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87-26 e e e - CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES. MINNESOTA RESOLUTION Date April 6, 1987 Resolution No. 87-26 Motion by Horn HaJni'lton Seconded By RESOLUTION APPROVING A MODIFIED REDEVELOPMENT PLAN AND 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 ana 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. 1977. and 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 six modifications since its adoption in 1977. 1.03. Ch~nges in the nature of the public and private improvements to be constructed and an expansion of the boundaries of the Proj ect area have prompted another modification to the Plan. 1.04. In response to these changes. the Authority has authorized the preparation of a modified Redevelopment Plan and. pursuant to Minn. Stat.. Sections 273.71 through 273.78 (TIF Act). an accompanying tax:-increment financing plan (TIF Plan). The modified Redevelopment Plan and modified TIF Plan are contained in a document entitled "City of Chanhassen Amended Redevelopment and Tax Increment Financing Plan Modification No.7" (collectively. Plans). dated March 1987. now on file with the city clerk. 1.05. The Plans were. in accordance with the Redevelopment Act and TIF Act (collectively. Acts). referred to the Chanhassen planning commission which on February 11. 1987. found that they conform to and are not in conflict with the general plan for the development or redevelopment of the City as a whole. 1.06. The Authority by resolutions of February 19. 1987. and March 19. 1987. approved the modified Plans for the Proj ect and referred them to the city council for public. hearing and consideration as provided by the Acts. . . e 1.07. Copies of the modified Plans have been forwarded to Independent School District No. 112 and Carver County along with a notice of the public hearing as ~quired by the Acts. 1.08. This Council has fully reviewed the contents of the modified Plans and has this date conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Findings; Redevelopment Project. 2.01. It is hereby found and determined that within the Project area there exist conditions of economic obsolescence, physical deterioration, underutilization and inappropriate uses of land. 2.02. It is further specifically found and determined that: a) the land in the Project area would not be made available for redevelopment without the public intervention and financial aid described in the modified Plans; b) the modified Redevelopment Plan for the Project area will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of the Project area by private enterprise; c) the modified Redevelopment Plan conforms to the general development plan of the City as set forth in the comprehensive municipal plan. e 2.03. The findings in this section are made in compliance with Section 462.521, subdivision 2 of the Redevelopment Act for the purpose of showing the City's intent to exercise, in conjunction with the Authority, the powers granted to the City and the Authority by the Act in order to achieve the objectives of the Act. Section ~4 Findings; Tax Increment Financing District. 3.01. 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. .' 3.02. It is further found and determined, and it is the reasoned opinion of the Authority and the City, that the redevelopment proposed in the modified Plans could not reasonably be expected to occur solely through private invest- ment within the reasonably foreseeable future and that therefore the use of tax increment financing is necessary. e 3.03. 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 Project area in terms of development intensity, employment opportunities and tax base. 2 - - e .. 3.04. The modified TIF Plan conforms to the general plan of development of the City as a whole. - 3.05. 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. 3.06. Nothing contained herein constitutes an election on the part of the Authority or City to proceed with the Project under Sections 273.71 through 273.77 of the TIF Act, except to the extent required by Section 273.78. Section 4. Project and District Established: Certification: Filing. 4.01. The modified Plans are hereby approved and adopted. Said Plans incorporate by reference the original Redevelopment Plan and TIF Plan and all subsequent amendments thereto, except as the modified Plans explicitiy or by reasonably necessary inference conflict with the original Redevelopment Plan or TIF Plan or any of the first six amendments thereto. 4.02. The geographic boundaries of the Project Area and the TIF District are not coterminous but are as described in the modified Redevelopment Plan and modified TIF Plan, which documents are hereby adopted by reference. 4.03. The Authority is requested to file a copy of the modified Redevel- opment Plan and modified TIF Plan with the Minnesota commissioner of energy and economic development as required by the TIF Act. 4.04. 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. 4.05. 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 6th day of April, 1987. ."'! ;~: OF CHANHASSj (/ L Th ATTEST: /.Q Donald Ashworth, ,0tl.5lb City Clerk/Manager 051lRE02.E40 3