1993-074
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CITY OF HOPKINS
Hennepin county, Minn sota
RESOLUTION NO: 93-74
RESOLUTION AMENDING TAX INCREMENT FINANCING
PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2-7
(THERMOTECH INC. PROJECT)
WHEREAS, the Housing and Redevelopment Authority in and for the
City of Hopkins, Minnesota (the "Authority") and the City Council for
the City of Hopkins, Minnesota (the "City") by resolution have created
Tax Increment Financing District No. 2-7 (the "District") through the
adoption of a Tax Increment Financing Plan for the District (the
"Plan"); and
WHEREAS, section V.E. of the Plan provides that tax increment
generated from the District may be collected for a period of eight (8)
years f~om the receipt of the first tax increment; and
WHEREAS, the 1993 Minnesota LegiSlature amended Minnesota
Statutes section 469.176 Subd. 1(b) to provide that economic
development tax increment financing districts may extend for a term of
not more than 11 years from the date of approval of the District or 9
years from the date of receipt of the first tax increment from the
District; and
WHEREAS, it was the intent of both the Authority and city at the
time of creation of the District to avail itself of the maximum term
permitted by law for collection of tax increment from such a district;
and
WHEREAS; the City and the Authority desire to amend the Plan to
provide for a term limit consistent with the maximum term permitted by
Minnesota law; and
WHEREAS, such an amendment does not fall within the category of
modifications set forth in Minnesota statutes section 469.175, Subd.
4, which require a formal modification of the Plan after public
hearing and comment.
NOW, THEREFORE, BE IT HEREBY RESOLVED, by the city Council of the
City of Hopkins, that the Plan is hereby amended to provide that the
District will terminate no later than 9 years from the receipt of the
first tax increment from the District or 11 years from approval of the
District, whichever is earlier, and that City staff are hereby
authorized and directed to file a copy of this resolution amending the
Plan with the proper county and state offices.
Adopted this 20th day of July, 19 3.
o ATT~/ c::; // L:
Jaj:: ~ GenellC~tY Clerk
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