HomeMy WebLinkAboutResolution - 2007-58 - Amended TIF Plans - 05/01/2007 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2007-58
RESOLUTION RELATING TO TAX INCREMENT
DISTRICT NOS. 12, 14, 15, 16, 17 AND 18
APPROVING MODIFICATIONS TO THE PLANS THEREFOR
BE IT RESOLVED by the City Council of the City of Eden Prairie, Minnesota(the
"City"), as follows:
Section 1. Recitals.
1.01. The City has heretofore approved tax increment financing plans:
(a) on February 6, 1996, for Tax Increment Financing District No. 12, a qualified
housing tax increment financing district of the City;
(b) on August 5, 1997, for Tax Increment Financing District No. 14, a housing tax
increment financing district of the City;
(c) on July 20,1999, for Tax Increment Financing District No. 15, a qualified housing
tax increment financing district of the City;
(d) on July 20, 1999, for Tax Increment Financing District No. 16, a qualified
housing tax increment financing district of the City;
(e) on March 20, 2001, for Tax Increment Financing District No. 17, a qualified
housing tax increment financing district of the City; and
(f) on April 16, 2002, for Tax Increment Financing District No. 12, a housing tax
increment financing district of the City.
The tax increment financing districts described in paragraphs (a) through(f) of this
Subsection 1.01 are referred to collectively herein as the "TIF Districts." The original tax
increment financing plans described in paragraphs (a) through (g) of this Subsection 1.01 are
referred to collectively herein as the "Original TIF Plans."
1.02. At the direction of the City Council, City staff began exploring with financial
consultants:
(a) a reallocation of the tax increment expenditures budgeted for certain public
development costs within the Original TIF Plans, which costs fell within the total budgets
for each of the TIF Districts set forth in the Original TIF Plans, and did not increase
the total expenditures of tax increments therefrom; and
(b) a specification of the intent to spend tax increments outside of the TIF
Districts' boundaries to the extent permitted pursuant to Minnesota Statutes, Section
469.1763, Subdivision 2.
1.03. The City now intends to modify each of the Original TIF Plans to expressly
reallocate the budgets therein among authorized costs previously paid and authorized costs
anticipated to be incurred and paid in the future and to specify the intent to spend tax increment
outside of the respective TIF District boundaries and to approve these modifications subject to
final determination and verification of authorized costs incurred and paid to date for the
respective TIF Districts.
1.04. The City staff and financial consultants have prepared and presented to the City
for approval the proposed modifications, attached hereto as Exhibit A, to the Original TIF Plans
(the "Modified TIF Plans").
1.05. Because the Modified TIF Plans will not reduce or enlarge the Project Areas or
the TIF Districts, increase the amount of bonded indebtedness to be incurred, capitalize interest
on the debt if that determination was not a part of the Original TIF Plans, increase the portions of
the captured net tax capacity of the TIF Districts to be retained by the City, increase the estimate
of the cost of the projects paid or financed with tax increment from the TIF Districts, or
designate additional property to be acquired by the City pursuant to the Original TIF Plans, the
notice, discussion, public hearing, and findings by the City required for approval each of the
Original TIF Plans are not required.
Section 2. Approval of Modified TIF Plans.
2.01. This Council reaffirms the findings, with respect to the TIF Districts, contained
in the resolutions approving the Original TIF Plans.
2.02. It is hereby found, determined and declared that it is in the best interests of the
City to approve the Modified TIF Plans. Therefore, this Council hereby approves the Modified
TIF Plans. The City Clerk is hereby authorized and directed to file the Modified TIF Plans with
the Commissioner of Revenue and the State Auditor as required by Minnesota Statutes, Section
469.175, subdivision 4a.
ADOPTED by the City Council of the City of Eden Prairie, Minnesota this I"
day of May, 2007.
0 �im
it Young, Jyor
ATTEST:
Ka Teen Porta, City Clerk
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Exhibit A
[mark Modified TIF Plans"Exhibit A" and attach]
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