Loading...
15-72 - 09-01 - Cornerstone Creek Redevelopment and TIF Resolution 15-72 September 1, 2015 Council Member Snope introduced the following resolution and moved its adoption: RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR HIGHWAY 55 WEST-REDEVELOPMENT PROJECT AREA; AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT (HOUSING), CORNERSTONE CREEK, WITHIN HIGHWAY 55 WEST REDEVELOPMENT PROJECT AREA AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR. Be It Resolved, the City Council (the "Council") of the City of Golden Valley, Minnesota (the "City"), as follows: Section 1. Recitals 1.01 The City and its Housing and Redevelopment Authority (the "Authority") have previously adopted a redevelopment plan (the "Project Plan") and redevelopment project under Minnesota Statutes, Sections 469.001 to 469.047, designated as the Highway 55 West Redevelopment Project Area (the "Project Area"). It has been proposed by the Authority that the City adopt a Modification to the Project Plan for Highway 55 West Redevelopment Project Area (the "Project Plan Modification") and establish Tax Increment Financing District (Housing), Cornerstone Creek, within Highway 55 West Redevelopment Project Area (the "District") and adopt a TIF Plan (the "TIF Plan") therefor (the Project Plan Modification and the TIF Plan are referred to collectively herein as the "Plans"); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.1794, all inclusive, as amended (the "Act"), all as reflected in the Plans, and presented for the Council's consideration. 1.02. The Authority and the City have investigated the facts relating to the Plans and have caused the Plans to be prepared. 1.03. The Authority and the City have performed all actions required by law to be performed prior to the establishment of the District and the adoption and approval of the proposed Plans, including, but not limited to, notification of Hennepin County and Independent School District No. 270 having taxing jurisdiction over the property to be included in the District, a review of and written comment on the Plans by the City Planning Commission, approval of the Plans by the Authority on September 1, 2015, and the holding of a public hearing upon published notice as required by law. 1.04 Certain written reports (the "Reports") relating to the Plans and to the activities contemplated therein have heretofore been prepared by staff and consultants and submitted to the Council and/or made a part of the City files and proceedings on the Plans. The Reports include data, information and/or substantiation constituting or relating to the basis for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. 1.05 The City is not modifying the boundaries of the Project Area, but is modifying the Project Plan therefor. Resolution 15-72 - continued September 1, 2015 Section 2. Findings for the Adoption and Approval of the Project Plan Modification 2.01. The Council approves the Project Plan Modification, and specifically finds that: (a) the land within the Project Area would not be available for redevelopment without the financial aid to be sought under this Project Plan; (b) the Project Plan, as modified, will afford maximum opportunity, consistent with the needs of the City as a whole, for the development of the Project by private enterprise; and (c) that the Project Plan, as modified, conforms to the general plan for the development of the City as a whole. Section 3. Findings for the Establishment of Tax Increment Financing District (Housing), Cornerstone Creek 3.01. The Council hereby finds that the District is in the public interest and is a "housing district" under Minnesota Statutes, Section 469.174, Subd. 11 of the Act. 3.02. The Council further finds that (i) the proposed development would not occur solely through private investment within the reasonably foreseeable future, (ii) the Plans conform to the general plan for the development or redevelopment of the City as a whole, and (iii) the Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development or redevelopment of the District by private enterprise. 3.03. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, in Sections E and Section J of the TIF Plan for the District. Section 4. Public Purpose 4.01. The adoption of the Plans conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the City which is already built up, to provide employment opportunities, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. For the reasons described in, Section 3 above, the City believes these benefits directly derive from the tax increment assistance provided under the TIF Plan. A private developer will receive only the assistance needed to make this development financially feasible. As such, any private benefits received by a developer are incidental and do not outweigh the primary public benefits. Section 5. Approval and Adoption of the Plans 5.01. The Plans, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Manager. 5.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Plans and to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. Resolution 15-72 - continued September 1, 2015 5.03. The Auditor of Hennepin County is requested to certify the original net tax capacity of the District, as described in the Plans, and to certify in each year thereafter the amount by which the original net tax capacity has increased or decreased; and the Authority is authorized and directed to forthwith transmit this request to the County Auditor in such form and content as the Auditor may specify, together with a list of all properties within the District, for which building permits have been issued during the 18 months immediately preceding the adoption of this resolution. 5.04. The City Manager is further authorized and directed to file a copy of the Plans with the Commissioner of the Minnesota Department of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a. • 41.14.4:, Shep:rd M. Harris, Mayor ATTEST: (ke Kristine A. Luedke, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member Clausen and upon a vote being taken thereon, the following voted in favor thereof: Harris, Clausen, Snope, Fonnest and Schmidgall 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.