HomeMy WebLinkAbout00-60 RESOLUTION 00-60
RESOLUTION OF THE PRIOR LAKE CITY COUNCIL CLARIFYING
AND APPROVING THE BUDGET MODIFICATION OF DEVELOPMENT DISTRICTS
1 AND 2 IN THE CITY OF PRIOR LAKE
MOTION BY: MADER SECOND BY: PETERSEN
WHEREAS: on October 7, 1996, the City of Prior Lake approved a Modification to Tax Increment
Financing Districts 1-1, 1-2 and 2-4 and Development Districts 1 and 2, and
WHEREAS: the Modification authorized certain Project costs in Development Districts 1 and 2, and
WHEREAS: the allocation of Project costs were combined for Development Districts 1 and 2, and
WHEREAS: the Estimate of Public Cost on page 11 of the document titled Tax Increment District
Nos. 1-1, 1-2 and 2-4 Modification dated October 7, 1996 authorizes expenditures
totaling $2,850,000 for Districts 1-1, 1-2 and 2-4 over the life of the Districts, and
WHEREAS: it is necessary to allocate authorized expenditures specifically to Development Districts 1
and 2, and
WHEREAS: it is proposed that the existing budget established for the Development Districts be
revised to reflect expenditures as outlined in Attachment A (the "Modification")
undertaken within the Districts pursuant to Minnesota Statutes 469.175 (the Act), and
WHEREAS: the City has performed all actions required by law to be performed prior to the approval
of the Modification,
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PRIOR
LAKE, MINNESOTA, that it hereby finds, determines and declares that, with respect to the Modification:
a) The Modification conforms in all respects to the requirements of the Act and will help fulfill a
need to develop an area of the State which is already built up to provide employment
opportunities, to improve the tax base and to improve the general economy of the State and
thereby serves a public purpose and will afford maximum opportunity, consistent with the needs
of the City as a whole, for the development or redevelopment of the project area by private
enterprise with the intention of providing only that level of public assistance necessary to make
private developments financially feasible; and
b) Any amounts to be expended on project costs authorized in the Modification will be explicitly
approved by subsequent Resolution; and
the City Council is hereby clarifying the budget and authorizing tax increments to be expended according
to the budget modification in Attachment A and that the Modification is hereby approved.
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~ ~ ~[~0v°e(. ~0.'~.;dlg~ior Lake, Minnesota 55372-1714 / Ph. (612)447-4230 / Fax (612)447-4245
AN EQUAL OPPORTUNITY EMPLOYER
Passed and adopted this 17th day of July, 2000.
YES NO
Mader x Mader
Gundlach x Gundlach
Ericson x Ericson
Petersen x Petersen
vacant vacant /J
{Seal} City
City o~
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