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HomeMy WebLinkAbout8281 (Res.) r Councilmember Kimble 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. 8281 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 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. r 1 .01 . It has been proposed that the City modify the Modified Development Program for Development District No. 1 to reflect an increase in the Bonded Indebtedness to be incurred and to increase the total estimated expenditures to be made within Development District No.1, 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 Districts Nos. 1 through 5, located within Development District No. 1 to reflect an increase in the Bonded Indebtedness to be incurred and to increase the total estimated expenditures to be made within Development District No.1, 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 increase in Bonded Indebtedness to be incurred and an increase in the total estimated expenditures to be made 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 Districts Nos. 1 through 5 (collectively referred to as the "Plans"). r 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, providing notice and information to the Washington County Board of Commissioners and the School Board of Independent School District 834 and the holding of a public hearing upon published and mailed notice as required by law. :1:lL 1 ~ I I I" , I ,~.. " ~ 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 as herein set forth. Section 2. Findinqs for the Modification of the Plana. 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 implementation of the Downtown Plan, 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. 2.03. The Council finds, determines and declares that the proposed Modified Tax Increment Financing Plans conform to the comprehensive plan of the City. r 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. 1 by private enterprise. 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. Adoption of the Respective Plans. 3.01. The respective 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 Administrator-Clerk. Section 4. Implementation of the Modified Development Proqram and the Modified Tax Increment Financinq Plans. 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. r r r r 11:11.., I . , . The motion for the adoption duly seconded by Councilmember upon vote being taken thereon, thereof: of the foregoing resolution was Bodlovick , and the following voted in favor All Present. and the following voted against the same. None Whereupon, said Resolution is declared duly passed and adopted, and was signed by the Mayor and attested to by the City Clerk. Dated this ~Ot;Lday of ~Jt " f ' , 1990. ' ~~ra~ Attest: ~~n~ r' r r EXHIBIT A TO RESOLUTION NO. 828I The reasons and facts supporting the findings for the modification of the Tax Increment Financing plans for Tax Increment Financing Districts Nos. 1 through 5 (collectively referred to as the "Plans"), as required pursuant to Minnesota statutes, Section 469.175, Subdivision 3, are as follows: 1. Finding that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonable foreseeable future and, therefore, the use of tax increment financing is deemed necessary. Implementation of the Downtown Plan is absolutely necessary to the well being of the city of Stillwater; however, the expenses of implementation make it impossible without the use of tax increment funds. It is estimated that the City could sustain assessments for these local improvements to the extent of 10% of the cos t. 2. Finding that the Plans conform to the general plan for the development or redevelopment of the municipality as a whole. The Downtown Plan as adopted by the Council on March 15, 1990, and the various resolutions and findings made in support of the Downtown Plan are adopted by reference. 3. Finding that the Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of Development District No. 1 by private enterprise. If the Downtown Plan is implemented, private business and investment in the Downtown Area will flourish.