94-103 CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES~ MINNESOTA
RESOLUTION
Date September 26, 1994
Resolution No.
94-103
Motion By Win9
Seconded By Mason
RESOLUTION ADOPTING A MODIFIED TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 2-1
BE IT RESOLVED By the City Council (the Council) of the City of
Chanhassen, Minnesota (the City) as follows:
Section 1. Recitals.
1.01. On October 10, 1988, the City adopted a Development Program (the
"Program") for Development District No. 2 and a Tax Increment Financing Plan (the
"Plan") for Tax Increment Financing District No. 2-1 therein, all pursuant to and
in accordance with Minnesota Statutes, sections 469.124 through 469.134 and
Minnesota Statutes, sections 469.174 through 469.179.
1.02. The Program for Development District No. 2 was modified on May 22,
1989, March 9, 1992 and October 11, 1993.
1.03. The Plan for Tax Increment Financing District No. 2-1 was modified on
May 22, 1989, October 22, 1990, March 9~ 1992 and October 11, 1993.
1.04. It has been proposed that the City again modify the Plan for Tax
Increment Financing District No. 2-1 in order to authorize financing of additional
publ/c expenditures within Development District No. 2.
1.05. The Council has investigated the facts and has caused to be prepared
a modified Plan for Tax Increment Financing District No. 2-1, describing the
additional actions to be undertaken by the City to aid the development of property
within Development District No. 2.
1.06. The City has performed all actions required by law to be performed
prior to the modification of the Plan for Tax Increment Financing District No. 2-1
including, but not limited to, notification of Carver County and Independent School
District No. 112; a review by the City planning commission of the modified Plan for
Tax Increment Financing District No. 2-1 for its consistency with the general plans
for development of the City; and holding a public hearing regarding the modified
Plan upon such notice as is required by law.
1.07. The modified Plan is contained in a document entitled "Modified Tax
Increment Financing Plan, Tax Increment Financing District No. 2-1, City of
Chanhassen, Minnesota" which is dated September 26, 1994 and on file in the office
of the City Manager.
1.08. The City Council has fully reviewed the contents of the modified Plan
and has on tkis date conducted a public hearing thereon at which the views of all
interested persons were heard.
Section 2. ~s Related to the Modification of the Plan for Tax Increment
Financing. District No. 2-1.
2.01. It is the opinion of the Council that development of the properties
included within the boundaries of Tax Increment Financing District No. 2-1 would
not reasonably be expected to occur solely through private investment within the
reasonably foreseeable future due to the lack of an adequate access road and that the
use of tax increment financing is therefore necessary.
2.02. The Council finds that the modified Plan for Tax Increment Financing
District No. 2-1 conforms to the general plan for development of the City, based
upon the recommendations of the planning commission.
2.03. The Council finds that the modified Plan for Tax Increment Financing
District No. 2-1 will afford maximum opportunity, consistent with the sound needs
of the City as a whole, for development of the Development District by private
enterprise.
2.04. The Council further finds that the authorization for additional public
expenditures and other changes reflected in the modified Plan for Tax Increment
Financing District No. 2-1 is intended, and in the judgment of the Council, their
effect will be to promote the public purposes and accomplish the objectives specified
in the modified Plan.
Section 3. Approval of the Modified Tax Increment Financing Plan.
3.01. The modified Tax Increment Financing Plan for Tax Increment Financing
District Nos. 2-1 is hereby approved and adopted.
3.02. The modification of the budget and other matters related to Tax
Increment Financing District No. 2-1 is described in the modified Tax Increment
Financing Plan therefor and are incorporated herein by reference. This modification
of the Plan for Tax Increment Financing District No. 2-1 does not involve the
addition of any property to the tax increment district.
3.03. The City Manager is authorized and directed to file a copy of the
modified Tax Increment Financing Plan with the Minnesota commissioner of revenue.
DATED:
September 26, 1994
Donald Ashworth, C~Clerk/Manager
Extract of Minutes of Meeting
of the City Council of the City of
Chanhassen, Carver and Hennepin Counties, Minnesota
Pursuant to due call and notice thereof, a regular meeting of the City Council
of the City of Chanhassen, Minnesota, was duly held in the City Hall in said City on
Monday, September 26, 1994, commencing at 7:30 o'clock P.M.
The following members were present: Mayor Chmiel, Councilpersons Wing,
Senn, Mason, Dockendorf
and the following were absent: None
The Mayor announced that the next order of business was consideration of the
proposals which had been received for the purchase of the City's $2,240,000 General
Obligation Tax Increment Bonds, Series 1994E.
The City Manager presented a tabulation of the proposals which had been
received in the manner specified in the Official Terms of Proposal of the Bonds. The
proposals were as follows:
IkT1~76275
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