HomeMy WebLinkAboutResolution No. 556-04 • CITY OF ROCHESTER
COUNTY OF OLMSTED
STATE OF MINNESOTA
RES OLUTION NO.5 6 6 "O y
RESOLUTION APPROVING A DEVELOPMENT DISTRICT
AND DEVELOPMENT PROGRAM THEREFOR
AND APPROVING A TAX INCREMENT FINANCING DISTRICT
AND A TAX INCREMENT FINANCING PLAN THEREFOR
BE IT RESOLVED by the Common Council (the "Council") of the City of Rochester,
Minnesota(the "City"), as follows:
Section 1. Recitals.
1.01. It has been proposed that the City establish its Development District No. 31 (the
"Development District"); adopt the Development Program for the Development District; and
establish within Tax Increment Financing District No. 31-1 and adopt the related Tax Increment
Financing Plan therefor (collectively, the "Plans"); all pursuant to and in conformity with
applicable law, including Minnesota Statutes, Sections 469.124 through 469.134 and Sections
469.174 through 469.1799, as amended; all as reflected in that certain document entitled in part
• Development District No. 31 of the City of Rochester,Minnesota," dated November 1, 2004,
,and presented for the Council's consideration.
1.02. The Council has investigated the facts relating to the Plans.
1.03. The City has performed all actions required by law to be performed prior to the
adoption and approval of the Plans, including but not limited to 30 days prior notification of the
County and School Boards, a review of the Plans by the Rochester Planning and Zoning
Commission, and the holding of a public hearing by the City thereon following notice thereof
published in the City's official newspaper at least 10 but not more than 30 days prior to the
public hearing.
1.04. Certain written reports and other documentation(collectively, the "Reports")
relating to the Plans, including the tax increment application made and other information
supplied by Georgetowne Square Limited Partnership (the "Company") and to the activities
contemplated therein,have heretofore been assembled or prepared by staff or others and
submitted to the Council and/or made a part of the City files and proceedings on the Plans. The
Reports include data, information and/or substantiation constituting or relating to (1) the "studies
and analyses" on why the new Tax Increment District meets the so-called "but for" test and(2)
the bases for the other findings and determinations made in this resolution. The Council hereby
confirms,ratifies and adopts the Reports,which are hereby incorporated into and made as fully a
part of this resolution to the same extent as if set forth in full herein.
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• Section 2. Findings for the Adoption and Approval of the Plans.
2.01. The Council hereby finds that Tax Increment Financing District No. 31-1 is in the
public interest and is a "housing district" within the meaning of Minnesota Statutes, Section
469.174, Subdivision 11,because the proposed project is an approximately 32 unit multi-family
rental housing development (the "Development"), of which approximately 40% of the rental
units will be available for persons whose incomes do not exceed 60% of area median income, all
as represented by the Company. Such tax increment assistance as may hereafter be approved by
the City for the Development shall be used solely to finance the Development, as required by
Minnesota Statutes, Section 469.176, Subdivision 4d, and the Development shall without
limitation be required to meet the applicable income limitations provided in Minnesota Statutes,
Section 469.1761.
2.02. The Council further finds that,based in part upon the nature of the property and
the intended development thereof involved, and based upon the income and rent limits which
will apply to the Development, the proposed Development would not reasonably be expected to
occur solely through private investment within the reasonably foreseeable future and,therefore,
the use of tax increment financing is deemed necessary; that the Plans conform to the general
plan for the development or redevelopment of the City as a whole because the subject property is
or will be properly zoned for the intended uses, and the anticipated development is in furtherance
of long range plans of the City for that area; and that the Plans will afford maximum opportunity
consistent with the sound needs of the City as a whole, for the development of the Development
• District and of Tax Increment Financing District No. 31-1 by private enterprise because they will
enable the City to provide and finance suitable and necessary public inducements.
2.03. The Council further finds that the Plans are intended and in the judgment of the
Council their effect will be to promote the public purposes and accomplish the objectives
specified in the Tax Increment Financing Plan for Tax Increment Financing District No. 3 1-1
and the Development Program for Development District No. 31.
Section 3. Approval and Adoption of the Plans.
3.01. The Plans, as presented to the Council on this date, including without limitation
the findings and statements of objectives contained therein, are hereby approved, ratified,
established, and adopted and shall be placed on file in the office of the City Clerk. City staff
shall request the Olmsted County Auditor to certify the new tax increment financing district.
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• PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 1ST DAY OF NOVEMBER, 2004.
c
IDENT OF SAID COMMON COUNCIL
ATTEST:
CITY LERk
Approved this day of November, 2004.
MAYOR OF SAID CITY
(Seal of the City of
Rochester,Minnesota)
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Councilmember Sandra Means moved the adoption of the foregoing
resolution,which motion was duly seconded by Councilmember Marcia Marcoux ,
and upon vote being taken thereon, the following Councilmembers voted in favor thereof:
President John Hunziker, Councilmembers Dennis Hanson, Marcia Marcoux, Jean
McConnell , Sandra Means, Bob Nowicki -, Walter Stobaugh
and the following Councilmembers voted against the same:
None
whereupon said resolution was declared duly passed on adopted.
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