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RESOLUTION NO. 2000-09 /O ii MOUNDS VIEW • CHARTER COMMISSION RESOLUTION RECOMMENDING CITY COUNCIL APPROVAL BY ORDINANCE; AN ORDINANCE AMENDING Chapter 7 OF THE MOUNDS VIEW CITY CHARTER. The Mounds View Charter Commission acting under Minnesota Statutes 410.12 Subdivision 7, hereby recommends amending the Charter of the City of Mounds View under Chapter 7 Section 7.13 Subdivisions 1,2,&3 and is amended by the addition of the bold and underlined language to read as follows; Section 7.13 Tax Increment Financing. Economic Subsidies&Tax Abatement Subdivision 1. The City Council of the City of Mounds View, its Economic Develo• :nt Autho ' or an housin• or redevelo• nt autho ' or an other a•enc or instrumentality of the city. may not approve the creation of a new Tax Increment Financing District.if such approval would cause the aaareaate amount of captured net tax capacity for all Tax Increment Financing Districts located in the City of Mounds View to exceed 15 percent of the total tax capacity of the city. Subdivision 2. The City Council of the City of Mounds View.its Economic Develo• nt Autho ' or an housin• or redevelo•ment autho ' or an other a•enc or Instrumentality of the city, may not approve the geographic expansion of an existing Tax Increment Financing District,the addition of any new protects to an existing Tax Increment Financing District, or the granting of any economic subsidy or the granting of any new tax abatements,if such approval would cause the aaareaate amount of captured net tax capacity for all Tax Increment Financing Districts located in the City of Mounds View to exceed 10 percent of the total tax capacity of the city. Subdivision 3. Economic Subsidy as used in Subdivision 2 "Economic Subsidy"means any grant. contribution of property,infrastructure or services.any loan at rates below those commercially available to the recipient,any reduction or deferral of any tax or any fee,any guarantee of any payment under any loan. lease or other obli•ation or an •referential use of •ovemment facilities •iven to a business,or the granting of any new tax abatements. BE IT RESOLVED that the Charter Commission directs the commission's chairperson to forward this resolution to the Clerk-Administrator for presentation to the City Council under Minnesota Statutes 410.12 Subdivision 7. 1f the City Council does not adopt this resolution by an unanimous vote of all its members the Charter Commission hereby requests that the above amendment be placed on the ballot at the next general election in November 2000, under Minnesota Statues 410.12 Subdivision 1. Adopted this 31st day of May, 2000 .•* ission Chair 14mmission Officer Attest;