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HomeMy WebLinkAbout8261 (Res.) . . . . r Councilmember Bodlovi ck following resolution, the reading of which unanimous consent, and moved its adoption: introduced the was dispensed with by CITY OF STILLWATER COUNTY OF WASHINGTON STATE OF MINNESOTA RESOLUTION NO. 8261 .' A RESOLUTION RELATING TO THE MODIFICATION OF THE MODIFIED DEVELOPMENT PROGRAM RELATING TO DEVELOPMENT DISTRICT NO. 1 TO REFLECT INCREASED PROJECT COSTS AND THE MODIFICATION OF THE TAX INCREMENT FINANCING PLANS RELATING TO TAX INCREMENT FINANCING DISTRICTS NOS. 1 THROUGH 5, ALL LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1. BE IT RESOLVED by the City Council (the "Council") of the City of Stillwater (the "City"), as follows: Section 1. Recitals. n 1.01. It has been proposed that the City modify the Modified Development program for Development District No. 1 to reflect increased project costs, pursuant' to and in accordance with Minnesota Statutes, Section 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 5, located within Development District No. 1 to reflect increased project costs, 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.1, defining more precisely the project costs to be undertaken within Development District No. 1 and the proposed modification' of the Tax Increment Financing Plans (the "Modified Tax Increment Financing Plans") for Tax Increment Financing Distr icts Nos. 1 through 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 Plans, including, but not limited to, a review of the proposed Modified Development Program and Modified Tax Increment Financing 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 Plans to reflect increased project costs. ,III " ' Section 2. FindinGs for the Modification of the Plans. r 2.01. The Council hereby finds, determines and declares that the modification of the Modified Development Program and the Modified Tax Increment Financing Plans 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 Plans. 2.02. The Council finds, determines and declares that the proposed development, in the opinion of the Council, would not occur solely through private investment with in the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. 2.03. Contingent upon the Planning Commission's review and approval of the Plans as being in conformance with the comprehensive plan of the City, the Council finds, determines and declares that the proposed Modified Tax Increment Financing Plans conform to the comprehensive plan of the City. 2.04. The Council finds, determines and declares that the proposed Plans 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. I by private enterprise. r 2.05. The Council determines and declares that the City made the above findings stated in this Section 2 and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. Section 3. Adootion of the Resoective Plans. 3.01. The respective Plans presented to the Council on this date, are hereby approved and adopted, contingent upon the approval of the Planning Commission, and shall be placed on file in the office of the City Administrator-Clerk. Section 4. Imolementation of the Modified Develooment PrOGram and the Modified Tax Increment FinancinG Plans. r 4.01. The officers and staff of the City 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 foregoing resolution was duly seconded by Councilmember Farrell , and upon vote being taken thereon, the following voted in favor thereof: All present. ,:~, I ,I, ,II, " , ,,1:1 and the following voted against the same. f' None. r (' Whereupon said resolution as declared duly passed and adopted, and was signed by the Mayor and attested to by the City Clerk. Dated: March 20, 1990. Attest: ~~ (SEAL) ,k)~ay~