HomeMy WebLinkAbout7548 (Res.)
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RESOLUTION NO. 7548
A RESOLUTION ESTABLISHING A TAX INCREMENT
FINANCING HOUSING DISTRICT (DJSTRICT U)
PURSUANT TO MINNESOTA STATUTES, SECTIONS
273.71 to 273.78 INCLUSIVE, AND ADOPTING A
PINANCE PLAN POR SAID TAX INCREMENT
FINANCING DIlTRICT.
WHEREAS, the City Councll of the City of Stillwater, Minnesota has
determined that It Is neceuary to estabUlha tax Increment financing distrlct
pursuant to Minnesota Statu~ Sections 273.71 to 273.78 inclusive, within
Development District Modlflca n #2 created and modlfled pursuant to MInnesota
Statutes. Section 472A.13 inclusive; and
WHEREAS, the City Councll of the City of Stillwater has determined that
the tax Increment financing district consists of a project, a portion of whlch Is
Intended for occupancy by persons or famntes of low and moderate Income as
defined In Chapter 482A and other state and federalleglslatlon In connection with
the lssuance of 482C housing bonds and thus meets the statutory requirements of a
houalng district; and
WHEREAS, the City Planning Commlsslon has been consulted with regard to
the propoeed 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, The City of Stillwater has Informed the members of the Local
School Board of the Independent School District 1834 and the
Board of Commlssioners of Washington County of the fiscal and economic
ImpUcatlona of the proposed tax Increment financing district i3 and invited said
School Board members and County Commlssloners to the publlc hearing.
NOW, THEREPORE, BE IT RESOLVED BY THE CITY COUNCn. OP THE
CITY OP STILLWATER that the City eouncll of the City of StUlwater, Minnesota
does hereby approve the tax Increment financing plan and the creation of tax
Increment financing district U as described In said tax Increment financing plan
and finds as per Section Z and Section E of the tax Increment plan:
I. That the tax Increment financing district consists of a project, a
portion of which Is Intended for occupancy by persons or famWes of low and
moderate Income as defined In Chapter 482A and other state and federal
legislation In connection with the ts.Iance of 462C housing bonds and thus meets
the statutory requirements of a housing district; and
2. 'nult the proposed development or redevelopment, In the opinion of
the City, would not reasonably be expected to occur solely through private
Investment within the reasonably forseeable future and, therefore, the use of tax
Increment Is deemed nec~y since Arkell Development Corporation could
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not construct the elderly housing development without the acquisition of a suitable
site and the provision of certain public Improvements, and without the use of tax
Increments to ..1st. with the financing of the land acquisition and public
Improvements, the developer would not construct this development In the City; and
3. 'lbat the Planning Commission has reviewed the redevelopment
~1 and the tax Increment financing plan conforms to the general plan for the
development of the City u a whole as It wID result In the new COll8truction of
needed elderly housing.
4. 'lbat the redevelopment proposal Involves a substantial commitment
of private Investment and In conjunction with tax Increments u Iclentitled In the
tax Increment financing plan wID afford maximum opportunity, consistent with the
sound needs of the City as a whole, for the development of the project by private
enterprise u It wID enable the City to provide a suitable site and/or the necel88l'Y
public Improvements for the elderly houslng development; thereby encouraging
redevelopment In the area..
Adopted by the City Council this l'lth day of Decemb.., 1985.
Published: December 27. 1985 ~ ~ 4.k~~
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