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HomeMy WebLinkAbout1996-154 I I > 1.. , )0 '~. . . . . . Council member C umm i'ng s introduced the following Resolution, the reading of which was dispensed with by unanimous consent, and moved its adoption: CITY OF SnLLW A TER COUNTY OF WASHINGTON STATE OF MINNESOTA RESOLUTION NO. qfi...'''4 A RESOLUTION RELATING TO THE MODIFICA nON OF THE MODIFIED DEVELOPMENT PROGRAM RELATING TO DEVELOPMENT DISTRICT NO.1, THE MODIFICA nON OF THE TAX INCREMENT FINANCING PLANS RELATING TO TAX INCREMENT FINANCING DISTRICTS NOS. 1 THROUGH 6, AND THE PROPOSED ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO.7 AND THE ADOPTION OF THE TAX INCREMENT FINANCING PLAN RELATING THERETO, ALL LOCATED WITHIN DEVELOPMENT DISTRICT NO.1. BE IT RESOLVED, that the City Council (the "Council") of the City of Stillwater (the "City"), as follows: Section 1. Recitals. 1.01. It has been proposed that the City modify the Modified Development Program for Development District No.1 to reflect an enlargement of the project area and increased project costs, pursuant to and in accordance with Minnesota Statutes, Sections 469.124 to 469.134, inclusive. It has been further proposed that the City modify the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1 through 6, located within Development District No.1 to reflect increased project costs, and establish Tax Increment Financing District No. 7 and adopt the Tax Increment Financing Plan relating thereto, pursuant to and in accordance with Minnesota Statutes, Sections 469.174 to 469.179, inclusive. 1.02. The Council has caused to be prepared, and has investigated the facts with respect thereto, a proposed modification of the Modified Development Program (the "Modified Development Program") for Development District No.1, defming more precisely the geographic area to be included and project costs to be undertaken within Development District No.1; the proposed modification of the Tax Increment Financing Plans (the "Modified Tax Increment Financing Plans") for Tax Increment Financing Districts Nos. 1 through 6 and the proposed Tax Increment Financing Plan (the "Tax Increment Financing Plan") for proposed Tax Increment Financing District No.7 (collectively referred to as the "Plans"). 1.03. The City has performed all actions required by law to be performed prior to the modification and the adoption of the Plans, including, but not limited to, a review of the proposed Plans by the Planning Commission and the holding of a Public Hearing upon published and mailed notice as required by law. 1.04. The Council hereby determines that it is necessary and in the best interest of the City at this time to modify the Modified Development Program and the Modified Tax Increment Financing Plans - 1 - . . . . . . , ' . . to reflect increased project costs and an enlargement of the project area and to establish Tax Increment Financing District No.7 and adopt the Tax Increment Financing Plan relating thereto. Section 2. Findings for the Modification of Develqpment District No.1 and the Establishment of proposed Tax Increment Financing District No.7 located therein. 2.01. The Council hereby finds, determines and declares that the modification by enlargement of the geographic project area and increased project costs of Development District No.1 is intended and, in the judgment of this Council, its effect will be, to further provide an impetus for commercial, industrial and housing development, increase employment and otherwise promote certain public purposes and accomplish certain objectives as specified in the Modified Development Program. 2.02. The Council hereby finds, determines and declares that the establishment of proposed Tax Increment Financing District No. 7 located within the Development District No.1 is intended and, in the judgment of this Council, its effect will be, to further provide an impetus for commercial and industrial development, increase employment and otherwise promote certain public purposes and accomplish certain objectives as specified in the Tax Increment Financing Plan. 2.03. The Council hereby finds, determines and declares that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. 2.04. The Council hereby finds, determines and declares that the proposed Tax Increment Financing Plan for Tax Increment Financing District No.7 conforms to the Comprehensive Plan of the City. 2.05. The Council hereby finds, determines and declares that the proposed Tax Increment Financing Plan for Tax Increment Financing District No. 7 will afford maximum opportunity, be consistent with the sound needs of the City as a whole, for the development or redevelopment of Development District No.1 by private enterprise. 2.06. The Council hereby finds, determines and declares that Tax Increment Financing District No.7 is a redevelopment type of tax increment financing district and that the City finds it to be in the public interest because it will assist in the elimination of obsolete and structurally substandard buildings within the municipality through demolition and renovation. 2.07. The Council determines and declares that Development District No.1 is hereby modified and that Tax Increment Financing District No.7 is hereby established. 2.08. The Council further finds, declares and determine that the City made the above findings stated in Subsections 2.02 through 2.06 and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit ff A " . Section 3. Adoption of the Plans. 3.01. The Plans presented to the Council on this date, are hereby approved and adopted and shall be placed on file in the office of the City Clerk. - 2 - .. ,..- ,. ~ e . . . . Section 4. Implementation of the Modified Development Program. the Modified Tax Increment Financing Plans and the Tax Increment Financing Plan. 4.01. The officers of the City, the City's financial advisor, and the City's legal counsel and bond counsel are authorized and directed to proceed with the implementation of the respective Plans and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. The motion for the adoption of the foregoing Resolution was duly seconded by Councilmember Bea 1 ka , and upon vote being taken thereon, the following voted in favor thereof: Councilmembers Bealka, Cummings, Thole, Zoller and Mayor Kimble and the following voted against the same: None Whereupon said Resolution was declared duly passed and adopted, and was signed by the Mayor and attested to by the City Clerk. Dated: June 18, 1996. Ja ATTEST: {1fL /~ Morli eldon, City Clerk - 3 -