CR 2012-108 Call for Public Hearing on Proposed Modification of TIF District 2-11September 4, 2012 Council Report 2012-108
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City of Hopkins
CALL FOR PUBLIC HEARING ON PROPOSED
MODIFICATION OF TIF DISTRICT 2-11
Proposed Action
Staff recommends adoption of the following: Move to approve Resolution 2012-069 calling for a public hearing by
the City Council of the City of Hopkins on the proposed modification of the Tax Increment Financing plan for Tax
Increment Financing District No. 2-11, within Redevelopment Project No. 1.
Adoption of this motion will set a public hearing on the modification of TIF District 2-11 on November 7, 2012.
Overview
The City will be completing a modification to the above referenced TIF district to complete the
following:
1. Decertify parcel 19-117-21-33-0027 (existing Super Value Warehouse) since:
a. No redevelopment commenced within the nine (9) year time frame required under the
special legislation for the district (would have to commenced redevelopment by 2009); and
b. The market value today for tax purposes is less than when the district was certified (base
value), therefore it is a negative drag on the TIF district (meaning it is taking dollars away
because it generates negative increment)
2. Decertify parcels 24-117-22-44-0047, 24-117-22-44-0048, and 24-117-22-44-0040 (Hopkins
Honda on Excelsior Boulevard) and parcels 19-117-21-31-0020 and 19-117-21-23-0101 since these
parcels were "knocked down" by the County on May 27, 2004, due to no qualifying activity in
accordance with the 3 -year rule (therefore no increment was ever generated from these parcels)
3. Update TIF plan to incorporate special legislation approved in 2003 and 2008, which extended the
term of the District by 4 years (2003) and clarified what TIF dollars could be spent on outside of
the boundaries of the TIF district (2008)
4. Update budget to reflect actual increment to date and expected through the extended term of the
District; and
5. Update the TIF plan to be in conformance with Office of State Auditor (OSA) reporting
requirements
Primary Issues to Consider
• Conformance with Office of the State Auditor reporting requirements
Staff Recommendation
• Finance recommends approving Resolution 2012-069.
Supporting Information
• Resolution 2012-069
Christine Harkess, CPA, CGFM
Finance Director
Financial Impact: $ 0 Budget Y/N: N/A
Source: Related Documents (CIP, ERP, etc): TIF District 2-11 Plan
Notes:
CITY OF HOPKINS
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION NO. 2012-069
RESOLUTION CALLING FORA PUBLIC HEARING BY THE CITY COUNCIL OF
THE CITY OF HOPKINS ON THE PROPOSED MODIFCATION OF THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 2-11, WITHIN REDEVELOPMENT PROJECT NO. 1.
BE IT RESOLVED by the City Council (the "Council") for the City of Hopkins, Minnesota (the "City"), as
follows:
Section 1. Public Hearine. This Council shall meet on November 7, 2012 at approximately 7:30
P.M., to hold a public hearing on the proposed modification of the Tax Increment Financing Plan for Tax
Increment Financing District No. 2-11, within Redevelopment Project No. I (the "Modification") all pursuant
to and in accordance with Minnesota Statutes, Sections 469.001 to 469.047, 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 Hearin, Filing of the Modifications. City staff is authorized and directed
to work with Ehlers & Associates, Inc., to prepare the Modification 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 November 7, 2012, and to place a copy of the Modification on file in the City Clerk's
office at City Hall and to make such copy available for inspection by the public.
Dated: September 4, 2012
Adopted:
Eugene Maxwell, Mayor
ATTEST:
Kristine A. Luedke, City Clerk