HomeMy WebLinkAbout7549 (Res.)
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RESOLUTION NO. 7549
A RESOLUTION MODIFYING TAX INCREMENT
FINANCING DIITRICT 11 (MODIPICA'l10N 12 TO THE
DOWNTOWN AND INDUSTRIAL PARK SCA'M'ERED
sm REDEVELOPMENT DISTRIC'l') PURSUANT TO
MINNESOTA STATUT~CTIONS 273.71 to 273.78
INCLOSIVE, AND AD G A FINANCE PLAN FOR
SAID TAX INCREMENT FINANCING DISTRICl'
MODIPICA'l10N.
WHEREAS, the City CoImOU of the City of StWwater, Minnesota hu
determined that It Is Il8OllII&I'Y to establllh a tax Inorement flnanolng dlatrlot
pursuant to Minnesota StatutesJ SecUons 273.71 to 273.78 Inoluslve, within
Development D1atrict ModlnoatlOn '2 oreated and modified pursuant to Minnesota
Statutes. Section 472A.13 lnoluslvel and
WHEREAS, the City Counou of the City of StWwater h88 determined that
77 percent of the parcels In the dlatrlet are occupied by buDdlnp, streets, utmUes
or other Improvements and 32 peroent of the buUdlnp are struoturally substandard
and an additional 31percent of the bulldlnp are found to require substantial
renovation or olearance In order to remove suoh existing conditions as: Inadequate
street layout, lnoompaUble uses or land use relationships, overcrowding of bulldlnp
on the land, excessive dwe~ unit density, obsolete bundlnp not suitable for
Improvement or oonverslon, or other identified hazards to health, safety and
general well~lng of the communltYI and
WHEREAS, the City Planning Commlsalon has been oonsulted with regard to
the propoeed tax Inorement flnanolng plan modlfloaUon whloh conatsts of the
removal of certain parcels from the dlstrlot and has been given the opportunity to
review and comment upon said tax Inorement flnanolng plan modlfloatlon and the
tax Increment financing dlstrlot modlfioatlonl and
WHEREAS, The City of Stillwater h88 Informed the members of the Local
Sohool Board of the Independent Sohool Dlstrlot 1834 and the
Board of Commlasloners of WaahIngton County of the flaeal and eeonomlo
Implications of the proposed tax lnorement financing dlstrlet modlfioatlon and
invited said Sohool Board members and Colmty Commlssloners to the publIc
hearing.
NOW, THEREFORE, BE rr RBSOLVED BY THE crry COUNCIL OF THE
crrY OF STILLWATER that the City Counon of the City of Stlllwater, Minnesota
does hereby approve the tax Inorement finanelng plan modification and the
oreatlon of tax Increment flnanolng dlstrlet modification 88 d8llCrlbed In said tax
lnorement ftnanolng plan and finds 1
I. That 77 percent of the parcels In the district are occupied by
bulldlnp, streets, utWUes or other Improvements and 32 percent of the bulldlngs
are strueturally substandard and an additional 31 percent of the bundl~ are found
to require substantial renovation or olearance In order to remove suoh existing
condltlOlll 881 Inadequate street layout, IncompaUble uses or land UN
relationships, overcrowding of bulldlnp on the land, excessive dweWng unit
density, obsolete buncnrws not suitable for Improvement or conversion, or other
ldenUfted hazards to health, safety and general well-being of the community; and
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2. 'nIat the propased redevelopment would not reasonably be expected
to oocur solely through private investment within the reuonably fOl'l8eable future
end, therefore, the 11I8' of tax Increment Is deemed necell8ll1'Y; end
3. 'nIat the Planninl Commlllion hu reviewed the redevelopment
proposals and the talc increment financing plan modification conforms to the
general plan for the development of the municlpalfty u a whole; and
4. '111at the redevelopment propoeaJ. involves a substantial commitment
of private investment and in conjunction with talc I.ncrements u identified in the
tall: increment financinl plan will afford maximum opportunity, consfstent with the
sound needs of the City for the redevelopment of the project by private enterprise.
Adopted by the City Council this 17th day of Decemb.., 1985.
',b1f,he" D""b,, 27. 1985 ~..,., ~.~~..;...:
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