HomeMy WebLinkAboutResolution - 2009-68 - Adopting Modifications to TIFF Plan for Town Center Phase 1 - 10/20/2009 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2009-68
RESOLUTION ADOPTING AN MODIFICATION TO THE TAX
INCREMENT FINANCING PLAN FOR THE TOWN CENTER PHASE
ONE TAX INCREMENT FINANCING DISTRICT
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 Council has heretofore established Town Center Phase One Tax Increment Financing
District within Redevelopment Project Area No. 5 and adopted a Tax Increment Financing Plan(the"TIF
Plan") therefor. It has been proposed that the Council adopt a modification to the Tax Increment
Financing Plan (the " Modification") for the Town Center Phase One Tax Increment Financing District
(the "TIF District"); all pursuant to and in conformity with applicable law, including Minnesota Statutes,
Sections 469.001 to 469.047,and Sections 469.174 to 469.1799,all inclusive,as amended, (the "Act"),all
as reflected herein,and presented for the CounciI's consideration.
1.02. The Council has investigated the facts related to the Modification and has caused the
Modification to be prepared.
1.03. The Council has performed all actions required by law to be performed prior to the
adoption and approval of the proposed Modification. Because of the nature of this modification, and
because this Modification does not entail an enlargement of geographic area, an increase in the amount of
bonded indebtedness, an increase to the amount of interest on debt, an increase in the portion of the
captured net tax capacity, or an increase in the total estimated tax increment expenditures, this
Modification is not subject to a public hearing requirement.
1.04. The City is not modifying the boundaries of the TIF District.
1.05. The City is not extending the term of the TIF District.
Section 2. Findings:
2.01. The Council hereby reaffirms the original findings previously made for the TIF District,
as a"redevelopment district"under Minnesota Statutes, Section 469,174, Subd. 10(a)(1).
2.02. The Modification includes the restatement of the Original Certification date in the TIF
Plan. The Council is not enlarging the boundaries of the TIF District nor extending the duration of the
District. The Modification does not increase the TIF Plan's total budget.
Section 3. Public Purpose.
3.01. The Council hereby finds that the Modification conforms in all respects to the
requirements of the Act and will afford maximum opportunity, consistent with the sound needs of the
City as a whole, for the development or redevelopment of Redevelopment Project Area No. 5 by private
enterprise and will result in higher quality infrastructure in the City, and thereby serves a public purpose.
Section 4. Annroval of the Modification;Filing.
4.01. The Modification is hereby approved, and shall be placed on file in the Office of the City
Clerk. Approval of the Modification does not constitute approval of any project or a development
agreement with any developer.
4.02. The staff of the City is authorized to file the Modification with the Hennepin County
Auditor,the Minnesota Department of Revenue,and the Office of the State Auditor.
4.04. The staff of the City and the City's advisors and legal counsel are authorized and directed
to proceed with the implementation of the Modification and for this purpose to negotiate, draft, prepare
and present to the Council for its consideration all further plans, resolutions, documents and contracts
necessary for this purpose.
ADOPTED by the Eden Prairie City Council on this 201h day of October 2009.
J 1A 4n
Phi 1 oung,Mayor
ATTEST:
Kath een Porta, City Clerk