Loading...
86-041 RES . . . THE CITY COUNCIL FOR THE CITY OF ELK RIVER, MINNESOTA RESOLUTION NO. 86-41 A RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.3, ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO.3, AND DIRECTING CITY STAFF TO IMPLEMENT TAX INCREMENT FINANCING DISTRICT NO.3. The City Council for the City of Elk River (the City) acting pursuant to its authority under the Minnesota Tax Increment Financing Act (Minnesota Statutes, sections 273.71- 273.77) hereby finds, determines, and resolves as follows: FINDINGS 1. That Development District No.1 was designated as a municipal development district pursuant to Minnesota Statutes, Chapter 472A and that the Development Program for Development District No. 1 was approved by resolution of the City Council for the City of Elk River dated April 1, 1985, and amended by resolution of the City Council of the City of Elk River dated January 27, 1986. 2. That the Tax Increment Financing Plan for Tax Increment Financing District No. 1 was approved and that Tax Increment Financing District No. 1 was established pursuant to Minnesota Statutes, Sections 273.71-273.78 by resolution of the City Council of the City of Elk River dated April 1, 1985, and amended by resolution of the City Council of the City of Elk River dated January 27, 1986. 3. That Development District No. 1 and Tax Increment Financing District No. 1 have been implemented, Tax Increment Financing Bonds have been sold and construction of required water service facilities has begun, all pursuant to the Development Program for Development District No.1, as amended, the Tax Increment Financing Plan for Tax Increment Financing District No.1, as amended, and relevant Minnesota statutes. 4. That the Development Program and the Tax Increment Financing Plan for Tax Increment Financing District No. 1 anticipate and provide for the adoption of additional Tax Increment Financing Plans and establishment of additional Tax Increment Financing Districts to assist in the financing of the required water service facilities as new development attracted by construction of the required water facilities occurs. 5. That reimplementation of Development District No. 1 and Tax Increment Financing District No. 1 and construction of the required water service facilities has attracted new commercial and industrial development to the Development District. . 6. That there is a demand within the City for further business and industrial development. 7. That additional business and industrial development in many areas of the city designated for business and industrial use is not possible absent the installation of certain public improvements in addition to the water service facilities. 8. That the high cost of constructing the required additional public improvements and facilities cannot be met, and additional business and industrial development is therefore not possible, without public intervention. 9. That it is therefore necessary, desirable, and in the public interest to designate, establish, develop, and administer an additional economic development Tax Increment Financing District in the City pursuant to the Minnesota Tax Increment Financing Act. . 10. That the purpose of the Tax Increment Financing District will be to assist in the financing of the water service improvements and facilities constructed in the Development District and to provide a means for financing additional public improvements if the City is to attract additional business and industrial development and increase employment opportunities in those areas of the City designated for these uses. 11. That a proposed Tax Increment Financing Plan (TIF Plan) has been prepared by City staff and consultants which proposes designating a portion of the Elk River Plaza PUD as an economic development Tax Increment Financing District to be known as Tax Increment Financing District No. 3 (TIF District No.3). 12. That TIF District No.3 is an economic development Tax Increment District pursuant to Minnesota Statutes, Section 273.73, subdivision 12. (a) TIF District No.3 is located wholly within the City's Development District No.1. (b) Development District No. 1 has been duly created and the Development Program for Development District No. 1 duly adopted by the City Council pursuant to the provisions of Minnesota Statutes, Chapter 472A. . (c) The creation of Development District No. 1 and TIF District No. 3 is in the public interest because: 2. . (i) It will discourage commerce, industry, and manufacturing from moving their operations to another state; (ii) It will result in increased employment in the City; (iii) It will result in preservation and enhancement of the tax base of the City. 13. That the proposed development within TIF District No. 3 and further development of certain areas within Development District No.1, in the opinion of the City Council, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and therefore the use of tax increment financing is necessary. 14. That creation of TIF District No.3 and capture of the tax increment generated by development in the district is the only available means of financing the water system improvements and facilities and the other public improvements necessary to allow business and industrial development to occur within certain areas of Development District No.1. . 15. That the TIF Plan for TIF District No. 3 is consistent with and conforms to the comprehensive plan for the development of the City as a whole and to the City's adopted land use plan. 16. That the Planning Commission for the City of Elk River has been consulted with respect to the TIF Plan and that the TIF Plan conforms to the City's comprehensive and land use plans. That the TIF Plan does not conflict with any other known private proposals or other public projects. 17. That the TIF Plan will afford maximum opportunity, consistent with the sound needs of the city as a whole, for development by private enterprise. 18. That the TIF Plan adequately and accurately sets forth the goals, objectives, and other details regarding TIF District No.3. . 19. That the TIF Plan has been transmitted by the City to the Sherburne County Board of Commissioners and to the School Board for Independent School District No. 728. 20. That the City has presented to the County Board and the School Board the City's estimate of the fiscal and economic implications of TIF District No. 3 and has offered to meet with the Sherburne County Board of Commissioners and the School Board. 3. . . . 21. That notice of a public hearing on the TIF Plan and on establishment of TIF District No. 3 has been published in the official newspaper of the City, as required by Minnesota Statutes, Section 273.74, subdivision 3. 22. That a public hearing on the TIF Plan and on establishment of TIF District No. 3 was held before the City Council on July 21, 1986, and that an opportunity to be heard was granted at that time to all residents of th~ City and all other interested persons. RESOLVED A. That the City Council of the City of Elk River hereby adopts each and everyone of the findings set forth above. B. That the City Council of the City of Elk River hereby approves and adopts the Tax Increment Financing Plan for Tax Increment Financing District No.3. C. That the City Council of the City of Elk River hereby establishes that area of the City designated in the TIF Plan for TIF District No. 3 as TIF District No.3. D. That the City Council of the City of Elk River hereby directs its staff and consultants to proceed to take the steps necessary to implement TIF District No.3, including the filing of the TIF Plan and this Resolution with the Minnesota Commissioner of "Energy, Planning, and Development and the Sherburne County Auditor, and requesting the Sherburne County Auditor to certify the original assessed value of the property within TIF District No.3. PKB:AJO 4 . . . . The foregoing resolution was introduced by Councilmember Gllnkp-l and duly seconded by Councilmember Engstrom The following voted in favor of the resolution: Councilmembers Gunkel, Engstrom, Williams, and Schuldt The following voted against: None The following were absent: None Whereupon the resolution was adopted July 21, 1986. ~).. /! ~; -J/ . J> ~k~-/~~~~" c=~/?d;~-C~~ R~chard Hinkle, Mayor ATTEST: ~~ Z? r~ Patrick Klaers, City Administrator