2010-08 CHANHASSEN ECONOMIC DEVELOPMENT AUTHORITY
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES
STATE OF MINNESOTA
RESOLUTION NO. 2010-08
RESOLUTION ADOPTING A MODIFICATION TO THE TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 4.
WHEREAS, it has been proposed by the Board of Commissioners (the "Board ") of the
Chanhassen Economic Development Authority (the "EDA ") and the City of Chanhassen (the "City ") that
the EDA adopt a Modification to the Tax Increment Financing Plan (the "Modification ") for Tax
Increment Financing District No. 4 (the "District ") located within the Downtown Chanhassen
Redevelopment Project Area (the "Project Area "), all pursuant to and in conformity with applicable law,
including Minnesota Statutes, 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 Board's consideration; and
WHEREAS, the EDA has investigated the facts relating to the Modification and has caused the
Modification to be prepared; and
WHEREAS, the EDA has performed all actions required by law to be performed prior to the
adoption of the Modification. The EDA has also requested that the City Council schedule a public
hearing on the Modification upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The EDA hereby reaffirms the original findings for the District, established as a
redevelopment district.
2. The Modification is being completed to modify the budget to reflect actual expenditures
to date and anticipated expenditures, increment received to date and anticipated through the remaining
term of the District and to bring the Tax Increment Financing Plan into conformance with current Office
of State Auditor requirements. The City is not modifying the boundaries or extending the term of the
District.
3. The EDA further finds that the Modification will afford maximum opportunity, consistent
with the sound needs for the City as a whole, for the development or redevelopment of the Project Area
by private enterprise in that the intent is to provide only that public assistance necessary to make the
private developments financially feasible.
4. Conditioned upon the approval thereof by the City Council following its public hearing
thereon, the Modification, as presented to the EDA on this date, is hereby approved and adopted and shall
be placed on file in the office of the City Manager.
5. Upon approval of the Modification by the City Council, the City Manager is authorized
and directed to forward a copy of the Modification to the Carver County Auditor, the Minnesota
Department of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175,
Subd. 4a.
Approved by the Board of Commissioners of the Chanhassen Economic Development Authority
this 25 day of October, 2010.
7 `t I
Thomas A. Furlong, Chair di
ATTES
et l e (A ...„ 114-
T•:d Gerhardt, Executive Director
(Seal)