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RESOLUTION NO. 7466
A RESOLUTION ESTABLISHING A TAX INCREMENT
FINANCING REDEVELOPMENT DISTRICT PURSUANT
TO MINNESOTA STATUTES6 SECTIONS 273.71 to
273.78 INCLUSIVE, AN ADOPTING A FINANCE
PLAN FOR SAID TAX INCREMENT FINANCING
DISTR ICT.
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WHEREAS, the City Council of the City of Stillwater, Minnesota has
determined that it is necessary to create a tax increment financing district
pursuant to Minnesota Statutes, Sections 273.71 to 273.78 inclusive, within
the developlllE!nt district created pursuant to Minnesota Statutes, Section
472A.13 inclusive; and
WHEREAS, the City Council of the City of Stillwater has determined that
70 percent of the parcels in the proposed tax increment financing district are
occupied by buildings, streets, utilities or other improvements and 29 percent
of the buildings are structurally substandard and an additional 31 percent of
the buildings are found to require substantial renovation or clearnance in
order to remove such existing conditions as: inadequate street layout,
incompatible uses or land use relationships, overcrowding of buildings on the
land, excessive dwelling unit density, obsolete buildings not suitable for
improveaent or conversion, or other identified hazards to the health, safety
and general well being of the community; and
WHEREAS, the City Planning Commission has received a copy of the proposed
tax increment financing 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, City of Stillwater has informed the members of the Local School
Board of the Independent School District and the Board of Commissioners of
Washington County of the fiscal and economic implications of the proposed tax
increment financing district and invited said School Board members and County
Commissioners to the public hearing.
NOW, THEREFORE, BE IT RESOVED BY THE CITY COUNCIL OF THE CITY OF
STILLWATER, that the City Council of the City of Stillwater, Minnesota does
hereby approve the tax increment financing plan and the creation of a tax
increment financing district as described in said tax increment financing plan
and finds as per Section Z of the tax increment plan:
1. That the tax increment financing district to be created is a tax
increment financing redevelopment district since 70% are occupied by
buildings, streets, utilities or other improvements and 29% of the buildings
are deteriorated and structurally substandard to a degree requiring clearance
and 31% of other structures are found to require substantial renovation in
order to remove such existing conditions as imcompatible uses or land use
relationships, overcrowding of buildings on the land, obsolete buildings not
suitable for improvement or conversion, or other identified hazards to the
~ health, safety and general well-being of the City.
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2. That the proposed redevelopment would not reasonably be expected to
occur solely through private investment.
3. That the Planning Commission has reviewed the comprehensive downtown
redevelopment proposals and that the tax increment financing plan conforms to
the general plan for the development of the municipality as a whole.
4. That each of the redevelopment proposals involves a substantial
commitment of private investment and in conjunction with tax increments as
identified in the tax increment financing plan will afford maximum
opportunity, consistent with sound needs of the City for the redevelopment of
the project by private enterprise.
5. The City of Stillwater elects the method of tax increment
computation set forth in Minnesota Statutes, Section 273.76, Subd. 3, clause
(b).
The City Council of the City of Stillwater, Minnesota does hereby approve the
tax increment financing plan and the creation of a tax increment financing
district as described in said tax increment financing plan.
Adopted by the City Council this 7th day of May, 1985.
ATTEST:
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Published -- May 13, 1985