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HomeMy WebLinkAbout8100 (Res.) . A o ("' ("' . . councilmernber Farrell resolution, the reading of which consent, and moved it? adoption: introduced the following was dispensed with by unanimous CITY OF STILLWATER COUNTY OF WASHINGTON STATE OF MINNESOTA RESOLUTION NO. 8100 A RESOLUTION RELATING TO THE MODIFICATION OF THE MODIFIED DEVELOPMENT PROGRAM RELATING TO DEVELOPMENT DISTRICT NO. I, THE MODIFICATION OF THE TAX INCREMENT FINANCING PLANS RELATING TO TAX INCREMENT FINANCING DISTRICTS NOS. 1 THROUGH 4, AND THE PROPOSED ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 5 AND THE ADOPTION OF THE TAX INCREMENT FINANCING PLAN RELATING THERETO, ALL LOCATED WITLIN DEVELOPMENT DISTRICT NO. 1. BE IT RESOLVED that the City Council (the "Council") of the City of Stillwater (the 'city"), as follows: section 1. Recitals. 1.01. It has been proposed that the City modify the Modified. Development Program for Development District No. 1 to reflect an enlargement of the project area and increased project costs, pursuant to and in accordance with Minnesota Statutes, Sections 469.124 to 469.134, inclusive. It has been further proposed that the City modify the Tax Increment Financing Plans for Tax Increment Financing District Nos. 1 through 4, located within Development District No. 1 to reflect increased project costs, and establish Tax Increment Financing District No. 5 and adopt the Tax Increment Financing Plan relating thereto, pursuant to and in accordance with Minnesota Statutes, sections 469.174 to 469.179, inclusive. 1.02. The Council has caused to be prepared, and has investigated the facts with respect thereto, a proposed modification of the Modified Development Program (the "Modified Development Program'") for Development District No. I, defining more precisely the geographic area to be included and project costs to be undertaken wi thin Development District No.1: the proposed modification of the Tax Increment Financing Plans (the '"Modified Tax Increment Financing Plans") for Tax Increment Financing Districts Nos. 1 through 4 and the proposed Tax Increment Financing Plan (the "Tax Increment Financing Plan") for proposed Tax Increment Financing District No. 5 (collectively referred to as the "Plans"). 1.03. The City has performed all actions required by law to be performed prior to the modification and the adoption of the (' ("' r ..~ . 0' Plans, including, but not limited to, a review of the proposed Plans by the Planning commission and the holding of a public hearing upon published and mailed notice as required by law. 1.04. The Council hereby determines that it is necessary and in the best interest of the City at this time to modify the Modified Development Program and the Modified Tax Increment Financing Plans to reflect increased project costs and an enlargement of the project area and to establish Tax Increment Financing District No. 5 and adopt the Tax Increment Financing Plan relating thereto. Section 2. Findinqs for the Modification of Development District No. 1 and the Establishment of proposed Tax Increment Financinq District No. 5 located therein. 2.01. The Council hereby finds, determines and declares that the modification by enlargement of the geographic project area and increased project costs of Development District No. 1 is intended and, in the judgment of this Council,. its effect will be, to further provide an impetus for commercial, industrial and housing development, increase employment and otherwise promote certain public purposes and accomplish certain obj ectives as specified in the MOdified Development Program. 2.02. The Council hereby finds, determines and declares that the establishment of proposed Tax Increment Financing District No. 5 located within Development District No. 1 is intended and, in the judgment of this Council, its effect will be, to further provide an impetus for commercial and industrial development, increase employment and otherwise promote certain pUblic purposes and accomplish certain objectives as specified in the Tax Increment Financing Plan. 2.03. The Council finds, determines and declares that the proposed development,.housing, and redevelopment, in the opinion of the Council, would not occur solely through private investment within the reasonably forseeable future and, therfore, the use of tax increment financing is deemed necessary. 2.04. The the proposed Tax Financing District the City. Council finds, determines and declares that Increment Financing Plan for Tax Increment No. 5 conforms to the comprehensive plan of 2.05. The Council finds, determines and declares that the proposed Tax Increment Financing Plan for Tax Increment Financing District No. 5 will afford maximum opportunity, be consistent with the sound needs of the City as a whole, for the development or redevelopment of Development District No. 1 by private enterprise. 2.06. The Council hereby finds, determines and declares that the Tax Increment Financing District No. 5 is an economic development type of tax increment financing district and that the City finds it to be in the public interest because: (a) .it will discourage commerce, industry, or manufacturing from moving their ..... i . ." ". r employment in the municipality; or (c) it will result in preservation and enhancement of the tax base of the municipality. 2.07. The. .council determines and declares that Development District No. 1 is hereby modified and that Tax Increment Financing District No. 5 is hereby established. 2.08. The Council further finds, declares and determines that the City made the above findings stated in Section 2 and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. Section 3. Adoption of the Plans. are the 3.01. hereby office The Plans presented to the approved and adopted and shall of the City Clerk. council on this date, be placed on file in r section 4. Implementation of the Modified Development Proqram, the Modified Tax Increment Financinq Plans and the Tax Increment Financinq Plan. 4.01. The officers of the City, the city's financial advisor, underwriter and the City's legal counsel and bond counsel are authorized and directed to proceed with the implementation of the respective Plans and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. The motion for the adoption of the duly seconded by Councilmember Opheim being taken thereon, the following voted foregoing resolution was , and upon vote in favor thereof: A 11 present. and the following voted against the same: None Whereupn said resolutoin was declared duly passed and adopted, and was signed by the Mayor and attested to by the City Clerk. Dated: June 20, 1989. iJa'f Ok~ Mayor ("' Attest: nu, ~~