HomeMy WebLinkAbout98-04RESOLUTION 98-04
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE
APPROVING A MODIFICATION OF TAX INCREMENT FINANCING DISTRICT NO.
2-6
AND THE USE OF TAX INCREMENT FINANCING
MOTION BY:. SCHENCK
SECONDED BY: KEDROWSKI
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. 2-6pursuant
to Chapter 469 of Minnesota Statutes, 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 Financing District No. 2-6, dated
January 5, 1998 (the "Plan Booklet"), which sets forth a modified 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 School Board of Independent School District No. 719 has been notified of
the public hearing for the review of the Plan Booklet; and
WHEREAS:
the City on January 5, 1998, 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 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 the activities to be financed by the tax increments from the
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AN EQUAL OPPORTUNITY EMPLOYER
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District will carry out the objectives of Development District No. 2 by encouraging
industrial development, providing job opportunities and enhancing the tax base.
The City finds and determines 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.
The City finds and determines the modified 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 an Economic
Development District pursuant to Minnesota Statutes, Sections 469.174, Subd. 12.
The City finds and determines the District is an Economic Development District because it
will result in increased employment in the City, and it will result in preservation and
enhancement of the tax base of the City.
The City finds and determines 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.
The City finds and determines the modified 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.
The City finds and determines the modified tax increment financing plan set forth in the
Plan Booklet conforms to the general plan for the development of the City as a whole.
The reasons and supporting facts and findings as set forth on pages 3 and 4 of the Plan
Booklet are by this reference confirmed, approved and adopted.
The City has calculated tax increment revenues generated in District 2-6 Modification
pursuant to Minnesota Statutes, Chapter 469.177, Subdivision 3, as amended.
Pursuant to the 1996 Omnibus Tax Bill, Article 5, Section 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.
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.
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.
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 5th day of January, 1998.
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Mader
Kedrowski
Peterson
Schenck
Vacant
YES
X
X
X
X
NO
Mader
Kedrowski
Peterson
Schenck
Vacant
City of Ptior~ake
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