HomeMy WebLinkAbout7547 (Res.)
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RESOLUTION NO. 7547
A RllSOl.U'I10N BSTABLISHING A TAX INCREMENT
FINANCING REDEVELOPMENT DISTRICT (DISTRICT
'2) PURSUANT TO MINNESOTA STATUTES,
SEC'I10NS 273.71 to 273.78 INCLUlHVE, AND
ADOPTING A PINANCE PLAN POR SAID TAX
INCREMENT PINANCING DISTRICT.
WHEREAS, the City COuncil of the City of Stillwater, MiMelOta has
determined that it Is nec88lll1'y to establish a tax increment financing district
pIl1'8II8I1t to Minnesota Statutetc Sections 273.71 to 273.78 inclusive, within the
Development District Modlficat on 12 created and modified pursuant to MJMesota
Statutes, Section 472A.13 inclusive; and
WHBREAS, the City Council of the City of Stillwater has determined that
71 percent of the parcels In the district are occupied by buildings, streets, utlUties
or othe1' improvements and 20 percent of the buUdlngs are structurally substandard
and an additional 30 percent of the buildings are found to require BUbstantial
renovation or clearance In order to remove such existing conditions as: Inadequate
street layout, incompatible U88lI 01' land use relationships, overcrowding of bulldlngs
on the land, exce.ive dwelling unit density, obsolete buUdings not suitable fOl'
improvement 01' conversion, 01' other Identified hazards to health, safety and
general "ell~eIng of the community; and
WHEREAS, the City Planning Commission has been C!OII8uited with regard to
the proposed tax Increment flnancinr plan and has been given the opportunity to
review and comment upon said tax increment financing plan and the tax Increment
financing district; and
WHEREAS, 'lbe City of Stillwater has Informed the members of the Local
School Board of the Independent School DIstrict 1834 . and the
Board of Commissioners of WaBhinCton County of the fiscal and economic
Implications of the pl'OpOl8d tax increment financing district 12 and invited said
School Board members and County Commissioners to the public hearing.
NOW, THBREPORB, BB IT RBSOLVED BY THE CITY COUNCIL OP THB
CITY OP S'I1LLWATBR that the City Council of the City of Stillwater, Minnesota
does hereby approve the tax Increment financing plan and the creation of tax
increment financing district 12 as described In said tax Increment financing plan
and finds as per Section E and Section Z of the tax Increment plan:
1. That 71 percent of the parcels in the district are occupied by
bulldInp. streets, utilities or other Improvements and 20 percent of the bulldlnp
are structurally subltandard and an additional 30 peraent of the bulldings are found
to require IUbltantlal renovation or cleal'ance In order to remove such existtnr
conditions as: inadequate street layout, Incompatible uses or land use
relationships, overcrowdinr of buildings on the land, excessive dwellini unit
density, obsolete buildings not suitable for Improvement 01' conversion, or other
Identified hazarcIs to health, safety and general well..ing of the community; and
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2. That the proposed development or redevelopment In the opinion of
the City, would not reUDnab~ be expected to OCCIIJ' IOle~ through private
investment within the reuonab~ fOl't'1Mlable future and, therefore, the use of tax
Increment II deemed neouary since the developer (Nelles, Inc.) could not
construct the commercial improvements without the provision of certain public
Improvements and land acquisition without the use of tax Increments to asslat with
the financing of the pubUc Improvements and land acquisition the developer would
not construct thll development In the Cltyl and
3. 'Ibat the PIaMlng Commllllon has reviewed the redevelopment
proposal and the tax Increment financing plan conforms to the general plan for the
development of the City as a whole as It wm result In the expansion and
comprehensive rehabWtatlon of exlltlng commercial bulldlnp.
4. 'Ibat the redevelopment propoaallnvolves a substantial commitment
of private Investment and In conjunction with tax Increments as identified In the
tax Increment ftnancl. plan will afford maximum opportunity, consistent with the
lOund needs of the City for the redevelopment of the project by private enterprlae.
Adopted by the City Councn thil17th day of December, 1985.
"bl"h.d, Do","" 21, 1985 -4 .& ~.<~
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