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94-61 CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES, MINNESOTA RESOLUTION Date June 13, 1994 Motion By Senn Resolution No. Seconded By 94-61 Mason RESOLUTION ADOPTING A DEVELOPMENT DISTRICT PROGRAM FOR DEVELOPMENT DISTRICT NO. 3 AND A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-1 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. 3 pursuant to Minnesota Statutes, §§ 469.124 through 469.154 and create Tax Increment Financing District No. S-1 pursuant to Minnesota Statutes, 0§ 469.174 through 469.179 within Development District No. S. 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. 3 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. S-1. 1.03. The City has performed all actions required by law to be performed prior to the establishment of Development District No. 3 and Tax Increment Financing District No. 3-1 and the adoption of a Program and Plan relating thereto, including, but not limited to, notification of Hennepin county ~nd the Eden Prairie school district; 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. 3 and Tax Increment Financing Plan, Tax Increment Financing District No. 3-1, City of ChRnh~sen, l~innesota," dated May 23, 1994, and on file in the office of the City Manager. 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 Establ/shment of Development District No. 3. 2.01. The Council hereby finds that the establishment of Development District No. 3 is intended, and in the judgment of the Council, its effect will be to provide an impetus for commercial 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. 3 would not be made available for development without the public intervention and f~ns~cf_~_ assistance described in the Program and Plan; b) The Program will afford ms, mum opportunity, consistent with the sound needs of the city as a whole, for the development of the District by private enterprise; and c) In accordance with the findfngs of the planning commission, the Program conforms to the general plan for development of the city as set forth in the cityts comprehensive plan. Section 3. Findings Related to Establishment of Tax Increment Financin~ District No. 3-1. 3.01. It is the opinion of the Council that development of the properties included within Tax Increment Financing District No. S-1 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 financing is therefore necessary. 3.02. The Council finds that the Plan for Tax Increment Financing District No. 3-1 conforms to the general plan for development of the City, based upon the recommendations of the planning commission. 3.03. The Council finds that the Plan for Tax Increment Financing District No. 3-1 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the District by private enterprise. 3.04. The Council further finds that the establishment of Tax Increment Financing District No. S-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. S. 05. The Council has relied upon the op~B~ons 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. S-1. 3.06. The City Council hereby finds that Tax Increment Financing District No. 3-1 is an economic development tax increment financing district wit~ the meaning of Minnesota Statutes § 469.174, Subd. 12. Section 4. Approval of Development District Program and Tax Increment Financing Plan~ Establishment of Tax Increment Financing District No. S-1. 4.01. The Program for Development District No. 3 and the Plan for Tax Increment Financing District No. 3-1 are hereby approved and adopted. Tax Increment Financing District No. 3-1 is hereby established. 4.02. The boundaries of Development District No. 3 and Tax Increment Financing District No. 3-1 are described in the Program and Plan therefor and are incorporated herein by reference. . 4.03. The City elects to be governed by Minnesota Statutes 1 469.177, Subd. 3(a), with regard to fiscal disparities for Tax Increment Financing District No. 3-1. 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 Hennepin county with a request that the original tax capacity of the property within Tax Increment Financing District No. 3-1 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 department of revenue. 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. S-1. DATED: May 23, 1994 ~onald ~xnel;~Mayor ATTEST: Donald Ashworth~ity Clerk/l~anager YES NO Chmiel Dockendor£ Wing Mason Senn None ABSENT None