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HomeMy WebLinkAbout96-104 RESOLUTION 96-104 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE APPROVING TAX INCREMENT FINANCING DISTRICTS NOS. 1-1, 1-2 AND 2-4 MODIFICATION AND THE USE OF TAX INCREMENT FINANCING MOTION BY: WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, WHEREAS, Kedrowski Schenck SECOND BY: the City Council of the City of Prior Lake, Minnesota (the "City"), has previously approved Development Districts Nos. 1 and 2 modification (the "Development District") and in connection therewith adopted a development program; and it is desirable and in the public interest that the City undertake and carry out a tax increment finance plan for Tax Increment Financing Districts Nos. 1-1, 1-2 and 2-4 pursuant to Chapter 469 of Minnesota Statues, 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 the City Council has reviewed "Tax Increment Financing Districts Nos. 1-1, 1-2 and 2-4 Modification, dated October 7, 1996" (the "Plan Booklet"), which sets forth a tax increment financing plan for the District; and 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 the Board of Commissioners of Scott County, Minnesota, has been notified of the public hearing for the review of the Plan Booklet; and the School Board of Independent School District No. 719 has been notified of the public hearing for the review of the Plan Booklet; and the City has received and considered the comments of the Board of Commissioners of Scott County and the School Board of the Independent School District No. 719 respecting the contents of the Plan Booklet; and 16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 R:\COUNCILIRESOLUTIIFINARESIRI 04.DOC AN EQUAL OPPORTUNITY EMPLOYER WHEREAS, the City on October 7, 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 Districts Nos. 1 and 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 Districts Nos. 1 and 2 by encouraging redevelopment, providing job opportunities and enhancing the tax base. 3. The City finds and determines that the prevention/elimination of blight, 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 Booklet having been duly reviewed and considered is hereby approved and adopted, and the area described in Exhibit A hereto is hereby designated as a Redevelopment District pursuant to Minnesota Statutes, Sections 469.174, Subd. 10. 5. The City finds and determines that the expansion of District No. 2-4 qualifies as a Redevelopment District because it will result in redevelopment of thirteen parcels of land, 100% of which are occupied by buildings, streets, utilities or other improvements and four of the seven buildings (57%) are structurally substandard to a degree requiring substantial renovation or clearance. These conditions are found to exist at all non-contiguous sites as required under Minnesota Statutes, section 469.174 Subd. 10(b) 4(d). 6. The City finds and determines that the proposed development, in the opinion of the City, 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. 7. The City finds and determines that the Market Value increase estimated for the proposed Project is greater than what could reasonably be expected to occur if tax increment financing was not available. 8. The City finds and determines that the tax increment financing plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the District by private enterprise. R:\COUNCILIRESOLUTIIFINARESIRI04.DOC 9. The City finds and determines that the tax increment financing plan set forth in the Plan Booklet conforms to the general plan for the development of the City as a whole. 10. The reasons and supporting facts for findings 5, 6, 7, 8 and 9 as set forth on pages 6 and 7 of the Plan Booklet are by this reference confirmed, approved and adopted. 11. The City elects to retain tax increment revenues generated in District No. 2-4 pursuant to clause (a) of Minnesota Statues, Section 469.177 Subdivision 3, Paragraphs 1 and 2. By making this election tax increment revenues generated within District No. 2-4 will not be made available for calculation or sharing with the fiscal disparity provisions of Chapter 473F. 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 elects to make a "qualified local contribution" equal to 5% of the tax increment generated in District No. 2-4 pursuant to Minnesota Laws 1996, Chapter 471, Article 7. 14. 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. 15. The City hereby states its intention to use all of the captured tax capacity for purposes of tax increment financing as per the conditions set forth in the Plan Booklet. Passed and adopted this 7th day of October, 1996. YES NO Andren X Andren Greenfield X Greenfield Kedrowski X Kedrowski Mader X Mader Schenck X Schenck {Seal} R:\COUNCILIRESOLUTI\FINARESIRI04.DOC -,.~--,.",.,.,~~--"---,-","~__~.>o-'.._,_.._~~_._"___---.. '~~-_--'._'".,___~__,_""_~"_""'_'"_""'_,~,.,"'___~,<____,...-.__.___.._.......___........__._._m...._____