HomeMy WebLinkAboutResolution 2013-46 - Approving Modification to the TIF Plan-District 1City of Corcoran
County of Hennepin
State of Minnesota
CITY OF CORCORAN
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2013 -46
Motion By: Thomas
Seconded By: Lynch
September 26, 2013
APPROVING MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 1
WHEREAS, the City of Corcoran, Minnesota (the "City ") previously established
Municipal Development District No. 1 (the "Development Program ") pursuant to
Minnesota Statutes, Sections 469.124 through 469.134, as amended; and
WHEREAS, on February 12, 1987, the City approved a Tax Increment Financing
Plan (the "TIF Plan ") for Tax Increment Financing District No. 1 (the "TIF District')
located within the Development Program, pursuant Minnesota Statutes, Sections 469.174
to 469.1799, as amended (collectively, the "TIF Act "); and
WHEREAS, the City has determined a need to modify the TIF Plan in order to
amend the budget contained therein and such amendment is consistent with the
development program for the Development District; and
WHEREAS, pursuant to Section 469.175, subd. 4(b) of the TIF Act, a tax
increment financing plan may be modified without public hearing or the findings
required to be made for the original tax increment financing plan if the modification
does not include (i) any reduction or enlargement of the geographic area of the project
or tax increment financing district; (ii) an increase in the amount of bonded
indebtedness; (iii) a determination to capitalize interest on debt if that determination
was not a part of the original plan; (iv) an increase in the portion of the captured net tax
capacity to be retained by the City; (v) an increase in the estimated cost of the project,
including administrative expenses, to be paid or financed with tax increment from the
district; or (vi) the designation of additional property to be acquired by the authority;
and
The TIF Plan for the TIF District conforms to the general plan of
redevelopment of the City as a whole,
2. The approval of the TIF Plan is intended, and in the City's judgment its
effect will be, to promote the public purposes and accomplish the
objectives specified in the TIF Plan.
3. The proposed modification to the TIF Plan may be made without public
hearing or the findings required for the original TIF Plan since the
modification does not include (i) any reduction or enlargement of
geographic area of the Development District or the TIF District; (ii) an
increase in the amount of bonded indebtedness; (iii) a determination to
capitalize interest on debt; (iv) an increase in the portion of the captured
net tax capacity to be retained by the City; (v) an increase in the estimated
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City of Corcoran September 26, 2013
County of Hennepin
State of Minnesota
CITY OF CORCORAN
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2013 -46
cost of the project to be paid or financed with tax increment from the TIF
District; or (vi) the designation of additional property to be acquired by the
Authority.
4. The City hereby ratifies and approves the amended TIF Plan.
5. The City Administrator is authorized and directed to file a copy of this
resolution with the Minnesota Commissioner of Revenue and the
Hennepin County Auditor as required by the TIF Act.
VOTING AYE
® Guenthner, Ken
® Asleson, Rich
® Cossette, Tom
® Lynch, Diane
® Thomas, Ron
VOTING NAY
Guenthne
❑ r, Ken
❑ Asleson, Rich
❑ Cossette, Tom
❑ Lynch, Diane
❑ Thomas, Ron
APPROVED BYthe City Council of the City of Corcoran this 26nd day of September, 2013.
CITY OF CORCORAN�
Ken Guenthner, Mayor
ATTEST:
4
Je ie Hemecke, City Clerk
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