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96-52CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES, MINNESOTA RESOLUTION Da~ June 24, 1996 Motion By Senn Resolution No. 96-52 Seconded By ~ason RESOLUTION ADOPTING A DEVELOPMENT DISTRICT PROGRAM FOR DEVELOPMENT DISTRICT NO. 5 AND A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 5-1 BE IT RESOLVED By the City Council (the "Council") of the City of Chanhassen, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. It has been proposed that the City establish Development District No. 5 pursuant to Minnesota Statutes, §§ 469.124 through 469.134 and create Tax Increment Financing District No. 5-1 pursuant to Minnesota Statutes, §§ 469.174 through 469.179 within Development District No. 5. 1.02. The Council has investigated the facts and has caused to be prepared a development district program (the "Program") describing the public assistance needed within Development District No. 5 and a tax increment financing plan (the "Plan") describing the specific acts to be taken to assist development within the boundaries of Tax Increment Financing District No. 5-1. 1.03. The City has performed all actions required by law to be performed prior to the establishment of Development District No. 5 and Tax Increment Financing District No. 5-1 and the adoption of a Program and Plan relating thereto, including, but not limited to, notification of Carver county and Independent School District No. 112; a review of the Program and Plan by the planning commission for their consistency with the general plans for development of the City; and holding a public hearing regarding the Program and Plan upon such notice as is required by law. 1.04. The Program and Plan are contained in a document entitled "Development District Program, Development District No. 5 and Tax Increment Financing Plan, Tax Increment Financing District No. 5-1, City of Chanhassen, Minnesota," dated June 24, 1996, and on file in the office of the City Manager. RHB106321 CH130-59 1.05. The Council has fully reviewed the contents of the Program and the Plan and has on this date conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Findings Related to Establishment of Development District No. 5. 2.01. The Council hereby finds that the establishment of Development District No. 5 is intended, and in the judgment of the Council, its effect will be to provide an impetus for affordable residential development in the city, increase employment, and otherwise promote the public purposes and objectives specified in the Program. 2.02. It is further found and determined that: a) The land in the Development District No. 5 would not be made available for affordable residential development consistent with the goals of the Metropolitan Livable Communities Act without the public intervention and financial assistance described in the Program and Plan; b) The Program will afford maximum opportunity, consistent with the sound needs of the city as a whole, for the development of the District by private enterprise; and 5-1. c) In accordance with the findings made by the planning commission on June 19, 1996, the Program conforms to the general plan for development of the community as set forth in the city's comprehensive plan. Section 3. Findings Related to Establishment of Tax Increment Financing District No. 3.01. It is the opinion of the Council that development of the properties included within Tax Increment Financing District No. 5-1 in 'a manner consistent with the goal of providing affordable housing under the Metropolitan Livable Communities Act would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future due to the lack of an adequate public investment and that the use of tax increment f'mancing is therefore necessary. 3.02. The Council finds that the Plan for Tax Increment Financing District No. 5-1 conforms to the general plan for development of the City, based upon the June 19, 1996 recommendations of the planning commission. 3.03. The Council finds that the Plan for Tax Increment Financing District No. 5-1 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the District by private enterprise. RHB106321 CH130-59 2 3.04. The Council further finds that the establishment of Tax Increment Financing District No. 5-1 is intended, and in the judgment of the Council, its effect will be to promote the public purposes and accomplish the objectives specified in the Program and Plan. 3.05. The Council has relied upon the opinions and recommendations of its staff and planning commission and the personal knowledge of the members of the Council in reaching its conclusions regarding the creation of Tax Increment Financing District No. 5-1. 3.06. The Council hereby finds that Tax Increment Financing District No. 5-1 is a housing tax increment financing district within the meaning of Minnesota Statutes § 469.174, Subd. 11. Section 4. Avvroval of Development District Program and Tax Increment Financing Plan[ Establishment of Tax Increment Financing District No. 5-1. 4.01. The Program for Development District No. 5 and the Plan for Tax Increment Financing District No. 5-1 are hereby approved and adopted. Tax Increment Financing District No. 5-1 is hereby established. 4.02. The boundaries of Development District No. 5 and Tax Increment Financing District No. 5-1 are described in the Program and Plan therefor and are incorporated herein by reference. 4.03. The City elects to make a qualifying local contribution each year with respect to Tax Increment Financing District No. 5-1 in an amount necessary to satisfy the requirements of Minnesota Statutes, § 273.1399, subd. 6. 4.04. The City Manager is authorized and directed to transmit a certified copy of this resolution together with a certified copy of the Plan to the auditor of Carver county with a request that the original tax capacity of the property within Tax Increment Financing District No. 5-1 be certified to the City pursuant to Section 469.177, Subd. 1 of the Tax Increment Financing Act and to file a copy of the Program and the Plan with the Minnesota state auditor. 4.05. The City may, at the appropriate time, take action to issue and sell its general obligation bonds pursuant to the Tax Increment Financing Act to finance the costs identified in the Plan for Tax Increment Financing District No. 5-1. DATED: June 24, 1996. ATTEST: ~mie~vlay6r /' - Donhld Ashworth, RHB106321 CH130-59 3