1993-008
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CITY OF HOPKINS
RESOLUTION NO. 93-8
APPROVING PAYMENT OF TAX INCREMENT
FROM TIF DISTRICT NO. 1-1 ATTRIBUTABLE
TO SCHOOL REFERENDUM LEVY
BE IT RESOLVED by the City Council ("Council") of the City of
Hopkins, Minnesota ("city") as follows:
section 1.
Recitals.
1.01. The City Council ("Council") in and for the City
of Hopkins is administering Tax Increment Financing District No.
1-1 ("TIF District") within the City, which district was
certified before May 1, 1988.
1.02. Tax increment from the TIF District is pledged to
the City's $2,145,000 General Obligation Redevelopment Bonds,
Series 1988A ("Bonds"), which Bonds were issued by resolution
dated April 26, 1988.
1.03. Independent School District No. 270 ("School.
District") has requested, by majority vote of its governing body,
that the Council pay to the School District the tax increment
from the TIF District attributable to the increase in local tax
rate under a referendum levy approved on November 6, 1990 (the
"School Levy Increment"), pursuant to Minn. stat. section
469.177, Subd. 10 (the "Act").
1.04. Pursuant to the Act, the City must pay the School
Levy Increment to the School District upon approval by a majority
vote of both the School District and the City Council.
1.05. The Council finds that it is in the best interests
of the city and the School District for the City to pay the
School Levy Increment as requested and approved by the School
District.
section 2.
PaYment ADDroval.
2.01. The Council hereby approves payment of the tax
increment from TIF District 1-1 attributable to the 1990 School
Levy Increment to the School District pursuant to the Act on an
annual basis for the period 1991 through 1995.
Be it further resolved that payment shall only be
made based upon on annual billing request from School District
No. 270. Such amount request shall be based on a calculation
prepared by Hennepin County Department of Property Tax and Public
Record.
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RESOLUTION NO. 93-8
Page 2
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Be it further resolved that the City shall
withhold on an annual basis 5% Administrative fee from the
proceeds to be provided to School District 270.
2.02. The Council is authorized and directed to take all
action necessary to effectuate timely payment of the School Levy
Increment.
Approved by the City Council
Minnesota this 2nd day of February,
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