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HomeMy WebLinkAboutResolution 2000-67 RESOLUTION NO. 2000 - 67 RESOLUTION APPROVING A MODIFIED REDEVELOPMENT PLAN FOR THE CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT AND A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT (REDEVELOPMENT) NO. 9 BE IT RESOLVED By the City Council of the City of Columbia Heights, Minnesota (City) as follows: Section 1. Recitals, 1.01. The City of Columbia Heights ("City") has previously established the Central Business District Redevelopment Project (the "Project") and a redevelopment plan therefor (the "Redevelopment Plan"), originally administered by the Housing and Redevelopment Authority in and for the City of Columbia Heights ("HRA"). 1.02. By resolution approved January 8, 1996, the City transferred the control, authority and operation of the Project from the HRA to the Columbia Heights Economic Development Authority ("Authority"). 1.03. The Authority has proposed the establishment within the Project of Tax Increment Financing District (Redevelopment) No. 9 (the "TIF District") and a Tax Increment Financing Plan ("TIF Plan") therefor, pursuant to the HRA Law and Minnesota Statutes, Sections 469.174 through 469.179 ( the "TIF Act"). 1.04. The Authority has caused to be prepared a document titled "City of Columbia Heights, Minnesota, Columbia Heights EDA Tax Increment Financing Plan for Tax Increment Financing District (Redevelopment) No. 9 (Transition Block Redevelopment Project- Crest View/Real Estate Equities)" (the "Plan"). 1.05. The Authority has submitted the Plan to the City Planning and Zoning Commission, which has found that it conforms to the comprehensive City plan. 1.06. Estimates of the fiscal and economic implications of the Plan were presented to the appropriate school and county boards and officials at least 30 days before the public hearing on the Plan. 1.07. By resolution approved September 25, 2000, the Authority has approved the Plan and has recommended approval thereof by this Council, and such resolution,and its findings and supporting documentation is hereby incorporated herein. 1.08. This City Council has fully reviewed the contents of the Plan and on this date conducted a public hearing thereon, at which the views of all interested persons were heard. Section 2. Findings; Project. 2.01. It is hereby found and determined that within the Project there is a need to improve the tax base and housing and employment opportunities, and to provide an impetus for commercial development. 2.02. It is further specifically found and determined that: a) the land within the Project would not be made available for development without the public intervention and financial assistance described in the Plan; b) the Plan will afford maximum opportunity,consistent with the sound needs of the City as a whole, for the development of the Project by private enterprise; and c)the Project and the Plan conform to the general plan for development of the City as set forth in the comprehensive municipal plan. 2.03. It is found and determined that it is necessary and desirable for the sound and orderly development of the Project and the City as a whole, and for the protection and preservation of the public health, safety, and general welfare, that the authority of the TIF Act be exercised by the City to provide public financial assistance as described in the Plan. 1. 2.04. It is further found and determined, and it is the reasoned opinion of the City, that the development proposed in the Plan for TIF District No. 9 could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. 2.05. The proposed public improvements to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the TIF District and Project in terms of development intensity, housing and employment opportunities, and tax base. 2.06.. The Plan conforms to the general plan of development of the City as a whole. 2.07. The Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the TIF District and Project by private enterprise. 2.08. TIF District No. 9 is a redevelopment district under Section 469.174, subd. 10 of the TIF Act, based on the findings described in the Plan, which are incorporated herein by reference, and other records on file with the City, which are also incorporated herein by reference. 2.09. Reasons and facts supporting the findings herein are set forth in the TIF Plan. The City has also relied upon the reports and recommendations of its staff as well as the personal knowledge of members of the City Council in reaching its conclusions regarding TIF District No. 9. 2.10. The City elects to make a qualifying local contribution under Minnesota Statutes, Section 273.1399, subd. 6(d), and therefore anticipates that the TIF District will be exempt from state aid loss under that statute. Section 3. Plan Adopted, Certification; Filing. 3.01. The Plan is hereby approved and adopted and the Redevelopment Plan is hereby modified accordingly. 3.02. The Board hereby makes all the findings set forth in the Plan, which is incorporated herein by reference. 3.03. City staff and consultants are authorized to take all actions necessary to implement the Plan, including negotiation and preparation of agreements in connection with development and redevelopment within the TIF District and Project area. City staff and consultants are further authorized and directed to transmit a certified copy of this resolution together with a certified copy of the Plan to Anoka County with a request that the original tax capacity of the property within TIF District No. 9 be certified to the City pursuant to Section 469.177, subd. 1 of the TIF Act, and to file a copy of the Plan with the Minnesota Commissioner of Revenue as required by the TIF Act. Passed this 11°i day of December, 2000 Offered by: Hunter Seconded by: Szurek Roll Call: All ayes f Mayor Gary L. Peterson Patricia Muscovitz, Deputy City Clerk 2.