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Home My WebLink About8162 (Res.) :11, ~ J L . I;J;., p' -- r Councilmember Opheim resolution, the reading of which consent, and moved its adoption: introduced the following was dispensed with by unanimous CITY OF STILLWATER COUNTY OF WASHINGTON STATE OF MINNESOTA RESOLUTION NO. 8162 A RESOLUTION RELATING TO THE MODIFICATION OF THE MODIFIED DEVELOPMENT PROGRAM RELATING TO DEVELOPMENT DISTRICT NO. 1 AND THE MODIFICATION OF THE TAX INCREMENT FINANCING PLAN RELATING TO TAX INCREMENT FINANCING DISTRICT NOS. l, LOCATED WITHIN 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. r 1. 01. It has been proposed that the City modify the Modified Development Program for Development District No. 1 to further identify parcels to be or may be acquired within the project area, pursuant to and in accordance with Minnesota Statutes, Sections 469.l24 to 469.l34, inclusive. It has been' further proposed that the City modify the Tax Increment Financing Plan for Tax Increment Financing District No.1, located within Development District No. 1 to reflect an enlargement of Tax Increment Financing District No. l, pursuant to and in accordance with Minnesota Statutes, Sections 469.l74 to 469.l79, 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 Distr ict No. 1 and the proposed Modified Tax Increment Financing Plan (the "Modified Tax Increment Financing Plan") for Tax Increment Financing District No. 1 (collectively referred to as the "Plans"). l.03. The City has performed all actions required by law to be performed prior to the modification and the adoption of the Plan, including, but not limited to, a review of the proposed Plan by the Planning Commission and the holding of a public hearing upon published and mailed notice as required by law. r l.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 Plan to identify parcels which mayor are to be acquired and to reflect an enlargmeent of Tax Increment Financing District No. 1. -l- :.. II J 1:1.:." " Section District No. therein. 2. Findinqs for the Modification of Development 1 and Increment Financinq District No. 1 located 2.0l. The Council hereby finds, determines and declares that the modification of the Modified Development Program to identify parcels which mayor are to be acquired 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, industrial and housing development, increase employment and otherwise promote certain public purposes and accomplish certain objectives as specified in the Modified Development Program. 2.02. The Council hereby finds, determines and declares that the enlargement of Tax Increment Financing District No. 1 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 industr ial development, increase employment and otherwise promote certain public purposes and accomplish certain objectives as specified in the Tax Increment Financing Plan. r 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 foreseeable future and, therefore, the use of tax increment financing is. deemed necessary. 2.04. The Council finds, determines and declares that the proposed Modified Tax Increment Financing Plan for Tax Increment Financing District No. 1 conforms to the comprehensive plan of the City. 2.05. The Council finds, determines and declares that the proposed Modified Tax Increment Financing Plan for Tax Increment Financing District No. 1 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 determines and declares that Tax Increment Financing District No. 1 is hereby modified. 2.07. 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. r 3.01. The Plans presented to the Council on this date, are hereby approved and adopted and shall be placed on file in the office of the City Clerk. r r r '- .!ll., Ii u I ;1 I ,~'" Section 4. Imolementation of the Modified Develooment Prooram and the Modified Tax Increment Financino 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 Farrell being taken thereon, the following voted foregoing resolution was , and upon vote in favor thereof: All present. and the following voted against the same: None Whereupon said resolution was declared duly passed and adopted, and was signed by the Mayor and attested to by the City Clerk. Dated: September 19, 1989. d4~~ Attest: ~~~ (SEAL)