HomeMy WebLinkAbout6B - TIF Dist. 2-1 (Waterfront Passage Business Park
AGENDA NUMBER:
PREPARED BY:
SUBJECT:
DATE:
INTRODUCTION:
BACKGROUND:
DISCUSSION:
STAFF AGENDA REPORT
6B
KAY KUHLMANN, ASSISTANT CITY MANAGER
ESTABLISH DATE FOR PUBLIC HEARING 1D CONSIDER
TAX INCREMENT FINANCING DISTRICT 2-1 AND ruE USE
OF TAX INCREMENT FINANCING CONSIDER
RESOLUTION 93-77
SEPTEMBER 7, 1993
The City of Prior Lake and the Economic Development Authority
have worked cooperatively to establish the Waterfront Passage
Business Park. The City Council is being asked to establish a date
for a public hearing in order to consider Project 2-1, which would
be the development of one 1.7 acre parcel as the first tenant in the
Waterfront Passage Business Park. This agenda item is being
placed on the Agenda to initiate the process by setting the public
hearing date.
Prior Lake City Council has given staff authority to create the
Waterfront Passage Business Park and to market the property for
sale of business/office/warehouse lots. City staff has worked with
numerous businesses over the last six months and is in various
stages of negotiation with three to four.
A & H Enterprises, Inc. has been meeting with staff for six
months, and is now in a position to make a commitment to locating
in Prior Lake Waterfront Business Park. In order for the City to
prepare the fmal financing structure for this development, the City
must establish a tax increment project area that will allow us to
capture the increment in order to offset some of the development
costs. The tax increment project area is the smaller area on which
the actual improvement will be made and increment captured. The
larger Municipal Development District area is the larger area
within which the City can generate and spend increment dollars.
The Municipal Development District was created on May 18,
1992, (Resolution 92-18) and includes the 34 acres of the
Waterfront Passage Business Office Park and the existing
Industrial Park north of 21 and adjacent to the Waterfront Passage
Business Office Park. A graphic will be available at the September
7, 1993 meeting showing the proposed Tax Increment Project
Area.
4629 Dakota St. S.E., Prior Lake. Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245
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RECOMMENDATION:
ALTERNATIVES:
AGN6B
City staff recommends that the City Council set the public hearing
date of 8:00 p.m., Monday, September 20, 1993, to initiate the
review process timetable. The public hearing does allow for public
comment of the financing structure of the deal and the creation of
the tax increment project area.
The City Council has the following alternatives:
1. To establish the date for a public hearing by approving
Resolution 93-77 as prepared.
2. To deny Resolution 93-77 not considering further the
proposed Tax Increment Project Area 2-1.
3. To table the project until a future date for a specific reason.
RESOLUTION 93-77
CITY COUNCn.. RESOLUTION CALLING FOR A PUBLIC HEARING
ON A PROPOSED TAX INCREMENT FINANCING DISTRICT 2-1 AND
ruE USE OF TAX INCREMENT FINANCING
MOTION BY:
SECONDED BY:
WHEREAS, the City Council in and for the City of Prior Lake, Minnesota (the "Council"), has
received a proposal to establish the Tax Increment Financing District Number 2-1,
and to establish a Tax Increment Plan for 2-1 (collectively the "Plan") under the
provisions of Minnesota Statutes, Chapter 469 (the" Act"); and
WHEREAS, the Act requires that prior to the formation of the Plan a public hearing shall be held
thereon.
NOW, THEREFORE, BE IT RESOLVED BY ruE CITY COUNCIL IN AND FOR ruE CIlY
OF PRIOR LAKE, MINNESOTA, as follows:
Section 1. A public hearing on said Plan will be held at the time and place set forth in the Notice
of Hearing hereto attached and incorporated herein by reference. The City Manager is
authorized and directed to cause said Notice of Hearing to be published in the official newspaper
and, if the official newspaper does not have general circulation, in a newspaper of general
circulation in the City at least once not less than 10 days or no more than 30 days prior to the
date of the hearing.
Passed and adopted this _ day of
,1993.
Yes
No
Andren
Fitzgerald
Kedrowski
Scott
White
Andren
Fitzgerald
Kedrowski
Scott
White
Frank Boyles
City Manager
City of Prior Lake
{ Seal I
4629 Dakota St. S.E., Prior Lake, Minnesota 55372 I Ph. (612) 4474230 I Fax (612) 447-4245
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NOTICE OF PUBUC HEARING
ON A PROPOSED CREATION OF
TAX INCREMENT FINANCING DISTRICT 2-1
AND
THE USE OF TAX INCREMENT FINANCING
TO WHOM IT MAY CONCERN:
Notice is hereby given that the City Council of the City of Prior Lake,
Minnesota, will meet at the City Hall in Prior Lake, Minnesota at 8:00 p.m. on
Monday, September 20, 1993, to consider the creation of Tax Increment Financing
District No. 2-1 and the use of Tax Increment Financing pursuant to Minnesota
Statutes, Chapter 469. Such persons as desire to be heard with reference to the
proposed Tax Increment Financing District will be heard at this meeting.
The proposed Tax Increment Financing District 2-1 consists of 1.7 acres
located in the Waterfront Passage Business Office Park with Development District
No.2.
Copies of the proposed Tax Increment Financing Plan are on file in the office
of the City Manager and are available for public examination. Written or oral
statements will be considered.
Dated: This 7th day of September, 1993.
BY ORDER OF THE PRIOR LAKE CITY COUNCIL
By: Frank Boyles
City Manager
Published in the Prior Lake American September 4, 1993 and September 11, 1993.
KKNEW.WRT
4629 Dakota St. SE., Prior Lake. Minnesota 55372 I Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLDYER