HomeMy WebLinkAboutCC RES 92-035 RESOLUTION APPROVING 1992-B AMENDMENTS TO THE KENZIE TERRACE REDEVELOPMENT PLAN AND THE KENZIE TERRACE TAX INCREMENT FINANCING PLAN AND MAKING FINDINGS WITH RESPECT THERETO Meeting Sheet
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103571
Box: 26
Folder: RES 1992
Document: CC RES 92-035 RESOLUTION APPROVING 1992-B
AMENDMENTS TO THE KENZIE TERRACE REDEVELOPMENT PLAN AND
THE KENZIE TERRACE TAX INCREMENT FINANCING PLAN AND MAKING
FINDINGS WITH RESPECT THERETO
RESOLUTION NO. 9 2-0 3 5
RESOLUTION APPROVING 1992-B AMENDMENTS TO
THE KENZIE TERRACE REDEVELOPMENT PLAN AND
THE KENZIE TERRACE TAX INCREMENT FINANCING
PLAN AND MAKING FINDINGS WITH RESPECT
THERETO
BE IT RESOLVED by the City Council of the City of St. Anthony,
Minnesota as follows:
1. The Commissioners of the Housing and Redevelopment Authority
of St. Anthony, Minnesota (the "HRA") and the City of St. Anthony, Minnesota (the
"City"), have previously approved the Kenzie Terrace Redevelopment Plan (the
"Redevelopment Plan") and the Kenzie Terrace Redevelopment Project (the
"Redevelopment Project") to be undertaken pursuant thereto, and in order to
finance the public redevelopment costs to be incurred by the City and the HRA in
connection with the Redevelopment Plan and the Redevelopment Project, the HRA
and the City have approved the Kenzie Terrace Tax Increment Financing Plan (the
"Financing Plan"), which establishes the Kenzie Terrace Tax Increment Financing
District (the "District"). The Board of Commissioners of the HRA has approved
amendments to the Redevelopment Plan and the Financing Plan which are entitled
"1992-B Amendments to the Kenzie Terrace Redevelopment Plan and the Kenzie
• Terrace Tax Increment Financing Plan" (the "1992-B Amendments"). The 1992-B
Amendments include additional property in the Redevelopment Plan and
Redevelopment Project and authorize the expenditure of tax increment revenues
derived from the District to pay the public redevelopment costs of the HRA and City
in connection with the development or redevelopment of the Additional Property.
2. This Council on July 28, 1992, held a public hearing on the 1992-B
Amendments after notice of the public hearing was published in the official
newspaper of the City not less than ten (10) days prior to the date of the hearing. At
such public hearing all persons desiring to be heard with respect to the 1992-B
Amendments were given an opportunity to express their views with respect
thereto.
3. This Council has previously found that the District is a housing
district and redevelopment district within the scope of the Minnesota Tax
Increment Financing Act (the "Act"), and the 1992-B Amendments will not change
such prior finding. The 1992-B Amendments further serve the original goals and
purposes of the City and HRA in approving the Redevelopment Plan, the
Redevelopment Project and the Financing Plan, by redeveloping the area included
in the Redevelopment Plan.
4. Pursuant to Minnesota Statutes, Sections 469.028, subdivision 2 and
• 469.175, subdivision 4, it is hereby found that:
(A) The Additional Property would not be available
for redevelopment without the financial aid to be sought.
(B) The redevelopment plans for the area subject to
the Redevelopment Plan as amended by the 1992-B
Amendments will afford maximum opportunity,
consistent with the needs of the City as a whole, for the
redevelopment of the area subject to the Redevelopment
Plan by private enterprise.
(C) The District, is a housing district and
redevelopment district as defined in the Act for the
reasons set forth in previous findings by this Council, and
the 1992-B Amendments do not alter these previous
findings.
(D) The proposed development or redevelopment of
the area subject to the Redevelopment Plan, as amended
by the 1992-B Amendments, would not reasonably be
expected to occur solely through private investment
within the reasonably forseeable future and therefore the
use of tax increment financing is deemed necessary.
(E) The Financing Plan, as amended by the 1992-B
Amendments, conforms to the general plan for the
development or redevelopment of the City as a whole.
(F) The Financing Plan, as amended by the 1992-B
Amendments, will afford maximum opportunity
consistent with the sound needs of the City as a whole for
the development or redevelopment of the area subject to
the Redevelopment Plan, as amended by the 1992-B
Amendments, by private enterprise.
• -2-
Passed by the Council this 28th day of July, 1992.
Mayor
Attest: � ��"Z--)
CityClerk
Reviewed for Administration:
City anager
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