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HomeMy WebLinkAboutResolution 5114 , RESOLUTION NO. 511'd i." CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING MODIFICATION OF THE PROJECT PLAN FOR THE MOUNDS VIEW ECONOMIC DEVELOPMENT PROJECT, ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO.4, AND APPROVING THE TAX INCREMENT FINANCING PLAN THEREFOR Section 1. Recitals. 1.01. The Mounds View Economic Development Authority ("EDA") consolidated Development Districts No.1, 2, and 3, pursuant to Minn. Stat., Sections 469..090 through 469.108, control of which was transferred to the EDA by the City of Mounds View ("City"), thereby establishing the Mounds View Economic Development Project ("Project"), and adopted a project plan therefor ("Project Plan"). . 1.02. The City has determined a need to modify the Project Plan pursuant to Minn. Stat., Sections 469.124 through 469.134 ("Development District Act") and Minn. Stat.. Sections 469.001 to 469.047 ("HRA 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 C'Project Plan Modification"). 1.02. The City has determihed a need to establish Tax Increment Financing District No. 4 ("TIF District No. 4") and to adopt a Tax Increment Financing Plan ("TIF Plan'l) therefor) pursuant to Mm,n. Stat., Sections 469.101 through 469.1081 and Minn. Stat.. Sections 469.174 through 469.179 ("TIF Act") and to that end has caused to be prepared a document entitled i'Tax Increment Financing Plan for Redevelopment Tax Increment Financing District No. 4,11 dated April 14, 1997. 1.03. The Project Plan Modification and the TIF Plan were referred to the Mounds View Planning Commission, which determined 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 nF Act. The county commissioner representing the area including the TIF District was also duly notified in accordance with the TIF Act. . 1.05. The Oly has fully, reviewed the contents of the TIP Plan and has condueted a public hearing thereon, at which the views of all interested persons were heard. I)JG12Q166 MtnOS-4 - e e . Section 2. Findinrzs: PrOTect 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. Findings: T1F District No.4. 3.01.. It is found and determined that it is necessary and desirable. for the sound and orderly development of 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 City, that the development proposed in the TIP 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 TfF 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. PJG120166 MU20S-4 . . e 3.05. The TIP Plan tor TTF District No.4 will afford maximulll 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. TIP District No.4 is a redevelopm.ent district under Section 469.174, subd. 10 of the TIF Act, based on the findings described in the TIF Plan, which are incorporated herein by reference. 3.07. The City hereby elects to make a qualifying local contribution with respect to TIF District No. 4~ and thus anticipates that TIF District No.4 will be exempt from state aid losses pursuant to Minnesota Statutes, Section 273.1399, subd. 6(d). 3.08. Certain written reports (the "Reports") relating to the TIP Plan and to the activities . contemplated therein have heretofore been prepared by statT and submitted to the City .and/or made a part of the City files and proceedings on the TIF Plan. The City hereby confirms, ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. The City additionally hereby confirms, ratifies and adopts the TIF Plan, which is hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein, including. without limitation, the . . portion of the TIF Plan in which the facts supporting designation of the TIF District as a redevelopment district. Section 4. Project Plan Modification and TIF Plan Adonted. 4.01. The Project Plan Modification and the TIP Plan are hereby approved and adopted and TrF District No. 4 is hereby established. 4.02. The geographic boundaries of TIF District No.4 are described in the TIF Plan and are incorporated herein by reference. 4.03. The City Clerk Administrator is authorized and directed to transmit a certified copy of this resolution together with a certified copy of the Project Plan Modification and TIF Plan to the Auditor of Ramsey County with a request that the original tax capacity of the property within TIF District No. 4 be certified to the County pursuant to Section 469.177, subd. ) of the TlF Act. and to file a copy of the Project Plan Modification and TIP Plan with the Minnesota Commissioner of Revenue as required by the TIF Act. DJGJ.2016' H!J20S-4 . . e Adopted by the City Council of the City of Mounds View, Minnesota this,:2!l day of Aon"' , 1997. ' . I ATTEST: ri!iwg~ Chuc hiting, .tty erk AaIninistrator PJG120166 MU20S-4 ~{kJ