1995-107
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CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO. 95-107
RESOLUTION ELECTING TO MAKE QUALIFYING CONTRIBUTION FOR
TAX INCREMENT FINANCING DISTRICT 1-2
WHEREAS, the City of Hopkins approved on April 4, 1995, the creation of Tax
Increment Financing District 1-2;
WHEREAS, pursuant to Minnesota Statutes, Section 273.1399, the District will
cause a reduction in state aids paid to the municipality unless the District qualifies as
an exempt district;
WHEREAS, the 1995 Minnesota Legislature amended the Tax Increment
Financing Act to permit a district to be exempt if the municipality elects, at the time of
approval of the district, to make a qualifying local contribution; and
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WHEREAS, the 1995 amendment allows the governing body of a municipality by
December 31, 1995, to choose to make a qualifying contribution for a tax increment
financing district whose request for certification was made after June 30, 1994, and
before July 1, 1995.
THEREFORE, BE IT RESOLVED by the City of Hopkins City Council that it elects to
make a contribution of 7.5 percent of the annual increment estimated to be
generated from Tax Increment Financing District 1-2, and that the contribution will be
paid from unrestricted money, will not be made directly or indirectly with tax
increments or developer payments, and it will be used to pay project costs and will
not be us~d for general governmental purposes or for improvements or costs that the
City plans to incur without the project.
Adopted this ,.si~ day of ,I1CeAl' er-
, 1995.
ATTEST: