1995-003
CITY OF HOPKINS
Hennepin County, Minnesota
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RESOLUTION NO: RZ95-3
RESOLUTION OF SUPPORT FOR SPECIAL LEGISLATION EXTENDING THE COLLECTION
OF TAX INCREMENTS FROM TAX INCREMENT DISTRICT 1-1
WHEREAS, the City of Hopkins and the Housing and
Redevelopment Authority in and for the City of Hopkins are authorized
by Minnesota statutes to create" tax increment districts to facilitate
redevelopment projects; and
WHEREAS, the City of Hopkins and the Housing and Redevelopment
Authority in and for the City of Hopkins, in 1971, created Tax
Increment District 1-1 within its central business district for
redevelopment purposes; and
WHEREAS, the central business district consists of older,
substandard buildings/sites which require substantial tax increment
dollars to overcome deficiencies, i.e., demolition, asbestos
abatement, other environmental issues; and
WHEREAS, Minnesota statutes restrict the collection of tax
increments for the period between 2001 and 2009 for any activity other
than the payment of bonded indebtedness incurred by that district
prior to May 1990, for tax increment districts created prior to 1979;
and
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WHEREAS, it has been determined that the City of Hopkins and the
Housing and Redevelopment Authority in and for the City of Hopkins
will require the collection of tax increments between 2001 and 2009 to
be used to carry out various rehabilitation and redevelopment efforts
and provide incentives to redevelopers in order to increase investment
and create jobs in the central business district; and
WHEREAS, the city of Hopkins and the Housing and Redevelopment
Authority in and for the city of Hopkins intend to fulfill the
original intention of tax increment financing in that its use will be
solely for redevelopment of sites which are currently occupied by
substandard buildings or structures".
NOW THEREFORE, BE IT RESOLVED that the City Council of the city
of Hopkins hereby supports the proposed legislation to extend the
collection of tax increments in Tax Increment District 1-1 within the
city of Hopkins until 2009 and the use of such tax increment to
finance additional redevelopment and development activity.
Adopted this 7th day of February, 1995.