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HomeMy WebLinkAbout2011-021 CCR Member Tim Roche introduced the following resolution and moved its adoption: RESOLUTION NO. 2011 -21 RESOLUTION ADOPTING MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 3 BE IT RESOLVED by the City Council (the "Council ") of the City of Brooklyn Center, Minnesota (the "City "), as follows: Section 1. Recitals 1.01. The Board of Commissioners (the "Board ") of the Brooklyn Center Economic Development Authority (the "EDA ") and the City have, by a resolution approved December 19, 1994, established Redevelopment Tax Increment Financing District No. 3 (the "TIF District ") and approved a tax increment financing plan ( "TIF Plan ") for that TIF District. It has been proposed that the EDA and the City adopt a Modification to the Tax Increment Financing Plan (the "TIF Plan Modification "), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.090 to 469.1081, and Sections 469.174 to 469.1799, all inclusive, as amended, (the "Act ") all as reflected in the TIF Plan Modification, and presented for the Council's consideration. 1.02. The EDA and City have investigated the facts relating to the TIF Plan Modification and have caused the TIF Plan Modification to be prepared. 1.03. The EDA and the City have performed all actions required by law to be performed prior to the adoption and approval of the proposed TIF Plan Modification, including, but not limited to, notification of Hennepin County and Independent School Districts Nos. 286 (Brooklyn Center) and 281 (Robbinsdale), having taxing jurisdiction over the property to be included in the TIF District, and the holding of a public hearing upon published notice as required by law. 1.04. The City is not modifying the boundaries of Redevelopment Project Area No. 1 but is removing from the TIF District 13 parcels with current market values below the frozen values. Section 2. Findings for the TIF Plan Modification The Council hereby reaffirms the original findings for the TIF District and findings made in connection with modifications approved April 28, 1997, including that when the TIF District was established, Tax Increment Financing District No. 3 was a redevelopment district. Section 3. Public Purpose The adoption of the TIF Plan Modification conforms in all respects to the requirements of the Act and will help provide opportunities for additional redevelopment and will improve the tax base. These public purposes and benefits exceed any benefits expected to be received by private developers, who will receive assistance only in the amount needed to make each proposed development financially feasible. RESOLUTION NO. 2011 -21 Section 5. Approval and Adoption of the Modifications 5.01. The TIF Plan Modification is hereby approved, and shall be placed on file in the office of the Executive Director of the EDA. Approval of the TIF Plan Modification does not constitute approval of any project or a development agreement with any developer. 5.02. City staff is authorized to file the TIF Plan Modification with the Commissioner of Revenue, the Office of the State Auditor and the Hennepin County Auditor. 5.03. City staff, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the TIF Plan Modification and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further modifications, resolutions, documents and contracts necessary for this purpose. r January 24, 2011 Date Mayor ATTEST: ��,6w City Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Dan Ryan and upon vote being taken thereon, the following voted in favor thereof: Tim Willson, Carol Kleven, Kay Lasman, Tim Roche, and Dan Ryan; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted.