88-110
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CITY OF CBANBASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
RESOLUTION
Date October 10. 1988
Motion By Johnson
Resolution No.
RR- " 0
Horn
Seconded By
RESOLUTION APPROVING A MODIFIED
TAX INCREMENT FINANCING PLAN FOR THE
CHANHASSEN DOWNTOWN REDEVELOPMENT PROJECT
BE IT RESOLVED By the City Council of the City of Chanhassen, Minnesota
as follows:
Section 1. Recitals.
1. 01. The Housing and Redevelopment Authority in and for the City of
Chanhassen (Authority) and the City of Chanhassen (City) approved a redevelop-
ment project (Project) and adopted a redevelopment plan known as the
Chanhassen Downtown Redevelopment Plan (Plan) in accordance with Minn. Stat.,
Sections 462.411 through 462.716 (Redevelopment Act) on November 29, 197~nd
December 19, 1977, respectively.
1.02. Due to changes in the focus of the Plan and the area included
within the Project, the Plan has been the subject of seven modifications since
its adoption in 1977.
1.03. Changes in the nature of the public and private improvements to be
constructed have prompted the need for another modification to the Plan.
1.04. In response to these changes, the Authority authorized the
preparation of a modified Tax Increment Financing Plan (TIF Plan), pursuant to
Minn. Stat., Sections 469.174 through 469.179 (TIF Act). The modified TIF
Plan is contained in a document entitled "Modified Tax Increment Financing
Plan, Chanhassen Downtown Redevelopment Project, Modification No.8, City of
Chanhassen, Minnesota" dated September, 1988.
1.05. The TIF Plan was referred to the Chanhassen planning commission
which on September 21, 1988, found that it conforms to and is not in conflict
with the general plan for the development or redevelopment of the City as a
whole.
1.06. The Authority by resolution of September 22, 1988, approved the
modified TIF Plan and referred it to the city council for public hearing and
consideration as provided by the TIF Act.
1.07. Copies of the modified TIF Plan have been forwarded to Independent
School District No. 112 and Carver county along with a notice of the public
hearing as required by the TIF Act.
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1.08. The city council has fully reviewed the contents of the modified
TIF Plan and has this date conducted as public hearing thereon at which the
views of all interested persons were heard.
Section 2. Findings; Tax Increment Financing District.
2.01. It is found and determined that it is necessary and desirable to
the sound and orderly development and redevelopment of the Proj ect area and
the City as a whole, and for the protection and preservation of the public
health, safety, and general welfare, that the authority of the TIF Act be
exercised by the Authority and the City to provide public financial assistance
to the Project area.
2.02. It is further found and determined, and it is the reasoned opinion
of the Authority and the City, that the redevelopment proposed by Rosemount
Inc. and detailed in the modified TIF Plan could not reasonably be expected to
occur solely through private investment within the reasonably foreseeable
future and that therefore the use of tax increment financing is necessary.
2.03. The proposed public improvements to be financed largely through
tax increment financing are necessary to permit the City to realize the full
potential of the Proj ect area in terms of development intensity, employment
opportunities and tax base.
2.04. The modified TIF Plan conforms to the general plan of development
~ of the City as a whole.
2.05. The modified TIF Plan will afford maximum opportunity, consistent
with the sound needs of the City as a whole, for the redevelopment of the TIF
District by private enterprise.
2.06. Nothing contained herein constitutes an election on the part of
the Authority or City to proceed with the Project under the TIF Act, except to
the extent required by Section 469.177 of the TIF Act. The City and Authority
intend to continue to administer the Project as a TIF district created prior
to August 1, 1979, except with regard to those development activities which
are the subject of this amendment.
2.07. The City has relied upon the reports and recommendations of its
staff and the Authority as well as the personal knowledge of members of the
council in reaching its conclusions regarding the TIF District.
Section 3. TIF Plan Modification Approved.
3.01. The modified TIF Plan is hereby approved and adopted. The TIF
Plan incorporates by reference the original TIF Plan and all subsequent
amendments thereto, except as the modified TIF Plan explicitly or by
reasonably necessary inference conflicts with the original TIF Plan or any of
the first seven amendments thereto.
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3.02. The geographic boundaries of the Project area and the TIF District
are not coterminous and are as described in the Plan and modified TIF Plan,
which documents are hereby adopted by reference.
3.03. The Authority is requested to file a copy of the modified TIF Plan
with the Minnesota commissioner of energy and economic development as
required by the TIF Act.
3.04. The City may at the appropriate time and at the request of the
Authority take action to issue and sell its general obligation bonds pursuant
to the TIF Act to finance public redevelopment costs identified in the TIF
Plan.
3.05. The city clerk is authorized and directed to transmit a certified
copy of this resolution to the Authority.
Passed by the City Council of the City of Chanhassen, Minnesota this lOth
day of October ,1988.
ATTEST:
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