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HomeMy WebLinkAboutResolution - 2006-106 - Establish TIF Redevelopment District - Superior Office Center Project (former Physical Electronics site) - 09/05/2006 CITY OF EDEN PRAIRIE HENNEPIN COUNTY, MINNESOTA RESOLUTION NO. 2006-106 A RESOLUTION RELATING TO REDEVELOPMENT PROJECT AREA NO. 6 AND TAX INCREMENT FINANCING (REDEVELOPMENT) DISTRICT NO. 20; APPROVING A PROJECT PLAN AND TAX INCREMENT FINANCING PLAN THEREFOR BE IT RESOLVED by the City Council (the"Council") of the City of Eden Prairie, Minnesota(the"City"), as follows: Section 1. Recitals. 1.01. The Housing and Redevelopment Authority in and for the City of Eden Prairie (the "Authority"),pursuant to Minnesota Statutes, Sections 469.001 to 469.047, all inclusive, as amended, has established Redevelopment Project Area No. 6 and has adopted a Project Plan(the "Project Plan") therefor; 1.02. The Authority, pursuant to Minnesota Statutes, Sections 469.174 to 469.1799, all inclusive, as amended, has established Tax Increment Financing District No. 20 (the "TIF District") and has adopted a Tax Increment Financing Plan (the "TIF Plan") (the Project Plan and TIF Plans are referred to collectively herein as the Plans); 1.03. The Plans are now before this Council for approval. The TIF Plan is the proposed method for financing the public redevelopment costs of certain of the redevelopment activities to be undertaken pursuant to the Project Plan. The proposed Tax Increment Financing (Redevelopment)District No. 20 (the"District") comprises a single tax parcel within Redevelopment Project Area No. 6 as described in the TIF Plan. 1.04. Members of the Board of County Commissioners of Hennepin County(the "County") and of the Board of Education of Independent School District No. 272 (the"School District")have been given an opportunity to meet with the Authority and the City and comment on the TIF Plan. Pursuant to Minnesota Statutes, Section 469.175, subdivision 3, this Council on August 1, 2006, conducted a public hearing on the desirability of approving the Plans. Notice of the public hearing was duly published as required by law in the Eden Prairie Sun Current, the official newspaper of the City, on July 20, 2006. The City has received verbal comments on the TIF Plan from the School District and written comments on the TIF Plan from the County after providing the School District and County boards with information on the fiscal and economic implications of the TIF Plan not less than 30 days before the date of the public hearing. Section 2. Approval of Project Plan. On the basis of the proposed Project Plan adopted by the Authority and the information elicited at the public hearing referred to in Section 1.04, it is hereby found, determined and declared that the development activities proposed by the Project Plan are consistent with the City's redevelopment and development goals, which are also set forth in the City's comprehensive plan, and it is in the best interests of the City to approve the Project Plan. Therefore, this Council hereby approves the Project Plan. Section 3. Approval of TIF Plan. On the basis of the TIF Plan and the information elicited at the public hearing referred to in Section 1.04, it is hereby found, determined and declared: 3.01. The TIF Plan provides the means to finance certain public redevelopment costs of the Redevelopment Project that benefits the City. The TIF Plan contains a statement of objectives for the Redevelopment Project that benefits the TIF District, a statement as to the development program for the TIF District and a statement of the property within the Redevelopment Project which the City intends to acquire. The TIF Plan also estimates the public redevelopment costs of the Redevelopment Project, the amount of bonded indebtedness to be incurred, the sources of revenues to finance or otherwise pay public costs of the TIF District, the most recent net tax capacity of taxable real property within the TIF District, the estimated captured net tax capacity of the TIF District at completion, and the duration of the TIF District. The TIF Plan also describes and identifies the redevelopment activities to be undertaken or expected to be undertaken in the TIF District. The TIF Plan further contains alternative estimates of the impact of the proposed tax increment financing on the net tax capacities of all taxing jurisdictions in which the TIF District is located. All the captured tax capacity is necessary for the objectives of the TIF District. 3.02. This Council hereby finds that the TIF District consists of a"project" as defined in Minnesota Statutes, Section 469.174, subdivision 8, and is a proper tax increment financing district within the meaning of Section 469.174, subdivision 10. 3.03. This Council hereby finds that the private development proposed, in the opinion of this Council, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary since private developers could not economically develop the project without the proposed assistance. 3.04. This Council hereby finds that the TIF Plan conforms to the general plan for the development of the City as a whole. The development is compatible with the City's zoning ordinances and other related regulations and encourages efficient use of existing infrastructure as set forth in the City's Land Use Plan. 3.05. This Council hereby finds that the TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF District 1 by private enterprise. The development activities contemplated in the Project Plan would provide an increase in employment opportunities in the City, enhance the tax base of the City and improve the general economy of the City and the State of Minnesota 3.06. Upon review of the TIF Plan, the information elicited at the public hearing and on the basis of the findings in Sections 3.01 to 3.05, this Council hereby approves the establishment -2- of the TIF District as a tax increment financing district in the City, to be denominated"Tax Increment Financing (Redevelopment)District No. 20" and the TIF Plan therefor. Adopted by the City Council this 5th day of September, 2006. . andr a ke Y or Y ATTEST: Ka leen orta, City Clerk -3-