2000.04.17 RESO 2000-0009 - Laserfiche WebLink

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u 0 CITY OF HUGO WASHINGTON COUNTY STATE OF MINNESOTA Council member Debra Barnes introduced the following resolution and moved its adoption: RESOLUTION NO. 2000-9 RESOLUTION MODIFYING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-1 WITHIN DEVELOPMENT DISTRICT NO. 1. BE IT RESOLVED by the City Council (the "Council") of the City of Hugo, Minnesota (the "City"), as follows: Section 1. Recitals. 1.01. The City of Hugo (the "City") has heretofore established Tax Increment Financing District No. 1-1 within Development District No. 1 and adopted a Tax Increment Financing Plan (the "Plan") therefor. It has been proposed that the City modify the Tax Increment Financing Plan (the "Plan Modification") for Tax Increment Financing District No. 1-1 ("District No. 1-1"); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections469.174through469.179(the"Act"), all inclusive, as amended, all as reflected herein, and presented for the Council's consideration. Generally, the substantive changes to the Tax Increment Financing Plan include an administrative modification to the Plan's budget line items. This modification will not increase the Plan's total budget. The purpose of this Plan Modification is to ensure the DistrictNo. l -1's budget accurately reflects project expenditures. The City is not modifying the boundaries of District No. 1-1 or term of TIF District No. 1-1. 1.02. The Council has investigated the facts relating hereto. 1.03. The City has performed all actions required by law to be performed prior to the adoption and approval of the proposed Modified Plan. Because of the nature of this modification, and because this Modification does not entail an enlargement of geographic area, an increase in the amount of bonded indebtedness, an increase to the amount of interest on debt, an increase in the portion of the captured net tax capacity, or an increase in the total estimated tax increment expenditures, this modification is not subject to a public hearing requirement. Section 2. Findings: 2.01. The existing budget as adopted on February 7, 2000 for District No. 1-1 is attached hereto in Exhibit A. The City is not increasing the total amount of the budget or total project costs to be financed from tax increment in District No. 1-1. The City hereby modifies the budget for District No. 1-1 as illustrated in Exhibit A attached hereto. 2.02. The Council hereby reaffirms the original findings previously made for District No. 1-1, as a "redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10 (a)(1).