2021-057 Resolution Approving a Spending Plan for Tax Increment Financing Districts No. 1-2, No. 2-9 and No. 2-11 in the City of Hopkins CITY OF HOPKINS
HENNEPIN COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 2021-057
RESOLUTION APPROVING A SPENDING PLAN FOR TAX INCREMENT
FINANCING DISTRICTS NO. 1-2,NO. 2-9 AND NO. 2-11 IN THE CITY OF
HOPKINS
BE IT RESOLVED by the City Council (the "City Council") of the City of Hopkins (the
"City"), Hennepin County,Minnesota as follows:
Section 1. Background; Findings.
(a) The City and the Hopkins Housing and Redevelopment Authority (the
"Authority") have previously established Tax Increment Financing Districts No. 1-2,No. 2-9 and
No. 2-11 (the "TIF Districts") and adopted the tax increment financing plans therefor (the "TIF
Plans").
(b) Subject to the approval of the City Council following a public hearing, the
Authority has adopted a spending plan for the TIF Districts in accordance with Minnesota
Statutes, Section 469.176 Subd. 4n in the form submitted to the City Council by the Authority
(the "Spending Plan") to utilize existing tax increment revenues from the TIF Districts in order to
stimulate construction or substantial rehabilitation of private development in a way that will also
create or retain jobs.
(c) The City and Authority have performed all actions required by law to be
performed prior to the approval of the Spending Plan, including, but not limited to, causing
notice of a public hearing to be published and holding a public hearing on the date hereof on the
adoption of the Spending Plan.
Section 2. Approval of the Spending Plan and Program Policy.
(a) The Spending Plan for the TIF Districts, is hereby approved.
(b) The Authority is hereby authorized to carry out the terms of the Spending Plan in
such manner as it determines to be consistent with the Spending Plan.
Dated: September 21, 2021
Adopted
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ATTE T:
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City Manager