14-039 - 05-20 - Golden Hill TIF District Resolution 14-39 May 20, 2014
Member Fonnest introduced the following resolution and moved its adoption:
RESOLUTION AMENDING THE GOLDEN HILLS TAX INCREMENT
FINANCING DISTRICT TO DISCONTINUE THE COLLECTION OF
INCREMENT GENERATED FROM ALL PARCELS
WHEREAS, by adoption of a resolution on January 1985, the City Council of the
City of Golden Valley Minnesota (the "City") has heretofore created the Golden Hills Tax
Increment Financing District (the "District"), located within Golden Hills Development
District No. 1503, and has approved a Tax Increment Financing Plan (the "TIF Plan"), [as
amended], for the District to provide assistance to the project area; and
WHEREAS, the County Auditor of Hennepin County (the "County") has certified the
original net tax capacity and the original local tax rate of the District pursuant to the
provisions of Minnesota Statutes, Section 469.177; and
WHEREAS, by adoption of Resolution 03-56 on November 18, 2003, the City
Council of the City extended the term of the District through the enactment of special
legislation described in Section 8; Article 10 of Chapter 21 in the 2003 Session Law (the
"special legislation"); and
WHEREAS, the special legislation authorized the duration extension of tax
increment generated by the Golden Hills parcels through tax payable year 2014 to pay or
defease bonds issued to fund public redevelopment costs within the redevelopment project
or bonds issued to refund the bonds; and
WHEREAS, the City refinanced three tax increment revenue bonds; two in 2005
and one in 2006 to refund the bonds issued to fund public redevelopment costs within the
redevelopment project from the 19976, 1997C and 1999D issues; and
WHEREAS, as of the date hereof, the City projects increment revenue received
through the end of the 2014 calendar year to be sufficient to pay in full all the principal and
interest due on the district bonds issued in 2015; which last payment will be February,
2015; and
WHEREAS, in order to comply with the special legislation enacted in 2003, the City
desires to discontinue the collection of increment generated from County Project Number
1503 (Golden Hills);
Resolution 14-39 - Continued May 20, 2014
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden
Valley, Minnesota, as follows (i) the City directs the County to discontinue sending
increment generated from County Project Number 1503 to the City after December 31,
2014; or with last tax payments made in January, 2013 for taxes payable in 2014 (ii) the
Clerk-Administrator shall provide a certified copy of this resolution to the County Auditor of
Hennepin County as notification of the City's compliance with the special legislation.
She and M. Harris, ayor
ATTEST:
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Kristine A. Luedke, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Clausen and
upon a vote being taken thereon, the following voted in favor thereof: Clausen, Fonnest,
Schmidgall and Snope and the following voted against the same: none, whereupon said
resolution was declared duly passed and adopted, signed by the Mayor and his signature
attested by the City Clerk.