HomeMy WebLinkAbout88-034i
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RESOLUTION NO. 88 -u
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INTRODUCED BY COUNCILMAN FI�'t'Z(ii RA" r:
SECONDED � BY COUNCILMAN IAR.90l1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PRIOR LAKE.
�j APPROVING, TAX INCREMENT FINANCING DISTRICT - NO. 1 -ZAND THE USE OF
TAX INCREMENT FINANCING
WHEREAS,, the City Council of the City of Prior Lake '(hereinafter the city) pursuant to
a resolution, adopted on itlAarch 1, 19E3,,, approved Development District No. t and in
connection: therewith adopted a+ development program, and
WHEREAS, it istzdesirable and in the p4ii c interest that the City undertake, and carry
L, out a tax increment financing plan for a redevelopment district pursuant to Chapter 469 of
Minnesota Statutes, encompassing the area, v►'-hich is more particularly described on Exhibit A
attached hereto and mad:' a part hereof, (which area Is herein called Tax Increment District
No. 1 -2 or. District), and, �I
WHEREAS,. the -,City Council has reviewed "Tax: Increment Financing District Nc t -2 ",
dated March 21, 1994 (herein called the Plan Booklet), which sets forth a tax Increment
financing plan for the District, �� and V
WHEREAS, the Plan Booklet sets forth the City's estimate of the fiscal and economic
Impact of the tax Increment financing district on the assessed values of all taxing jurisdictions `
;an which the. 'District' is logtei�, and
WHEREAS, tha chard of Ctxnentssioners of'Scott County, Minnesota, has been notified of
the public hearing far the review of the Plan Booklet, and
WHEREAS, the School Board ;of Independent School District No. 719 Fiat been notified of
the = Public hearl for the review of ihe Plan Booklet, and
WHEREAS, the Ci ha :. received and considered the comments of the Bourd of
CoirNniseioners of Soatt Coun�y `und the School Board of the: Independent: "tW District No.
1 719 resPacting /tile contents• of 'the Plan Book et, and
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W WHERf:l15, the City on March 21," 1944, alter hiving published a n otice of publi hearing
,4 la , tht official tiawe aper of the City, conducted a public hearing on the Plain Booklet and
csceived /J puhic ca' ments on the same.
THE' CITY OF PRIOR,: RESOLVES:
I. ThatL it is hereby found and determined ' that there Is a need for the activities of
Development Dbtrl�et No. l to be financed to part by,the incremental tax revenues. hom Tax
Ina'ement Finandng district. No. 1 -24
2. - That It is hereby' found and determined the activities to be financed by Incremental
1 ,,tax, revenuas from Tax In Financing District No. 1.2 will carry, out the objectives" of
; �Oevelopment Dlstrict!No. 1 by encouraging redevelopment in 'the downtown area, creating. job=`
' and eMan Ing the/,'tax base.
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3. That the provision for red, elopment activities in the downtown area, employment
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opportunities and the, preservation andd enhancement of the tax base are in the public interest
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of the City and the expenditures of. Tax Increment District No. 1 2 are a public purpose.
;> e. That the tax increment financing plan as set forth in the Plan Booklet haying been
duly reviewed and considered is hereby approved, and the area described in Exhibit A hereto
Is hereby ;eesignated a Redevelopment District pursuant to Section 469.174, Subd 10 (aX2)
of Minnesota SUtutes. ,
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'A That Tax.Ihcrement District ° No. 1.2 is a Redevelopment District, the specific basis
for;such determination being at least 70 percent of the parcels in the District are occupied by
Udings, streets, "utilities a other improvements (100 percent of the parcels in the District
are so and 20 percent .of` the buildings are structurally substandard and an additional „
30 percent of the buildings are found to require substantial renovation (the District contaln"t a
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sinj4 building which without substantial renovation would not be .economically viable and
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r' would likely be removed, from the DlstrlctX
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6. That the sed development, in the
propo opmen opinion theCity,, would not reasonably 'be
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expected .to occur'solely: throuEh private Investment within'`the reasonably foreseeable - future
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and therefore the `use of tax increment' financing Is. deemed_ necessary.
7. That , the tax increment financing` plan will afford meximum opportunity, .consistent
with sound' needs of the city as a whole, for the development of the District by private
Mterprise. o �
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That Is It hereby found and determined; that the tax increment financint.plap "set
.forth.. In' the Plan;'ft*1et conforms to peal plan: for the development of the City as a
whole.
!. That the reasons and supporting facts for $ndings" s, .6, 7 and a -_ as set forth an
P"' 9, 4 3y and 6 of the Plan 0ooitlet are by this reference confirmed and adopted. `
10. That the City Clerk' 1s hereby directed to Sts a copy of this resolution and" a copy
of tlne'" NM l ookla' with the. Minnesota Department of Trade arW Ecoea%�c DeveWgnent.
i l.. Thai the CIty,Clerk shall request the auditor of Scott County to certify the origirAl
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aaaRsaed wtue of the District; by thls resolution.
.approved"' rt ?
f2r. 'ttpt the City hereby states its. Intenition to use all of the captured tissessed,wainae
fir perils of tax incr'annant. Snartict as
" per the condldons set forth in the 'Plan ! looklet.
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Mtr''assc4 .read and` passed" this 21st day .,of March, 108&
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