17-03 - 07-11 - Consider TIF for Tennant Company Resolution 17-03 July 11, 2017
Commissioner Harris introduced the following and moved its adoption:
RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF GOLDEN VALLEY, HENNEPIN COUNTY, MINNESOTA EXPRESSING
INTENT TO CONSIDER ESTABLISHMENT OF A TAX INCREMENT FINANCE DISTRICT
FOR THE TENNANT COMPANY'S WORLD HEADQUARTERS EXPANSION
WHEREAS, Tennant Company was founded in 1870 in northeast Minneapolis, and
located in its headquarters in Golden Valley in 1957, and will turn 150 years old in 2019;
and
WHEREAS, Tennant Company continues to grow and wishes to consolidate its local
facilities in Golden Valley with the construction of a new World Headquarters office building
to be located on its main campus; and
WHEREAS, Tennant Company currently employs over 900 people in Golden Valley
and expects to employ more in the future; and
WHEREAS, the expansion plans Tennant Company is considering will reduce blight,
promote investment, expand the tax base, use land more efficiently, improve water quality,
and increase employment in the city; and
WHEREAS, the redevelopment of Tennant Company's Corporate Woods property located
on Douglas Drive will result in additional investment and development along the Douglas Drive
corridor; and
WHEREAS, the expansion of Tennant Company will require considerable
expenditures for acquisition, site assembly, grading, and infrastructure; and
WHEREAS, it is anticipated that the expansion of Tennant Company will require
assistance in the form of the Tax Increment Financing in order to achieve financial
feasibility; and
WHEREAS, Tennant Company has submitted an application requesting Tax
Increment Financing.
NOW THEREFORE BE IT RESOVED, that subject to approval of the Golden Valley
City Council and the HRA and evidence that tax increment assistance for Tennant
Company meets the requirements of Minnesota Statutes, Sections 469.174 through 1794
(the TIF Act), the HRA intends to consider establishment of a Tax Increment Finance
district limited in terms sufficient to meet financial requirements of Tennant Company in
compliance with the TIF Act.
Resolution 17-03 -2- July 11, 2017
Andy Sno , Chair
ATTEST:
Timot J. Cruikshank, Executive Director
The motion for the adoption of the foregoing resolution was seconded by Commissioner
Fonnest, upon a vote being taken thereon, the following voted in favor thereof: Clausen,
Fonnest, Harris, Schmidgall and Snope, and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the Chair and
his signature attested by the Executive Director.
STATEMENT OF PURPOSE:
This resolution expresses intent to consider the creation of a Tax Increment Finance
district as needed subject to City Council and HRA approval and verification of compliance
with all provisions of the TIF Act for the Tennant Company World Headquarters expansion
project.