1995-066
o
CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 95-66
RESOLUTION APPROVING SPECIAL LAW AS RECORDED IN
MINNESOTA STATUTES CHAPTER 264, ARTICLE 5, SECTIONS 35 & 38.
WHEREAS, the Hopkins City Council unanimously supported special legislation
affecting Tax Increment Finance District 1-1 in Hopkins;
WHEREAS, tax increment collected after 2001 would no longer have been able
to be used for any purpose other than to retire bonds outstanding in 1990 in Tax
Increment Finance District 1-1;
WHEREAS, the Hopkins City Council desires to continue to utilize tax increment
beyond the year 2001, until the year 2009, to assist commercial property owners by
providing financial incentives and other necessary improvements, which are allowed
as indicated in the Tax Increment Financing plan for this district;
o
WHEREAS, the state Legislature has agreed to allow for such extension of
collection of tax increment between the years 2001 and 2009; and
WHEREAS, the Hopkins City Council is now required under Minnesota Statutes
Chapter 264, Article 5, Sections 35 & 38, to approve, by resolution, the special
legislation which allows for this extension.
NOW THEREFORE, BE IT RESOLVED by the Hopkins City Council that it approves
the special legislation as required in Minnesota Statutes Chapter 264, Article 5, Sections
35 & 38.
Adopted this
1 st
day of
Auaust
, 1995.