CR 05-46 Public Hearing - Tax Increment District - Block 64 Redevelpment Project
CITY OF
m
April 12,2005
HOPKINS
Council Report 2005-046
PUBLIC HEARING, TAX INCREMENT DISTRICT,
BLOCK 64 REDEVELOPMENT PROJECT
Proposed Action
Staff recommends approval of the following motion: adopt Resolution 2005-032. calling for a
public hearing June 21. 2005. on the proposed adoption of a modification of the redevelopment
plan for Redevelopment Proiect No. I and the establishment of TIP District 1-3.
Overview
Over the last several months, staff has met with the City Council and GPS Financial Group to
discuss the redevelopment of the block bounded by Fifth and Sixth Avenues, north ofMainstreet
and south of First Street North. To facilitate this project, the developer has identified the need
for tax increment assistance.
Presently the project area is not located in a tax increment district. The action being proposed
with the subject resolution would allow staff to schedule a public hearing for the establishment
of a new TIP district in this area.
Attached is a site map that details the specific property that is proposed to be included in this
new district. The date of the public hearing would be June 21, 2005.
Prior to this meeting, ifthe City either does not enter into a development agreement for the
project or terminates an existing agreement, the public hearing meeting could be canceled. The
developer would be responsible for the cost of Ehlers & Associates to prepare the tax increment
plan and establish the district.
Supportine: Documents
. Resolution 2005-032
. Site ap of proposed Tax Increment District 1-3
Development' Director
Financial Impact: $ 0 N/ A _ Budgeted: Y IN _ Source:
Related Documents (CIP, ERP, etc.):
Notes:
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CITY OF HOPKINS
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION 2005-032
RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITY COUNCIL ON
THE PROPOSED ADOPTION OF A MODIFICATION OF THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO.1 AND THE
ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 1-3 (A
REDEVELOPMENT DISTRICT). .
BE IT RESOLVED by the City Council (the "Council") for the City of Hopkins, Minnesota (the "City"), as
follows:
Section I. Public Hearing. This Council shall meet on June 21, 2005 at approximately 7:30 P.M., to
hold a public hearing on the proposed adoption of a modification to the Redevelopment Plan for
Redevelopment.Project No. I (the "Redevelopment Plan Modification"), the proposed establishment of Tax
Increment Financing District No. 1-3 (the "TIF District No. 1-3 "), a redevelopment district, and the proposed
adoption of a Tax Increment Financing Plan (the "TIF Plan") therefor (the Redevelopment Plan Modification
and the TIF Plan are referred to collectively herein as the "Plans"), all pursuant to and in accordance with
Minnesota Statutes, Sections 469.124 to 469.134, and Sections 469.174 to 469.1799, inclusive, in an effort to
encourage the development and redevelopment of certain designated areas within the City; and
Section 2. Notice of Public Hearing. Filing ofthe Plans. City staff is authorized and directed to work
with Ehlers & Associates, Inc., to prepare the Plans for TIF District No. 1-3 and to forward documents to the
appropriate taxing jurisdictions including Hennepin County and Independent School District No. 270. The
City Clerk is authorized and directed to cause notice of the hearing, together with an appropriate map as
required by law, to be published at least once in the official newspaper of the City not later than 10, nor more
than 30, days prior to June 21, 2005, and to place a copy of the Plans on file in the City Clerk's office at City
Hall and to make such copy available for inspection by the public.
Dated: April 19, 2005
Adopted:
Mayor
ATTEST:
City Clerk