2001-046 CITY OF HOPKINS
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION NO. 2001-46
RESOLUTION ADOPTING THE MODIFICATION TO THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 2-11.
BE IT RESOLVED by the City Council (the "Council") of the City of Hopkins, Minnesota (the
"City"), as follows:
Section 1. Recitals.
1.01. The City Council and the Hopkins Housing and Redevelopment Authority (the "HRA")
for the City have heretofore adopted a Tax Increment Financing Plan for Tax Increment Financing
District No. 2-11 (the "TIF Plan"), a redevelopment district located within Redevelopment Project No. 1.
1.02 Due to changes in the Statement of Objectives, Project Budgets and the Estimated Impact
on Other Taxing Jurisdictions in Tax Increment Financing District No. 2-11 (the "TIF District"), it has
been proposed that the HRA modify the Tax Increment Financing Plan for the TIF District, all pursuant to
and in accordance with Minnesota Statutes, Sections 469. ! 74 to 469. ! 79, inclusive as amended (the
"Act"). Generally the substantive changes to the TIF Plan includes the modification of the Statement of
Objectives, Uses of Funds and Captured Net Tax Capacity, and update of the Sources of Revenue and
Estimated Impact on Other Taxing Jurisdictions.
1.03. The Council has investigated the facts and has caused to be prepared the Modification to
the Tax Increment Financing Plan for the TI~ District (the "Modification").
1.04. The City has performed all actions required by law to be performed prior to the adoption
and approval of the proposed Modification, including, but not limited to, notification of Hennepin County
and School District No. 270 having taxing jurisdiction over the property to be included in the TIF District,
notice of the proposed modification of an existing redevelopment district to the local county
commissioner, a review of and written comment on the Modification by the City Planning Commission,
and the holding of a public hearing upon published notice as required by law.
1.04 Certain written reports (the "Reports" relating to the Modification and to the activities
contemplated therein have heretofore been prepared by staff and submitted to the Council and/or made
a part of the City files and proceedings on the Modification. The Reports include data, information
and/or substantiation constituting or relating to the bases for the other findings and determinations made
in this resolution. The Council hereby confirms, ratifies and adopts the Reports, which are hereby
incorporated into and made as fully as part of this resolution to the same extent as if set forth in full
herein.
1.05. The City of Hopkins has elected to calculate fiscal disparities for the TIF District in
accordance with Minnesota Statutes, Section 469.177, subdivision 3, clause b, which means the fiscal
disparities contribution would be taken from within the TIF District.
Section 2. Findings for the Approval of the Modification
2.01. The Hopkins HRA is not modifying the boundaries of the Redevelopment Project.
2.02. The Hopkins HRA is not modifying the boundaries of the TIF District.
2.03. The Council hereby reaffirms the original findings for the TIF District as modified
herein, namely that the TIF District is in the public interest and is a "redevelopment district" under
Minnesota Statutes, Section 469.174, subd. 10 (a)(1) and that the proposed development would not occur
solely through private investment within the reasonably foreseeable future and therefore the use of tax
increment financing is deemed necessary, the Modification conforms to the general plan for the
development or redevelopment of the City as a whole, and that the Modification will afford maximum
opportunity consistent with the sound needs of the City as a whole, for the development of the
Redevelopment Project by private enterprise.
2.04. The reasons supporting these findings are that private investment will not finance these
development activities due to prohibitive costs, and therefore it is necessary to finance these
redevelopment activities through the use of tax increment financing so that other development by private
enterprise will occur within the Redevelopment Project; the TIF District is properly zoned; the
Modification conforms to the City's comprehensive plan for redevelopment and development; and the
development activities are necessary so that development and redevelopment by private enterprise can
occur within the Redevelopment Project.
Section 3. Public Purpose.
3.01. The Council hereby finds that the Modification conforms in all respects to the
requirements of the Act and is intended and, in the judgement of this Council, the effect of such actions
will be to help fulfill a need to develop an area of the City which is akeady built up, to redevelop
substandard buildings, to provide employment opportunities, to improve the tax base and to improve the
general economy of the State and hereby serves a public purpose.
Section 4. Approval of the Modification; Filing.
4.01. The Modification for the Redevelopment Project and the TIF District are_hereby
approved, and shall be placed on file in the office of the Economic Development Director. Approval of
the Modification does not constitute approval of any project or a Development Agreement with any
developer.
4.02. The staff of the City are authorized to file the Modification with the Commissioner of
Revenue and the Hennepin County Auditor.
4.03. The staff of the City, the City's advisors and legal counsel are authorized and d/rected to
proceed with the implementation of the Modification and for this purpose to negotiate, draft, prepare and
present to this Council for its consideration all further plans, resolutions, documents and contracts
necessary for this purpose.
Dated: iDecember 4, 2001
A T: ,
May~ -/