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HomeMy WebLinkAboutResolution 2002-89 - Approving Modification No. 3 to Redevlopment Program for Municpal Development Dist 1 and Modification No. 3 to TIF Plan for TIF Financing r T \• CITY OF CORCORAN RESOLUTION NO. 2002-89 Motion By: Gmach Seconded By: Thomas RESOLUTION APPROVING MODIFICATION NO. 3 TO THE REDEVELOPMENT PROGRAM FOR MUNICIPAL DEVELOPMENT DISTRICT NO. 1 AND MODIFICATION NO. 3 TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1. BE IT RESOLVED by the City Council ("Council") of the City of Corcoran, Minnesota("City")as follows: Section 1. Recitals. 1.01. The City of Corcoran (City) previously created its Development District No. 1 (Development District) and a Development Program (Program) therefore, pursuant to Minnesota Statutes, Sections 469.124 through 469.134(Development District Act). 1.02. Within the Development District,the City has created Tax Increment Financing District No. 1 (TIF District), and a Tax Increment Financing Plan (TIF Plan) therefore; all pursuant to Minnesota Statutes, Sections 469.174 through 469.1799 (TIF Act). 1.04. The Development District area includes all of Sections 2, 3, 4, 5, 7, 11, 14, 18, 23, the eastern one-half of Section 6, and the northern on-half of Section 26, and after expansion by Modification No. 1,also the Western one-half of Section 24,and after expansion by Modification No. 2,also Sections 19, 30&31,all in the City of Corcoran,Hennepin County,Minnesota. 1.05. The City has determined a need to modify the Development Program and the TIF Plan, and has caused to be prepared a document entitled "City of Corcoran, Minnesota, Modification No. 3 to the Development Program for Municipal Development District No. 1, and Modification No. 3 to the Tax Increment Financing Plan For Tax Increment Financing District No 1," dated December 19, 2002. 1.06. Estimates of the fiscal and economic implications of the modified TIF Plans were presented to Independent School District Nos. 877 and 883 and Hennepin County at least 30 days before the public hearing on the TIF Plans on December 19, 2002. The County Commissioner who represents the site also received timely notice of the Tax Increment Financing Plan. 1.07. This Council has fully reviewed the contents of the modified Program and TIF Plan, and on this date conducted a public hearing thereon at which the views of all interested persons were heard. 1.08. The City has submitted the modified Program and TIF Plan to the City Planning Commission,which has found that they conform to the comprehensive City Plan. SJB-224654v1 CR100-3 i Section 2. Findings;Development District. 2.01. It is hereby found and determined that within the Development District there is a need to encourage development within areas which are already built up, to provide employment opportunities,to improve the tax base,and to provide an impetus for commercial development. 2.02. It is further found and determined that, since initial establishment of the Development District, development and redevelopment needs have expanded and are more evenly distributed throughout the City, including the expanded area of the Development District, as shown on Exhibit Al, as well as the western portions of the City and the downtown. 2.03. It is further specifically found and determined that the development described in the Development Program as modified would not be feasible without the public intervention and financial assistance described in the modified Program and TIF Plan. Section 3. Findings;TIF District No. 1. 3.01. It is found and determined that it is necessary and desirable for the sound and orderly development of the Development District, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public financial assistance to the TIF and Development Districts. 3.02. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the modified Program and TIF Plan could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary. 3.03. The proposed public improvements to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF and Development Districts in terms of development intensity,employment opportunities and tax base. 3.04. The modified TIF Plan conforms to the general plan of development of the City as a whole. 3.05. The modified TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF and Development Districts by private enterprise. 3.06. This modification does not change the classification or boundaries of the TIF District. The TIF District remains classified as a redevelopment district under Section 469.174, subd. 10 of the TIF Act(as of the date of request for certification). 3.07. Reasons and facts supporting the above findings are set forth in the TIF Plan and are incorporated herein by reference. The Council has also relied upon the reports and recommendations of its staff and consultants as well as the personal knowledge of members of the Council in reaching its conclusions regarding the modified Program and TIF Plan. Section 4. Modified Program and TIF Plan Adopted; Filing. 4.01. The modified Program and TIF Plans are hereby approved and adopted. 4.02. The geographic boundaries of the Development District will expand to include all of Sections 1, 12, 13, the eastern one-half of Section 24, and the northern one-half of Section 25. The geographic boundaries of the TIF District are not changed by this action. SJB-224654v1 CR100-3 4.03. The City Clerk is authorized and directed to file a copy of this resolution together with a copy of the modified Program and TIF Plan to the Auditor of Hennepin County, and to file a copy of those documents with the Minnesota Commissioner of Revenue as required by the TIF Act; provided that nothing herein shall be deemed to constitute a request for certification of any parcel or TIF District. Approved by the City Council of the City of Corcoran this 19t day of December,2002. CITY OF CORCORAN Kenneth Guenthner,Mayor ATTEST: Kary Til1m ,City Clerk SJB-224654v1 CR 100-3