HomeMy WebLinkAbout96-27MOTION BY:
RESOLUTION 96- 2 7
K.E])RO~SKI SECONDED BY: SCI~CK
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE
APPROVING TAX INCREMENT FINANCING DISTRICT NO. 2-7
AND THE USE OF TAX INCREMENT FINANCING
WHEREAS, the City Council of the City of Prior Lake, Minnesota (the 'City"), has previously approved
Development District No. 2 (the "Development District') and in connection therewith adopted a development
program; and
WHEREAS, it is desirable and in the public interest that the City undertake and carry out a tax
increment finance plan for Tax Increment Financing District No, 2-7 pumuant to Chapter 469 of Minnesota
StatlJtes, encompassing the area which is more particularly described on Exhibit A attached hereto and made
a part hereof, (which area is herein called the 'District); and
WHEREAS, the City Council has reviewed 'Tax Increment I=mancing District No. 2-7, dated
March 4, 1996" (the 'Plan Booklet'), which sets forth a tax increment financing plan for the District; and
WHEREAS, the Plan Booklet sets forth the City's estimate of the fiscal and economic impact of the
District on the tax capacities of all taxing jurisdictions in which the District is located; and
WHEREAS, the Board of Commissioners of Scott County, Minnesota, has been notified of the public
hearing for the review of the Plan Booklet; and
WHEREAS, the S~hool Board of Independent School District No. 719 has been nol;;',ed of the public
hearing for the review of the Plan Booklet; and
WHEREAS, the City has received and considered the comments of the Board of Commissionem of
Scott County and the School Board of the Independent School District No. 719 respecting the contents of
the Plan Booklet; and
WHEREAS, the City on Mamh 4. 1996, after having published a notice of public hearing in the official
newspaper of the City, conducted a public hearing on the Plan Booklet and received public comments on
the same.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Prior Lake, Minnesota, as
follows;
1. The City finds and determines that there is a need for the activities of Development' District No. 2
to be financed in part by the tax increments from the District.
2. The City finds and determines that the activities to be financed by the tax increments from the
District will carry out the objectives of Development District No. 2 by encouraging industrial develop.
merit, providing job opportunities and enhancing the tax base.
3. The City finds and determines that the provision for job opportunities and the preservation and
enhancement of the tax base are in the public interest of the City and the expenditures of the District
are a public purpose.
4. The City finds and determines that the tax increment financing plan as set forth in the Plan Booi~let
having been duly reviewed and considered is hereby approved and adopted, and the area described in
Exhibit A hereto is hereby designated as an Economic Development District pursuant to Minnesota
Statutes, SectJons 469.174, Subd. 12.
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
5. The City finds and determines that the District is an Economic Development District because it will
result in increased employment in the City, and that it wilt result in presewation and enhancement of the
tax base of the City,
6, The City finds and determines that the propose;; development, in the opinion of the City, would
not reasonably be expected to occur solely through private investment within the reasonably foresee-
able future and therefore the use of tax increment financing is deemed neosssaw.
7. The City finds and determines that the tax increment financing plan will afford maximum opportuni-
ty, consistent with the sound needs of the City as a whole, for the development of the Distrk~t by private
enterprise.
8, The City finds and determines that the tax increment finane, ing plan set forth in the Plan Booklet
conforms to the general plan for the development of the City as a whole.
g. The reasons and supporting facts for findings 5, 6, 7 and 8 as set forth on pages 3 and 4 of the
Plan Booklet are by this reference confirmed, approved and adopted.
10. The City elects to retain tax increment revenues generated in District No. 2-?' pursuant to clause
(a) of Minnesota Statutes, Section 469,177 Subdivision O, Paragraphs I and 2. By making this election
tax increment revenues generated within District No. 2-7 will not be made available for calculation or
sharing with the fiscal disparity provisions of Chaptet~ a,7$F.
11. Pursuant to the 1996 Omnibus Tax Bill, Article 5, $~ction 6, the City requests an exemption from a
LGA/HACA penalty because a contribution of unrestricted funds in excess of 10% of the tax increment
to be generated will be made in support of the project.
12. The City Clerk shall request the auditor of Scott County to certify the original tax capacity and
original local tax rate of the District approved by this resolution,
13. The City Clerk is hereby directed to file a copy of this resolution with a copy of the Plan Booklet to
the Minnesota Department of Revenue.
t4. The City hereby states its intention to use all of the.,',aptured tax capacity for purposes of tax
increment financing as per the conditions set forth in the Plan Booklet.
Passed and adopted this 4th day of March, 1996.
Andren
Greenfield
Kedrowski
Mader
~henck
YES NO
X
X
, X
Andren
Greenfield
Kedrowski /~'
Mader / /
schenc 7'7'- //
(Seal)
EXHIBIT A
TO
OITY COUNCIL RESOLUTION APPROVING
TAX INCREMENT FINANCING DI~I'RICT NO. 2-7
Tax Increment Finanoing District No. 2-7 in01udes the follo~,~g property:
That part of Lot 1, Block 1, WATERFRONT PASSAGE ADDITION, ~ott County, Minnesota described
follows:
Commencing at the northeasterly comer of said Lot 1, Blook 1; thence North 62 degrees 52 minutes
03 seconds West (record beating) along the northeasterly line. of said Lot 1, Block 1, a distance of 309.07
feet to the point of beginning of the land to be desoribed; then°e oo~tinuing North 62 degrees 52 minutes 03
seconds West a distance of 369.75 feet; thence South 31 de~rees 35 minutes 50 seconds West a distance
of 294.99 feet to the southwesterly line of said LOt 1, Block 1;'thence 8outh 54 degrees 14 minutes 04
seconds East along said southwesterly line a distance of 402.15 feet; thence North ~3 degree~ 45 minutes
56 seconds East a distance of 155.00 feet; thence North 59 degrees 4S minutes 56 seconds East a distance
of 76.00 feet; thence North 29 degrees 45 minutes 56 seconds East a distance of 64.00 feet; thence
northwesterly a distance of 98.6 feet more or less to the point of beginning.
Containing 3.11 acres.
TOTAL P.03