HomeMy WebLinkAbout02-116 RESOLUTION 02-116
RESOLUTION APPROVING MODIFIED TAX INCREMENT FINANCING PLANS FOR
TAX INCREMENT FINANCING DISTRICTS NO. 1-1 AND 1-2
MOTION BY: Petersen SECOND BY: Zieska
RECITALS
WHEREAS: The City Council for the City of Prior Lake (the "City") has heretofore
established Development District No. 1 and adopted the Development Plan
therefor and established Tax Increment Financing Districts No. 1-1 and No. 1-2
(the "Districts") and adopted Tax Increment Financing Plans (the "Plans")
therefor. It has been proposed that the City adopt a Modification to the Tax
Increment Financing Plans (the "Modification") for the District; all pursuant to
and in conformity with applicable law, including Minnesota Statutes, Sections
469.00 through 469.047 and 469.174 through 469.179, all inclusive, as amended,
all as reflected in the Modification, and presented for the Council's consideration.
Generally, the substantive changes to the Tax Increment Financing Plans include
an administrative modification to the Plans' budget line items. This modification
will not increase the Plans' total budget. The purpose of this modification is to
ensure the Modification's budget accurately reflects the project expenditures. The
boundaries of Tax Increment Financing Districts No. 1-1 and No. 1-2 are not
being modified.
WHEREAS: The Council has investigated the facts relating to the Modification.
WHEREAS: The City 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.
The City Council hereby makes the following Findings for the Approval of the Modification
1. The Council hereby finds that the Modification is intended and, in the judgment
of this Council, the effect of such actions will be: (i) to provide an impetus for commercial
development ; (ii) to increase employment; and (iii) to provide such other facilities and
improvements as shall further the objectives in the Plan and Minnesota Statutes Sections 469.090
through 469.1081.
2. The Council hereby reaffirms the original findings for Tax Increment Financing
Districts No. 1-1 and No. 1-2 as modified herein, namely: that the Districts are in the public
interest and are "redevelopment districts" under Minnesota Statutes, Section 469.174, subd. 10
AN EQUAL OPPORTUNITY EMPLOYER
(a)(2); that the proposed redevelopment would not occur solely through private investment within
the reasonably foreseeable future, that the increased market value on the site that could
reasonably be expected to occur without the use of tax increment financing would be less than the
increase in the market value estimated to result from the proposed development after subtracting
the present value of the projected tax increments for the maximum duration of the District
permitted by the Tax Increment Financing Plans; that the Modification conforms to the general
plan for the development or redevelopment of the City as a whole; and that the Modification will
afford maximum opportunity consistent with the sound needs of the City as a whole, for the
development of the District by private enterprise.
3. The Council hereby finds that the Modification, is intended and, in the judgment of
this Council, the effect of such actions will be, to provide an impetus for development in the
public purpose and accomplish certain objectives as specified in the Modification, which is
hereby incorporated herein.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL
OF PRIOR LAKE, MINNESOTA:
1. The above recitals are incorporated herein as if fully set forth.
2. The Modified Tax Increment Financing Plans for Tax Increment Financing Districts
No. 1-1 and No. 1-2 are hereby approved, and shall be placed on file in the office of
the City Clerk/Treasurer. Approval of the Modification does not constitute approval
of any project or a Development Agreement with any developer.
3. The staff of the City is authorized to file the Modification with the State Department
of Revenue and the Scott County Auditor.
4. The staff of the City, 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 this Council for its consideration all further
plans, resolutions, documents and contracts necessary for this purpose.
Passed and adopted this 15th day of July, 2002.
YES NO
Haugen X Haugen
Gundlach X Gundlach
LeMair X LeMair
Petersen X Petersen
Zieska X Zieska
Frank Boy~s, City Manager
R:LRESOLUTI~PLANRESX2002\02- 116.doc
Appendix A
Budget Modifications
RgaV,.ESOLUTI~PLANRESX2002\02-116.doc