HomeMy WebLinkAbout7583 (Res.)
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RESOLUTION NO. 7583
PLAN "A"
A RESOLUTION ESTABLlSIDNG A TAX INCREMENT
PINANCING REDEVELOPMENT DISTRICT (DISTRICT
'4) PURSUANT TO MINNESOTA STATUTES
SECTIONS 213.71 to 213.18 INCLUSIVE, ANn
ADOPTING A PINANCE PLAN POR SAID TAX
INCREMENT PINANCING DJSTRlCT.
WHEREAS, the City CounC!lI of the City of Stillwater, Minnesota has
determined that It Is necessary to .t..bllsh a tax Increment flnanC!lng district
pursuant to Minnesota Statuteslt Sections 213.71 to 213.18 inchsive, within the
Development District 11 Mod lcation 12 created and modified pursuant to
Minnesota Statutes. Section 412A.13lncllBive; and
WHEREAS, the City Council of the City of Stillwater, Minnesota, In
determining the need for a tax Increment flnanC!lng district In accordance with
Minnesota Statutes. Sections 213.71-273.18 inclusive, finds that the district to be
established Is a redevelopment district pursuant to Minnesota Statutes, Section
213.13, Subdivision IO(a)(3). Less than 51 percent of the parcels In the district are
occupied by buildings, streets, utilities or other Improvements, but due to unusual
terrain or soil detiC!lenC!les requiring sullstanti81 filling, grading or other physical
prep&ratlon for use at leut 80 percent of the tot81 acreage of such land has a fair
market v81ue upon Inclusion In the redevelopment district which, when added to the
estimated cost of prep&rlng that land for development, excluding costs directly
related to roads as defined in Hctlon 160.01 and local Improvements as described
in section 429.021, subdivision 1, clallle 1 to 1, 11, and 12, and section 420.01, If
any, exceeds Its antlC!lpated fair market v81ue after completion of said preparation.
WHEREAS, the City Planning Commission has been consulted with regard to
the proposed tax Increment financing plan and has been given the opportunity to
review and comment upon said tax Increment flnanC!lng 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 .834 and the Board of
Commissioners of Washington County of the fiscal and economic Implications of
the proposed tax Increment flnanC!lng district t4 and invited said School Board
members and County Commissioners to the public hearing.
NOW, THEREPORE, BE rr RESOLVED BY THE CrrY COUNCIL OP THE
CrrY OP STILLWATER Uw.t the City Council of the City of Stillwater, Minnesota
does hereby approve the tax increment financing plan and the creation of tax
Increment flnanC!lng district 114 as described In said tax Increment financing plan
and finds as per Section E and Section Z of the tax Increment plan:
1. The City CounC!lI of the City of Stillwater, Minnesota, In
determining the need for a tax Increment financing district In accordance with
Minnesota Statutes. Sections 213.71-213.18 Inclusive, finds that the district to be
established Is a redevelopment district pursuant to Minnesota Statutes, Section
213.13, Subdivision IO(a)(3). Less than 51 percent of the p&rcels in the district are
occupied by buildings. streets, utilities or other Improvements, but due to unusual
terrain or soil deflC!lenC!les requiring sullstantl81 filling, grading or other physical
preparation for use at least 80 percent of the tot81 acreage of such land hIS a fair
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market value upon incllllion in the redevelopment district which, when added to the
estimated COlt 01 preparing that land lor development, excluding costs directly
related to roadll as delined in section 160.01 and local improvements as described
in section 429.021, subdivision 1, clause 1 to 7, 11, and 12, and section 420.01, if
any, exceedllits anticipated fair market value after completion of said preparation;
and
2. TI1at 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 fOl'8eeable luture and, therefore, the use of tax
Increment Is deemed ne_ary since the developer (Robert Scott) could not
construct the commercial improvements without the provision 01 certain public
improvements, land acquisition and son corrections and without the l18e of tax
increments to assist with the Ilnenclng of the public improvements, land
acquisition atId son correction the developer would not construct this development
in the City; and
3. TI1at the Planning Commission has reviewed the redevelopment
proposal and the tax increment linancing plan conforms to the general plan for the
development 01 the City as a whole a it will result in the new co~truction of a
hotel, major retaU and mill facUlty and commercial buUdlngs.'
4. TI1at the redevelopment proposal involves a substantial commitment
of private investment and in conjlDlction with tax increments a identified In the
tax increment financing plan will aflord maximum opportunity, consistent with the
solDld needll of the City for the redevelopment of the project by private enterprise.
5. TI1at the tax Increment financing plan is approved subject to the
condition that en agreement or agreements be executed that provide for the
development of at leat 5096 of the acreage having the unusual soU and terrain
deficiency, which agreement provideS lor recourse for the city should the
development not be completed; this agreement to satisfy and be in conformity with
any requirements of MiMesota Statutes, Section 273.73, Subdivision 10(a),
paragraph (3) and MiMesota Statutes, section 273.75, Subdlvlsion 5 or any other
applicable statutes.
Adopted this 1st day of April, 1988.
Publish: April 11, 1986
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" Mayor
A'M'EST
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City Clerk
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