1993-051
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CITY OF HOPKINS
Hennepin County, Minnesota
RESOLUTION NO: 93-51
RESOLUTION APPROVING MODIFICATION TO
REDEVELOPMENT PROJECT NO. 1 AND
ADOPTION OF TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 2-7
(THERMOTECH INC. PROJECT)
WHEREAS, BE IT RESOLVED by the City Council ("Council") of
the City of Hopkins, Minnesota ("City") as follows:
Section
1.01
1. Recitals
The City of Hopkins ("City") established Redevelopment
Project No. 1 November 1989 and was subsequently
modified in October 1992 pursuant to Minnesota Statutes
469.001 to 469.047 (HRA Act).
The Housing and Redevelopment Authority in and for the
City of Hopkins ("Authority") has approved a
modification to Redevelopment Project No. 1 and the
adoption of Tax Increment Financing Plan No. 2-7 and
further recommends to the City of Hopkins City Council
approval of said Plan Modification and Tax Increment
Financing Plan.
1.03 The City has found that it is necessary and in the
public interest to modify the Redevelopment District
Plan for the Project, and establish a new Tax Increment
Financing Plan to facilitate the Development of the
project area.
1.02
1.04 The City has caused to be prepared a document titled
Modification of Redevelopment Project No. 1 Tax
Increment Financing Plan 2-7 for Tax Increment
Financing District No. 2-7, dated June, 1993. ("Plan
MOdifications").
1.05 The Plan Modifications were, in accordance with the HRA
Act and TIF Act, referred to the Hopkins Planning
Commission, which submitted to the city its written
opinion that the Plan MOdifications conform to the
general plan for the development of the city as a
whole.
1.06
Estimates of the fiscal impact regarding the TIF Plan
for TIF District No. 2-7 were provided to Independent
School District No. 270 and 278, and Hennepin County at
least 30 days before the Council/s public hearing on
the TIF Plan, as required under the TIF Act.
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Resolution No. 93-51
Page 2
1.07
This Council has fully reviewed the contents of the
Plan Modifications and has this date conducted a public
hearing thereon at which the views of all interested
persons were heard.
Section 2. Findings Modified Redevelopment Project No.1
2.01 It is hereby found and determined that within the
Project, there exists a condition of inadequate flood
plain control which has prevented normal development of
the land by private enterprise and has resulted ina
stagnant and unproductive condition of land that is
potentially more useful and valuable.
2.02 It is further specifically found and determined that:
(a) The land in the Project would not be made
available for development without the public
intervention and financial aid described in the
Redevelopment District Plan as modified by the Plan
Modifications;
(b) The plan Modifications will afford maximum
opportunity, consistent with the sound needs of the
City as a whole, for the development of the project
area by private enterprise;
(c) The Plan Modifications conform to the general
development plan of the City as set forth in the
comprehensive municipal plan.
2.03 The findings in this Section are made in compliance
with the HRA Act for the purpose of showing the City/s
intent to exercise the powers granted to the City by
those Acts in order to achieve the objectives of those
Acts..
Section 3. Findinas: Tax Increment Financina District No. 2-7
3.01 The City finds and determines that it is necessary and
desirable for the sound and orderly redevelopment of
the Project and the City as a whole, and for the
protection and preservation of the public health,
safety, and general welfare, that the powers of the TIF
Act be exercised by the City to provide public
financial assistance to the Project.
3.02
The City further finds that, in its reasoned opinion,
the redevelopment proposed in the TIF Plan for TIF
District No. 2-7 could not reasonably be expected to
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Resolution No. 93-51
Page 3
occur solely through private investment within the
reasonably foreseeable future and that therefore the
use of tax increment financing is necessary.
3.03
The proposed private improvements to be financed
partially through tax increment financing are necessary
to permit the City to realize the full potential of the
Project in terms of development intensity, employment
opportunities and tax base.
3.04
The TIF Plan conforms to the general plan of
development of the City as a whole.
3.05
The TIF Plan will afford maximum opportunity,
consistent with the sound needs of the City as a whole,
for the redevelopment by private enterprise of the
Project.
3.06
The city finds that the TIF Plan is intended, and in
the City/s reasoned judgement its effect will be, to
promote the pUblic purposes and accomplish the
objectives specified in the TIF Plan.
3.07
The City finds that TIF District No. 2-7 is an economic
development TIF District within the meaning of Section
469.174 subd.12 of the TIF Act.
3.08 The City finds that Section 469.177, subd. 3 clause (a)
will be applied to fiscal disparity computations.
3.09 The City has relied upon the reports and
recommendations of its staff and consultants, as well
as the personal knowledge of members of the Council in
reaching its conclusions regarding TIF District No. 2-
7..
Section 4. Plan Modification and TIF Plan Adopted: Filing
4.01 The Plan Modifications are hereby approved and adopted.
4.02 The TIF Plan is hereby adopted and TIF District No. 2-7
is hereby established.
4.03 The City requests that the tax increment collection be
delayed until the 1995 taxes, payable in 1996, with
payment for eight years thereafter.
4.04
The City directs the city Administrator to file a copy
of the Plan Modifications with the Minnesota
Commissioner of Revenue as required by the TIF Act and
TIF Plan.
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Resolution No. 93-51
Page 4
4.05
The City Administrator is authorized and directed to
transmit a certified copy of this resolution to the
Hennepin County Auditor and to request certification of
TIF District No. 2-7.
Adopted this 15th day of June, 1993.
ATTEST: