HomeMy WebLinkAbout2019-157 (Findings & Authorizing Expenditures of Tax Increments from Tax Increment District No. 4 within Development District No. 1)RESOLUTION NO.2019-157
FINDINGS AND RESOLUTION AUTHORIZING EXPENDITURES OF TAX INCREMENTS
FROM TAX INCREMENT DISTRICT NO. 4 WITHIN DEVELOPMENT DISTRICT NO. 1
WHEREAS, Development District No. 1, within Development District No. 1 was
establishing by Resolution of the City Council on May 7, 1985 for the purpose of funding
necessary activities and improvements within the Development District, and;
WHEREAS, the City established Tax Increment Financing (Redevelopment) District
No. 4 ("TIF District No. 4") on December 2, 1986; and
WHEREAS, it is proposed that the City use tax increments from TIF District No. 4 in
the amount of $900,000 to finance public parking improvements which require the
acquisition of land therefor (the "Project").
NOW, THEREFORE, BE IT RESOLVED, that the Stillwater City Council adopts the
following Findings of Fact:
1. That the TIF Financing Plan for TIF District No. 4 (the "Plan") sets forth the
objectives and purposes for which funds generated by TIF District No. 4 may
be used.
2. That Objectives 13, 24, and 35, as set forth in the Plan, state that it is
permissible to "provide for the financing and construction of public
improvements for the orderly and beneficial development of Development
District" and to "acquire property which is....underused or inappropriately
used, for new or expanding uses as well as supportive parking", and to "make
expenditures to facilitate the construction of public parking facilities".
3. The Project is necessary for the continued orderly development of public
parking spaces and facilities within Development District No. 1 as identified in
the Downtown Chapter of the Stillwater 2040 Comprehensive Plan.
NOW, THEREFORE, BE IT FURTHER RESOLVED, that tax increments from TIF
District No. 4, in the amount of $900,000, be made available for the costs of the Project.
Adopted by the Stillwater City Council this 17th day of December, 2019.
CITY OF STILLWATER
Ted Kozlowski, Mayor
ATTEST:
Beth Wolf, City C