Loading...
HomeMy WebLinkAbout8A - Award Printing Const. Proj AGENDA #: PREPARED BY: SUBJECT: DATE: BACKGROUND: DISCUSSION: SA FRANK BOYLES, CITY MANAGER CONSIDER APPROVAL OF RESOLUTION 96-27 APPROVING TAX INCREMENT FINANCING DISTRICT 2-7 TO AWARD PRINTING CONSTRUCTION PROJECT AND THE USE OF TAX INCREMENT FINANCING MARCH 4, 1996 The City of Prior Lake purchased and developed the Waterfront Passage Business Park in order to attract businesses, light industry and their employees to Prior Lake. The City designated the park as a development district in order to use tax increment financing which was found to be essential to the expeditious development of the property. To date, the city has sold five of the anticipated eight developable parcels on the property. This project contemplates the sale of a sixth parcel of approximately 3.11 acres in size, leaving two parcels left of approximately seven acres combined. In accordance with state statute a public notice (see tax increment financing plan booklet) was published in the February 5,1996 Prior Lake American giving notice that the City Council will meet on Monday, March 4 at 7:00 p.m. to conduct a public hearing with respect to tax increment financing district 2-7. The city staff and Roger Guenette have been discussing the sale of the 3.11 acre parcel with Stan Anderson of Award Printing. Award Printing is currently located in Burnsville and desires to construct a 17,600 foot facility to be used by Award Printing as their new home. The parcel is shown on the back of page 1 of the Tax Increment Financing Plan booklet provided by Roger Guenette. The relocation of Award Printing from their current home in Burnsville to Prior Lake will preserve and enhance our tax base while increasing employment within the community. It is anticipated that an additional twelve new jobs will be associated with this development. The estimated market value is $440,000. 16200 E'a<aRP@~~qg~. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER RESOLUTlON 96-12- SECONDED BY: 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 .Cityj, has previously approved Development District No. 2 (the IlIDevelopment District") and in connection therewith adopted a devetopment program; and WHEREAS. it fs desirable and in the pUbfic interest that the City undertake and cany out a tax increment finance plan for Tax fncrement Financing District No. 2-7 pursuant to Chapter 469 of Minnesota Statutes, encompassing the area which is more particularty described on Exhibit A attached hereto and made a part hereof. (which area is herein called the "Oistrior); and WHEREAS, the City Council has revieWed rrax Increment Financing District No. 2-7, dated March 4, 1996" (the .Plan Bookletj. which sets forth a tax increment ftnancing plan for the District: and WHEREAS, the Plan Booklet sets forth the City's estimate of the fiscal and economic impact 01 the District on the tax capacities 01 all taxing jurisdictions in wh~ch 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 healing for the review of the Plan Booklet; and WHEREAS, the City has received and considered the comments of the Soard of Commissioners of Scott County and the Schoot Board of the Independent School District No. 719 respecting the contents of the Plan Sooldet; and WHEREAS, the City on Mareh 4. 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 JT 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- ment, providing job opportunities and enhancing the tax base. 3. The City finds and determines that the provision for job opportunities and the presQrvation 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 1crth in the Plan Booklet having been duly revieWed and considered is hef'Qby 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. 16200 Eagle Creek Ave. S.E.. Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQL'AL OPPORTCNITY EMPLOYER .-..--_._...........,*-.._...>_.~~..'"">~.....-..>",.....".,,,.........._-"""'~;~_"'""'-_.....,,'___.""""d""'__'~_~_"'",~"""",~,",--"""",_,,,,,,,,",,,,_,,,,,,,,,,,,,,,,,,~,,,......._ 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 will result in preservation and enhancement of the tax base of the City. 6. The City finds and determines that the propos~ development, in the opinion of the City, would not reasonably be expected to occur !;olely through private investment within the reasonably foresee- able future and therefore the use of tax increment financing is deemod necessary. 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 District by private enterprise. 8. 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. 9. The reasons and supporting facts 10r findings 5, 8, 7 and 8 as set forth on pages 3 and 4 of the Plan Booklet are by this reforence confirmed, approved and adopted. 10. The City elects to retain tax increment revenues generated in District No. 2-7 pursuant to clause (a) of Minnesota Statutes, Section 469.1n Subdivision 3, Paragraphs 1 and 2. By making this election tax increment revenues generated within District No. 2..7 win not be made available for calculation or sharing with the fiscal disparity provisions of Chaptei'~73F. 11. Pursuant to the 1996 Omnibus Tax 8i11, 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. 12. The City Clerk shall request the auditor of Scott COunty to certify the original tax capacity and originallocar 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 P1an Booklet to the Minnesota Department of Revenue. 14. The City hereby states its intention to use all of the' ~ptured tax capacity for purposes of tax increment financing as p~r the conditions sot forth in the Plan Booklet. Passed and adopted this 4th day of March, 1996. YES NO Andren Greenfield Kedrowski Mader Schenck Andren Greenfield Kedrowski Mader Schanck Frank Boyles City Manager City of Prior Lake (Seal) EXHIBIT A TO CITY COUNCIL RESOLUTION APPROVING TAX INCREMENT FINANCING DISTRICT NO. 2-7 Tax Increment Financing District No. 2-7 includes the follO\\'ing property: That part of Lot 1, Block 1, WATERFRONT PASSAGE ADDITION, S<:ott County, Minnesota described as follows: Commencing at the northeasterly comer of said Lot 1, Block 1; thence North 62 degrees 52 minutes 03 seconds West (record bearing) along the northeasterty lin.. of said Lot 1, Block 1, a distance of 3()g.07 feet to the point of beginning of tho land to bo doscribed; thence continuing North 62 degrees 52 minutoc 03 seconds West a distance of 36fi.75 feot; thence South 31 degrees 35 minutes 50 seconds west a distance of 294.99 feet to the southwesterly line of said Lot 1, Block 1; thence South 54 degrees 14 minutes 04 seconds East along said southwesterly line a distance of 402.15 feet; thence North 33 degrees 45 minutes 58 soconds East a distance of 155.00 feet; thence North 59 degrees 4S minutes 58 seconds east a distance of 76.00 feet; thence North 29 degrees 46 minut~ 58 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 ~.,"..._,.._,_..,......."",.,......".""","~.""",,",,,..,...__...-.....,,,~--~-~.,.,~-,"'"..._.......~,,-,......_...........~.~.~~-~--..................._~." 'I'