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03-56 - 11-18 - Call for PH for Extension of Golden Hills TIF Resolution 03-56 November 18, 2003 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION CALLING FOR A PUBLIC HEARING ON THE APPROVAL OF A DURATION EXTENSION FOR THE GOLDEN HILLS TAX INCREMENT FINANCING DISTRICT TO OFFSET A DEFICIT THEREIN BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF GOLDEN VALLEY, MINNESOTA BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota (the "City"), as follows: 1. Approval of the Housing and Redevelopment Authority's Duration Extension for the Golden Hills Tax Increment Financing District. The Housing and Redevelopment Authority (the "Authority") of the City created the Golden Hills Tax Increment Financing District (the "Golden Hills TIF District") by submitting a request for certification to Hennepin County on June 25, 1985. There are currently a number of outstanding general obligation bond issues which are secured by the tax increment revenues from the Golden Hills TIF District. The property tax class rates changes and the 2001 elimination of the state- determined general education property tax levy resulted in reductions in the tax increment revenues generated by the Golden Hills TIF District, and ultimately, a deficit therein. In order to provide a mechanism to address these types of deficit situations, the 2003 Minnesota Legislature enacted a law, Minnesota Statutes 469.1794 (Laws 2003, First Special Session, Chapter 21, Article 10, Section 8) (the "Act"), that provides that tax increment financing authorities may, by resolution, extend the duration of certain TIF Districts in order to offset deficits therein subject to prior approval of such duration extension by the municipality after public notice and hearing. The Golden Hills TIF District meets the requirements set forth in the Act. The Authority adopted a resolution extending the duration of the Golden Hills TIF District on November 11, 2003, subject to the City Council's approval of the duration extension and effective thereafter. Accordingly, it has been proposed that the City Council hold a public hearing, on December 2, 2003, in order to approve the Authority's duration extension for the Golden Hills TIF District as required by the Act. 2. Public Hearing. A public hearing is hereby scheduled to be held on the approval of the Authority's duration extension for the Golden Hills TIF District to offset a deficit therein at 7:00 p.m. on Tuesday, December 2, 2003, at the Golden Valley City Hall, 7800 Golden Valley Road, Golden Valley, Minnesota. The City Clerk is hereby authorized and directed to cause notice of such public hearing in substantially the form of Exhibit A attached hereto to be published in the official newspaper of the City not less than ten (10) days nor more than thirty (30) days prior to the date of the hearing. L7�ryi?�6d Linda R. Loomis, Mayor ATTEST: Resolution 03-56 - Continued November 18, 2003 Donald G. Taylor, Jerk 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: Grayson, Johnson, LeSuer, Loomis and Tremere; 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. Resolution 03-56 - Continued November 18, 2003 EXHIBIT A NOTICE OF PUBLIC HEARING ON THE APPROVAL OF A DURATION EXTENSION FOR THE GOLDEN HILLS TAX INCREMENT FINANCING DISTRICT TO OFFSET A DEFICIT THEREIN BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF GOLDEN VALLEY, MINNESOTA Notice is hereby given that the City Council of City of Golden Valley, Minnesota, will meet at 7:00 p.m. on Tuesday, December 2, 2003, at the Golden Valley City Hall, 7800 Golden Valley Road, Golden Valley, Minnesota, to conduct a public hearing on the approval of a duration extension for the Golden Hills Tax Increment Financing District (the "District") to offset a deficit therein by the Housing and Redevelopment Authority of the City of Golden Valley, Minnesota pursuant to Minnesota Statutes, Section 469.1794 (Laws 2003, First Special Session, Chapter 21, Article 10, Section 8). The proposed duration extension would extend the maximum duration of the District from December 31, 2011 to December 31, 2014. Copies of the resolution are on file at City Hall and may be inspected during normal business hours. All interested parties are invited to attend the public hearing or to provide written comments to the undersigned, which written comments will be considered at the hearing. A map of the Golden Hills TIF District is set forth below. Questions regarding this matter may be referred to the City Clerk at 763-593-8012. BY ORDER OF THE CITY COUNCIL Donald G. Taylor, City Clerk.