01-16 - 04-03 - Approve Tax Increment Golden Hills Financing District Resolution 01-16 April 3, 2001
Member Johnson introduced the following resolution and moved its adoption:
RESOLUTION APPROVING AMENDMENT OF TAX INCREMENT FINANCING PLAN
FOR THE GOLDEN HILLS TAX INCREMENT FINANCING DISTRICT LOCATED
WITHIN THE GOLDEN HILLS REDEVELOPMENT AREA
WHEREAS, the Housing and Redevelopment Authority in and for the City of Golden
Valley (the "HRA") has prepared an update to the existing tax increment financing plan
(herein, the "Existing TIF Plan") for the Golden Hills Tax Increment Financing District (the
"TIF District") entitled "Amendment No. 3 to the Tax Increment Financing Plan for Tax
Increment Financing (Redevelopment) District No. 1503 (Golden Hills Project)" (herein,
"Amendment No. 3"), which updates certain activities to be undertaken within the Golden
Hill Redevelopment Project Area and the budget for the TIF District, and has submitted
said Amendment No. 3 to the City Council for review and approval; and
WHEREAS, a draft of Amendment No. 3 has been submitted to the County Board of
Commissioners and the school board of the local school district not less than 30 days prior
to the date hereof;
WHEREAS, the City Council, on the date hereof, held a public hearing regarding
approval of Amendment No. 3 upon published notice as required by law; and
WHEREAS, the City has performed all actions required by law to be performed prior
to the consideration of Amendment No. 3.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley, Minnesota, as follows:
1. The Council hereby makes the following findings:
a) The TIF District qualifies as a redevelopment district pursuant to Minnesota
Statutes, Section 469.174, Subdivision 10, for the reasons set forth in the Existing
TIF Plan and the resolution adopted by the Council on October 16, 1984 approving
the creation of the TIF District, and the boundaries of the TIF District are not being
altered by Amendment No. 3.
b) The additional activities in the Project Area to be assisted pursuant to
Amendment No. 3 include land acquisition, clearance and relocation, and the
installation of public improvements to aid in the redevelopment of the property by
private enterprise. Past experience with respect to the redevelopment of property
within the Project Area indicates that private developers will require assistance to
develop such property for retail, office and commercial uses at a cost competitive
with undeveloped land or with other land not requiring clearance and updated
infrastructure; consequently, the proposed redevelopment of the property to be
acquired and/or assisted, in the opinion of the City, would not reasonably be
expected to occur solely through private investment within the reasonably
foreseeable future.
Resolution 01-16 - Continued April 3, 2001
C) Amendment No. 3 will afford maximum opportunity, consistent with the sound
needs of the City as a whole, for the development and redevelopment by private
enterprise of the property proposed to be acquired and/or assisted, as Amendment
No. 3 will continue to enable the HRA and City to provide suitable sites for
redevelopment in the Project Area and the HRA and City will continue to require that
such development and redevelopment be undertaken primarily by private enterprise.
d) Amendment No. 3 conforms to the general plan for the development and
redevelopment of the City as a whole and any specific redevelopment activities to
be undertaken pursuant to Amendment No. 3 will approved by the Planning
Commission.
2. Amendment No. 3 is hereby approved and adopted by the City in
substantially the form on file with the City on this date.
3. Except as amended by Amendment No. 3, the Existing TIF Plan, and the
related resolutions adopting and approving the Existing TIF Plan, and the findings originally
contained therein, are hereby confirmed as if set forth in full in this resolution.
4. The City Manager is authorized to take all necessary action on behalf of the
City, subject to such approval of the Council as is required by law, to implement the
Existing TIF Plan, as amended by Amendment No. 3.
5. The City Manager is also authorized and directed to file a copy of
Amendment No. 3 with the Commissioner of Revenue.
Mary E. 04,nderson, Mayor
ATTEST:
Shirley J. Icon,\City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member LeSuer
and upon a vote being taken thereon, the following voted in favor thereof: Anderson,
Bakken, Johnson, LeSuer and Micks; 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 City Clerk.