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89-027 - 04-04 Establish Financing District No 2 North Wirth ParkwayResolution 89-27 April 4, 1989 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 2 LOCATED WITHIN THE NORTH WIRTH PARKWAY REDEVELOPMENT DISTRICT; AND APPROVING AND ACCEPTING THE TAX INCREMENT FINANCING PLAN RELATING THERETO WHEREAS, the Housing and Redevelopment Authority of the City of Golden Valley, Minnesota (the "Authority") and the City of Golden Valley, Minnesota (the "City") have previously established the North Wirth Parkway Redevelopment District (the "Project") in the City and have adopted and approved a Redevelopment Plan with respect thereto; and WHEREAS, the Authority has proposed to establish Tax Increment Financing District No. 2 (the "Tax Increment District") within the Project and has caused to be prepared and submitted to the City Council a Tax Increment Financing Plan (the "Financing Plan"), pursuant to Minnesota Statutes, Sections 469.174 to 469.179, inclusive; and WHEREAS, the City has provided an opportunity for the members of the County Board of Commissioners of Hennepin County and the members of the school board of the school district in which the Tax Increment District is located to meet with the City; and WHEREAS, the City has presented to the members of the County Board of Commissioners of Hennepin County and the members of the school board of the school district in which the Tax Increment District is located the City's estimate of the fiscal and economic implications of the establishment of the Tax Increment District 30 days prior to the April 4, 1989, public hearing and the members of the County Board and school board were granted the opportunity to present their comments at the public hearing held on the date hereof; and WHEREAS, the City Council on the date hereof held a public hearing regarding the establishment of the Tax Increment District and approval and adoption of the Financing Plan for which hearing notice was published in a newspaper of general circulation in the City not less than 10 or more than 30 days prior to the date hereof; and WHEREAS, the City has performed all actions required by law to be performed prior to the establishment of the Tax Increment District and the approval and adoption of the Financing Plan; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Golden Valley, Minnesota, as follows: 1. On the basis of the information presented to the Council at meetings regarding the establishment of the Tax Increment District and creation of the Financing Plan, and at the public hearing, the Council hereby finds and determines: (a) The establishment of the Tax Increment District within the Project and the adoption of the Financing Plan are in the public interest and to the benefit of the health, safety and welfare of the City. Resolution 89-27 - Continued April 4, 1989 (b) The Tax Increment District is a redevelopment district as defined in Minnesota Statutes, Section 469.174, Subd. 10. It has been determined that 9 of the parcels in the Tax Increment District (100) percent are occupied by buildings, streets, utilities or other improvements. The 4 buildings within the Tax Increment District have been investigated by consultants and the Inspector. Two (50%) of the 4 buildings are deteriorated and structurally substandard and the other two (50%) have been found to require substantial renovation or clearance in order to remove such existing conditions as: non -conforming uses, failure to meet present building code requirements, inadequate parking and setbacks and obsolete buildings. Thus, the Tax Increment District meets the statutory requirements of a redevelopment tax increment financing district. The parcels that have been used to establish eligibility as a redevelopment tax increment financing district are listed in Exhibit D to the Financing Plan, which is incorporated herein by reference. (c) The rental housing development proposed to be assisted as described in the Financing Plan would not, in the opinion of the City, reasonably be expected to occur within the reasonably foreseeable future through private investment, since, as explained in Exhibit B of the Financing Plan, the estimated acquisition cost of the property far exceeds the amount which could economically be paid by an apartment developer, and therefore, the use of tax increment financing for acquisition assistance is deemed necessary. (d) The Financing Plan conforms to the general plan for the development of the City as a whole. (e) The Financing Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Project by private enterprise. The proposed development will be undertaken by private enterprise and will provide up to 600 apartment units of various sizes. 2. The Financing Plan which establishes the Tax Increment District is approved and adopted by the City in substantially the form on file the City on this date. 3. The City Manager is authorized and directed to take all action on of the City, subject to such approval of this Council as is required by to cooperate with the Authority in the implementation of the Financing Plan. Mary "�7A nderson, Mayor ATTEST: Resolution 89-27 - Continued April 4, 1989 The motion for the adoption of the foregoing resolution was seconded by Member Bakken and upon a vote being taken thereon, the following voted in favor thereof: Anderson, Bakken, Johnson, Stockman and Thompson; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the Deputy City Clerk.