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HomeMy WebLinkAboutResolution 84-33CITY OF CITY OF COLUMBIA HEIGHTS 590 40th Ave. N. E. Columbia Heights, MN 55421 (612) 788-9221 "SERVICE IS OUR BUSINESS" RESOLUTION 84- 33 A RESOLUTION ESTABLISHING A TAX iNCREMENT FINANCING REDEVELOPMENT DIS- TRICT WITHIN THE DOWNTOWN CBD REVITALIZATION PROJECT PURSUANT TO MINN- ESOTA STATUTES, SECTIONS 273.71 TO 273.7~ INCLUSIVE, AND ADOPTING A FINANCE PLAN FOR SAID TAX INCREMENT FINANCING DISTRICT WHEREAS, the City Council of the City of Columbia Heights, MN has determined that it is necessary to create a tax increment financing dis- trict within the Columbia Heights Downtown CBD Revitalization Project (the "Project'~) pursuant to Minnesota Statutes, Sections 273.71 to 273. 7F~, inclusive, in connection with Modification No. 2 to the FProject created pursuant to Minnesota Statutes, Section 462.411, et seq. and, WHEREAS, the City Council of the City of Columbia Heights has de- termined that less than 70 percent of the parcels in the proposed dis- trict are occupied by buildings, streets, utilities or other improve- ments, but due to unusual soit deficiencies requiring substantial fill- ing, grading and other physical preparation for use at least 80 percent of the total acreage of the land in the redevelopment district has a fair market value which when added to the estimated cost of preparing that land for development, exceeds its anticipated fair market value after completion of said preparation, provided that no parcel shall be included within a redevelopment district pursuant to this paragraph unless a development agreement has been concluded for the development of at least 50 percent of the acreage having the unusual soil or terrain deficiences providing recourse for the authority should the development not be completed. WHEREAS, the City Planning Commission has received a copy of the proposed tax increment financing plan and has been given the opportunity to review and comment upon said tax increment financing plan and the tax increment financing district, and; WHEREAS, Columbia Heights Housing and Redevelopment Authority has informed the members of the local School Board of the Independent School District #13 and the Board of Commissioners of Anoka County of the fiscal and economic implications of the proposed tax increment financing district and invited said School Board members and County Commissioners to the public hearing. NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COL- UMBIA HEIGHTS that the City Council of the City of Columbia Heights, MN does hereby approve the tax increment financing plan and the creation of a tax increment financing district as described in said tax increment fin- ancing plan and finds as per Section Z of the tax increment plan; Bruce G. Nawrocki, Mayor PJita M. Petkoff, OounciJmember Arden Hovland, Councilmember Edward M. Carlson, Councilmember Gary Peterson, Councilmember EQUAL OPPORTUNITY EMPLOYER Page 2 That less than 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other improvements, but due to unusual soil deficiencies requiring substantial filling, grading and other physical preparation for use at least 80 percent of the total acreage of the land in the ~edevelopment district has a fair market value which when added to the estimated cost of prepar~i, ng that land for development, exceeds its anticipated fair market value after com- pletion of said preparation, provided that no parcel shall be included within a redevelopment district pursuant to this paragraph unless a development agreement has been concluded for the development of at least 50 percent of the acreage having the unusual soil or terrain deficiencies providing recourse for the authority should the develop- ment not be completed. 2. That the proposed redevelopment would not reasonably be expected to occur solely through private investment. That the Planning Commission has reviewed the redevelopment proposals and that the tax increment financing plan conforms to the general plan for the development of the municipality as a whole. That each of the redevelopment p~oposals involves a substantial comm- itment of private investment and in conjunction with tax increments as identified in the tax increment financing plan will afford maximum opportunity, consistent with sound needs of the City for:~he redevelop- ment of the project by private enterprise. Adopted by the City Councl] this 21st day of May, ]984. OFFERED BY: Carlson SECONDED BY: Peterson ROLL CALL: All ayes -Anne Student, Se c re ta ry Mayo~ ~uce G Nawrock~