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HomeMy WebLinkAboutResolution 97-EDA65 . . . - RESOLUTION NO. q 7 - EDfJ - tvS MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING MODIFICATlON OF THE PROJECT PLAN FOR THE MOUNDS VIEW ECONOMIC DEVELOPMENT PROJECT AND APPROVING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.4 Section 1. Recitals. 1.01. The Mounds View Economic Development Authority ("EDA") consolidated Development Districts No.1, 2, and 3, control of \vhich was transferred to the EDA by the City of Mounds View ("City"), pursuant to Minn. Stat., Sections 469.090 through 469.108, thereby establishing the Mounds View Economic Development Project ("Project"). and adopted a project plan therefor ("Project Plan"). 1.02. The EDA has determined a need to modify the Project Plan pursuant to Minn. Stat.. Scctions 469.124 through 469.134 ("Development District Act") and Minn. Stat., Sections 469.001 to 469.047 ("liRA Act") and to that end has caused to be prepared a document entitled "Modification No.1 to the Mounds View Economic Development Project" dated April 14, 1997 ("Project Plan Modification"). 1.02. The EDA has determined a need to establish Tax Increment Financing District No. 4 ("TIF District No.4") and to adopt a Tax Increment Financing Plan ("TIF Plan") therefor, pursuant to Minn. Stat., Sections 469.101 through 469.1081 and Minn. Stat., Sections 469.1.74 through 469.179 ("TIF Act") and to that end has caused to be prepared a document entitled "Tax Incrcment Financing Plan for Redevelopment Tax Increment Financing District No.4," dated April 14, 1997. 1.03. The Project Plan Moditication and the TIF Plan were referred to the Mounds View Planning Commission, which dctcrmined that they conform to the general plan for the development of the City as a whole. 1.04. Estimates of the fiscal and economic implications of the TIF Plan were presented to Independent School District #621 and the Ramsey County Board before the public hearing on the TIF Plan in accordance with the TIF Act. The county commissioner representing the area including the TIF District was also duly notified in accordance with the TIF Act. 1.05. The FDA has fully reviewed the contents of the TIF Plan and has conducted a public hearing thereon, at which the views of all interested persons were heard. :::1~JG2.2UlSS MG"205.4 . . . Section 2. Findings; Proiect Plan Modification. 2.01. The findings stated in the Project Plan are incorporated herein by reference. 2.02. It is further specifically found and determined that: a) the land within the Project would not be made available for development without the public intervention and financial assistance described in the Project Plan Modification; b) the Project Plan Modification will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the land within the Project by private enterprise; c) the Project Plan Modification conforms to the general plan for development of the City as set forth in the comprehensive municipal plan; d) the Project Plan Modification will provide employment opportunities, and improve the tax base and the general economy of the state; and e) the Project Plan Modification will provide an impetus for commercial development. Section 3. Findin~s; TI F District No.4. 3.01. It is found and determined that it is necessary and desirable for the sound and orderly development or the Project and the City as a whole, and for the protection and preservation of the public health. safety, and general welfare, that the authority of the TIF Act be exercised to provide public financial assistance to the TIF District and the Project. 3.02. It is further found and determined, and it is the reasoned opinion of the EDA, that the development proposed in the TIf Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the TlF Plan. 3.03. The proposed public costs to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF District and the Project in terms of development intensity, employment opportunities and tax base. 3.04. The TIF Plan for TIF District No.4 conforms to the general plan of development of the City as a whole. DJG1201S:~ rr.TJ205H4 . . . 3.05. The TIF Plan for 'fIF District No.4 will atlord maximum opportunity. consistent with the sound needs of the City as a whole. for the development of the TIF District and the Project by private enterprise. 3.06. TlF District No.4 is a redevelopment district under Section 469.174. subd. 1001' the T'IF Act. based on the findings described in the TIF Plan. which are incorporated herein by reference. Section 4. Proiect Plan Modification and TIF Plan Adopted. 4.01. The Project Plan Modification and the TIF Plan are hereby approved. 4.02. The EDi\ recommends that the City Council approve the Project Plan Modification and the TIF Plan after the public hearing in accordance with the TIF Act. Adopted by the Mounds View Economic Development Authority. Mounds View. Minnesota this ,%,+1-- day ot"4J;) . 1997. ATTEST: ') ~cd--/Lu~ ~~ Catherine Bennett. Executive Director D,.JC;:'2U"1 ss MC205-.~