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HomeMy WebLinkAboutResolution 2463 ... ,,- . . . . <.t RESOLUTION NO. 2463 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING MODIFICATION NO. 1 TO TAX INCREMENT FINANCING DISTRICT #3 LOCATED WITHIN MUNICIPAL DEVELOPMENT DISTRICT NO.3; AND APPROVING AND ADOPTING THE TAX INCREMENT FINANCING PLAN RELATING THERETO WHEREAS, the City of Mounds View, Minnesota (the "City") on February 22, 1988 designated Municipal Develop- ment District No.3 (the "Development District") and has caused to be prepared a Development Program (the "Develop- ment Program") relating thereto, pursuant to Minnesota Statutes, Sections 469.124 to 469.134, inclusive; and WHEREAS, the City on February 22, 1988 established Tax Increment District #3 and has caused to be prepared a Tax Increment Financing Plan (the "Financing Plan"), pursuant to Minnesota Statutes, Sections 469.174 to 469.179, inclusive; and WHEREAS, the City has proposed to modify Tax Increment Financing District #3 (the "Tax Increment District") within Development District #3 and has caused to be prepared a Tax Increment Financing Plan (the "Financing Plan"), pursuant to Minnesota Statutes, Sections 469.174 to 469.179, inclusive; and WHEREAS, the City has submitted the modified Financing Plan to the City's Planning Commission for consideration and comparison to the Comprehensive Plan of the City to determine consistency, pursuant to Minnesota Statutes, Section 469.126, Subd. 1; and WHEREAS, the City has presented to the members of the County Board of Commissioners of Ramsey County and the members of the school board of the school district in which the Tax Increment District is located the City's estimate of the fiscal and economic implications of the modification of the Tax Increment District and the members of the County Board and school board were granted the opportunity to present their comments at the public hearing held on the date hereof; and WHEREAS, the City Council of the City (the "Council") on the date hereof held a public hearing regarding the modi- fication of the Tax Increment District and approval and adoption of the Financing Plan for which hearing notice was published in a newspaper of general circulation in the City not less than 10 or more than 30 days prior to the date hereof; and \ . . . ~ ~ RESOLUTION 2463 PAGE TWO WHEREAS, the City has performed all actions required by law to be performed prior to the modification of the Tax Increment District and the approval and adoption of the Financing Plan; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota as follows: 1. On the basis of the information presented to the Council at meetings regarding modification of the Tax Increment District and Financing Plan, information included in the Financing Plan, information provided at the public hearing and at other Council meetings regarding the Financing Plan, the Council hereby finds and determines: (a) that the modification of Tax Increment District #3 within the Development District and the adoption of the Financing Plan in the public interest and to the benefit of the health, safety and welfare of the City; (b) that the Tax Increment District is a redevelopment district as defined in Minnesota Statutes, Section 469.174, Subd. 10(3). It had been determined that less than 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other improvements, but due to unusual terrain or soil deficiencies requiring substantial filling, grading or other physical preparation for use at least 80 percent of the total acreage of such land has a fair market value upon inclusion in the redevelopment district which, when added to the estimated cost of preparing that land for development, excluding costs directly related to roads and local improvements, if any, exceeds its anticipated fair market value after completion of the preparation. Thus, the tax increment financing district met the statutory require- ments of a redevelopment district and was certified prior to May 1, 1988. The parcels that have been used to establish eligibility as a redevelopment tax increment financing district are listed in the Tax Increment Financing Plan. The establishment of the Tax Increment District will result in new industrial development; . \ . . . e RESOLUTION 2463 PAGE THREE (c) that the development proposed to be assisted as described in the Financing Plan would not, in the opinion of the City, reasonably be expected to occur within the reasonably foreseeable future through private investment, and that therefore the use of tax increment financing for soil correction is deemed necessary: (d) that the Development Program and Financing Plan conform to the general plan for the development of the City as a whole: (e) that the Financing Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole for the development of the Development District by private enterprise. 2. The Financing Plan which establishes the Tax Increment District are hereby approved and adopted by the City is substantially the form on file with the City on this date. 3. The City Clerk-Administrator is authorized and directed to take all action on behalf of the City, subject to such approval of this Council as is required by law, to implement Modification No. 1 of Tax Increment District #3 and Financing Plan. 4. The City Clerk-Administrator is hereby authorized and directed to file a copy of the modified Financing Plan for Tax Increment District #3 with the Minnesota Commissioner of Trade and Economic Development. 5. Following approval of the Financing Plan by the City, the Clerk-Administrator, together with the City's financial advisor, legal counsel and bond counsel, is authorized and directed to proceed with the implementation of the modified Financing Plan, and for the purpose to negotiate, draft, prepare , . , . . '. ... " .... , , - " RESOLUTION NO. 2463 PAGE FOUR and present to this Council for its consideration all resolutions, documents and contracts necessary for this purpose. Adopted this 27 day of March , 1989. ATTEST: ~///.4~~ Mayor (SEAL)