Minnesota this _4'3�14--day of October, 1985 .
ATTEST:
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EXHIBIT A
NOTICE OF PUBLIC HEARING
CITY OF EDEN PRAIRIE, MINNESOTA
TAX INCREMENT FINA14CING PLAN
(ELIM SHORES , INC. PROJECT)
NOTICE IS HEREBY GIVEN that the City Council of the
City of Eden Prairie will meet at City Hall , 7600 Executive
Drive, Eden Prairie, Minnesota on , the _ day of
_, 1988 , at o'clock p .m. , to conduct a public
hearing on a proposed Tax Increment Financing Plan which provides
for the financing of a certain interest reduction program for a
Multifamily Housing Development for the Elderly to be owned by
Elim Homes, Inc. and/or Elim Shores, Inc. , both of which are
Minnesota nonprofit corporations (the "Company") . Such
development will consist generally of approximately 64 apartment
units together with common recreational and support facilities to
be constructed at a site adjacent to Lake Mitchell , near the
intersection of Highway 5 and County Road 4 in the City. (The
street addresses of such building has not been established. )
Copies of the Tax Increment Financing Plan are on file
and available for inspection in the office of the Finance
Director at City Hall, 7600 Executive Drive, Eden Prairie,
Minnesota , 55344 , during regular business hours (8 : 00 a.m. to
4 : 30 p . m. ) .
All persons desiring to appear at the public hearing
will be afforded an opportunity to express their views with
respect to the proposal to approve and undertake the Tax
Increment Financing Plan. At such public hearing, or at any
adjournment or continuance thereof, the City Council will
consider and , if appropriate, will adopt a resolution determining
to approve and undertake the Tax Increment Financing Plan. All
persons interested may file written comments with the City Clerk
prior to the date of the hearing set forth above .
Dated at Eden Prairie, Minnesota, this day of
1988 .
BY ORDER OF THE CITY COUNCIL
By