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2010-91 CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES STATE OF MINNESOTA Council member McDonald introduced the following resolution and moved its adoption: RESOLUTION NO. 2010-91 RESOLUTION ADOPTING THE MODIFICATIONS TO THE TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICT NOS. 4 AND 5 -1. BE IT RESOLVED by the City Council of the City of Chanhassen, Minnesota, as follows: Section 1. Recitals. 1.01. The City Council (the "Council ") of the City of Chanhassen (the "City ") has heretofore established Tax Increment Financing District Nos. 4 and 5 -1 (the "TIF Districts ") and adopted their respective Tax Increment Financing Plans (the "TIF Plans "). TIF District No. 4 is a redevelopment tax increment financing district located within the Downtown Chanhassen Redevelopment Project Area (the "Project Area" and TIF District No. 5 -1 is a housing tax increment financing district located within Development District No. 5 (the "Development District "). It has been proposed that the City adopt modifications to the TIF Plans for the TIF Districts, referred to collectively herein as the "Modifications ", all pursuant to, and in accordance with, Minnesota Statutes ( "M.S. "), Sections 469.001 to 469.047, Sections 469.090 to 469.1082, Sections 469.124 to 469.134, and Sections 469.174 to 469.1799, inclusive as amended (the "Act "), all as reflected in the Modifications, and presented for the Council's consideration. 1.02. The City has investigated the facts related to the Modifications and has caused the Modifications to be prepared. 1.03. The City has performed all actions required by law to be performed prior to the adoption and approval of the proposed Modifications, including, but not limited to, notification of Carver County and Independent School District No. 112 having taxing jurisdiction over the property included in the TIF Districts, and the holding of a public hearing upon published notice as required by law. 1.04. The City is not modifying the boundaries of the TIF Districts. 1.05. The City is not extending the terms of the TIF Districts. Section 2. Findings for the Modifications. 2.01. The Modifications are being completed to modify the budgets to reflect actual expenditures to date and anticipated expenditures, increment received to date and anticipated through the remaining term of the TIF Districts and to bring the TIF Plans into conformance with current Office of State Auditor requirements. The Council hereby finds that the Modifications are intended and, in the judgment of this Council, the effect of such Modifications will be, to provide an impetus to accomplish certain redevelopment objectives as specified in the Modifications, which are hereby incorporated herein. 2.02. The Council hereby reaffirms the original findings that TIF District No. 4 was established as a valid "redevelopment district" and TIF District No. 5 -1 was established as a valid "housing district ". 2.03. The modifications to the TIF Plans conform to the general plan for development or redevelopment of the City as a whole. The fact supporting this finding is that the modifications to the TIF Plans will generally complement and serve to implement policies adopted in the City's comprehensive plan. 2.04. The modifications to the TIF Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the property within the Project Area by private enterprise. The facts supporting this finding are that the modifications to the TIF Plans will allow the City to meet its outstanding obligations to assist the redevelopment by private enterprise that has been stimulated under the original plans for the TIF Districts. 2.05. The Council reaffirms that the development and redevelopment, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and therefore the use of tax increment financing is deemed necessary. Section 3. Public Purpose. 3.01. The adoption of the Modifications conform in all respects to the requirements of the Act and will help fulfill a need to redevelop an area of the State which is already built up, to provide employment opportunities, to provide housing opportunities, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. Section 4. Approval and Adoption of the Modifications; Filing. 4.01. Conditioned upon the approval thereof by the Council following its public hearing thereon, the Modifications, as presented to the Council on this date, are hereby approved, established and adopted and shall be placed on file in the office of the City Manager. 4.02. Upon approval of the Modifications by the Council, the staff, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Modifications and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further Modifications, resolutions, documents and contracts necessary for this purpose. Approval of the Modifications does not constitute approval of any project or a Development Agreement with any developer. 4.03 Upon approval of the Modifications by the Council, the City Manager is authorized and directed to forward a copy of the Modifications to the Commissioner of the Minnesota Department of Revenue and the Office of the State Auditor pursuant to M.S., Section 469.175, Subd. 4a. 4.04. The City Manager is authorized and directed to forward a copy of the Modifications to the Carver County Auditor. The motion for the adoption of the foregoing resolution was duly seconded by Council member Litsey, and upon a vote being taken thereon, the following voted in favor thereof: Furlong, Litsey, McDonald and Tjornhom. and the following voted against the same: Ernst Dated: October 25, 2010 ATTEST: -- )10,,(, Thomas A. Furlong, Mayor To Gerhar , ity Manager (Seal)