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HomeMy WebLinkAbout1997-076 CCRMember Kql LAS Mq yt introduced the following resolution and • moved its adoption: RESOLUTION NO. 1 RESOLUTION APPROVING MODIFICATIONS NO. 1 AND NO.2 TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 03 AND MAKING FINDINGS WITH RESPECT THERETO BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota (the "City") as follows: 1. The Board of Commissioners of the Economic Development Authority in and for the City of Brooklyn Center, Minnesota (the "EDA") and this Council, have previously approved Housing Development and Redevelopment Project No. 1 (the "Redevelopment Project"), a housing development and redevelopment project established by the EDA pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended, and Minnesota Statutes, Sections 469.090 to 469.108, as amended, and in order to finance the public redevelopment costs to be incurred by the City and the EDA in connection with the Redevelopment Project, the EDA and the City have approved Tax Increment Financing Plan for Tax Increment Financing District No. 03 (the "Financing Plan"), which establishes Tax Increment Financing District No. 03 (the "District"). The Board of Commissioners of the EDA have approved Modification No. 1 ("Modification No. I") and • Modification No. 2 ("Modification No. 2") to the Financing Plan. Modification No. 1 eliminates certain parcels from the District, and Modification No. 2 adds the same parcels back to the District. In addition, Modification No. 1 provides for an administrative re -categorization of estimated public costs contained in the Financing Plan. 2. On April 28, 1997, this Council held a public hearing on Modification No. 1 and Modification No. 2 after notice of the public hearing was published in the official newspaper of the City not less than ten (10) days prior to the date of the hearing. At such public hearing, all persons desiring to be heard with respect to Modification No. 1 and Modification No. 2 were given an opportunity to express their views with respect thereto. 3. This Council has previously found that the District is a redevelopment district within the scope of Minnesota Statutes, Section 469.174, Subd. 10, and the Council finds neither Modification No. 1 nor Modification No. 2 will change such prior findings. The basis for this finding is contained in Exhibit II -C to Modification No. 1 and Exhibit II -C to Modification No. 2. Modification No. 1 and Modification No. 2 further serve the original goals and purposes of the City and EDA in approving the Redevelopment Project and the Financing Plan. 4. Pursuant to Minnesota Statutes, Section 469.175, Subd. 4, it is hereby found that: a. The District is a redevelopment district as defined in Minnesota Statutes, • Section 469.174, Subd. 10, for the reasons set forth in previous findings by this Council and set forth in Modification No. 1 and Modification No. 2, and the approval of Modification No. 1 and Modification No. 2 does not alter these previous findings. u 0 RESOLUTION NO. 11 "'7b b. In the opinion of this Council, the proposed development to be undertaken in accordance with the Redevelopment Project would not occur solely through private investment within the reasonably foreseeable future and therefor the use of tax increment financing is deemed necessary. C. The Financing Plan, as amended by Modification No. 1 and Modification No. 2, conforms to the general plan for the development of the City as a whole. d. The Financing Plan, as amended by Modification No. 1 and Modification No. 2, will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the area subject to Redevelopment Project by private enterprise. e. The City confirms its election of the method of tax increment computation set forth in Minnesota Statutes, Section 469.177, Subd. 3, Clause (a), with respect to the District. IN ) ) 9g7 Date ATTEST: City Clerk Mayor The motion for the adoption of the foregoing resolution was duly seconded by member }�a} eM Ct MwAland upon vote being taken thereon, the following voted in favor thereof: (Myrna 1<roL 05� %}hleen 04rrnady ) Kay Lasr�n, Rober+ Pefrc and the following voted against the same: Nva whereupon said resolution was declared duly passed and adopted.