Tax Increment Financing Plan 2-7 t Y 0
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May 13, 1993 ZN 93 -3
ti 5
O 1110 P K
TAX INCREMENT FINAN
FINANCING PLAN 2 7
(THERMOTECH)
Proposed Action.
Staff recommends adoption of the following motion: "Approval of Resolution
RZ93 -11 finding the Tax Increment Finance District 2 -7 in conformance with the
plans for development of the City of Hopkins."
With approval of this action this item will be forwarded to the Hopkins HRA
and City Council for their review.
Overview.
City staff is proposing to establish Tax Increment District 2 -7. This District
would include the Thermotech property located at 1202 5th Street South in
Hopkins. Thermotech has indicated they are currently in the process of
planning a potential 50,000 square foot expansion on their existing site.
In order to facilitate this development, a portion of this property needs to
be removed from the flood plain. Tax increment revenue generated from this TIF
District would be used to finance public and possible private improvements
IIII Nine Mile Creek to lower the flood plain.
Statute requires that any time a Tax Increment District is created, that
the local planning body review it to determine that it is consistent with
plans for development of the City. In the case of the City of Hopkins this
would be the Comprehensive Plan and Zoning Ordinance.
Primary Issues to Consider.
o Is the plan consistent with the plans for development of the City of
Hopkins?
o What is the purpose of a Tax Increment District?
Supporting Information.
o Resolution RZ93 -11
o Map
o Alternatives
1 111--1 111111
Paul T. Steinman
Community Development Specialist
Tax Increment District 2 -7
Page 2
m ary Issues to Consider.
Based upon the action recommended, the Zoning Planning Commission has the
following issue to consider:
o Is the plan consistent with the plans for development of the City of
Hopkins?
Tax Increment District 2 -7 is proposed to be created at 1202 5th Street South
in Hopkins. The project involves the expansion of the present Thermotech
building for manufacturing related purposes, similar to their current
operation.
The property is identified in the Comprehensive Plan as Industrial. The Zoning
Ordinance specifies this area as I -2, General Industrial. The project as
proposed by Thermotech would be a manufacturing component and therefore is
consistent with both the Comprehensive Plan and Zoning Ordinance.
o What is the purpose of a Tax Increment District?
The purpose of creating a Tax Increment District on the Thermotech site is to
allow the option of financing some of the required public, and possibly
p 'vate improvements to Nine Mile Creek with Tax Increment dollars. These
vements include the installation of various culverts along Nine Mile
,k in order to lower the flood plain to allow more buildable area at the
Thermotech site.
Alternatives.
The Zoning Planning Commission has the following alternatives available to
them regarding this issue:
o Approve Resolution RZ93 -11. Following this action, the HRA /Council is
scheduled to hold a public hearing and review this item at their meeting
on June 15, 1993.
o Continue for additional information. This action should only be taken if
the Zoning Planning Commission feels that it is not appropriate at this
time to approve this Resolution. The impact of this action would be that
the proposed public hearing on June 15, 1993, and subsequent schedule for
creation of the District would need to be revised.
41
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CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO: RZ93 -11
RESOLUTION FINDING THE AMENDED REDEVELOPMENT PLAN FOR
REDEVELOPMENT AREA NO. 2 AND THE TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2.7
CONSISTENT WITH THE PLAN FOR DEVELOPMENT OF
THE CITY OF HOPKINS
(THERMOTEC INC. TIF EXPANSION)
WHEREAS, the City of Hopkins has caused to be prepared an Amended
Redevelopment Plan for Redevelopment Area No. 2 and a Tax Increment
Financing Plan for Tax Increment Financing No. 2.7 and the Amended
Redevelopment Plan and TIF Plan have been submitted to the Zoning and
Planning Commission for comment, and
WHEREAS, the Zoning and Planning Commission has reviewed the
Amended Redevelopment Plan and the TIF Plan and has compared them with
the plans for development of the City as a whole.
4110 NOW, THEREFORE, BE IT RESOLVED
r by the Zoning and Planning
Commission of the City of Hopkins, Minnesota, as follows:
1. The Amended Redevelopment Plan and TIF Plan are found to be
consistent with the plan for development of the City of
Hopkins as a whole.
2. The Zoning and Planning Commission recommends that the City
Council hold the public hearing required by law and adopt
the Amended Redevelopment Plan and the TIF Plan.
Adopted this 25th day of May, 1993, by the Zoning and Planning
Commission of the City of Hopkins, Minnesota.
John T. Hutchison, Chairman
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