Loading...
HomeMy WebLinkAboutResolution No. 472-16 D1ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF OLMSTED STATE OF MINNESOTA RESOLUTION NO. RESOLUTION APPROVING AN AMENDED AND RESTATED TAX INCREMENT FINANCING PLAN BE IT RESOLVED by the Board of Commissioners (the "Board") of the Rochester Economic Development Authority (the "EDA"), as follows: Section 1. Recitals. 1.01. The EDA has heretofore established Economic Development District No. 41 (f/k/a Redevelopment Project No. 41, the "Development District"), and established Tax Increment Financing District No. 41-1 within the Development District (the "TIF District"), adopted the Economic Development Plan (f/k/a the Redevelopment Plan) for the Development District (the "Development Plan"), established Tax Increment Financing District No. 41-1 within the Development District (the "TIF District") and adopt a Tax Increment Financing Plan therefor (the "TIF Plan" and, together with the Development Plan, the "Plans"), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 through 469.047, Sections 469.090 through 469.1082, Sections 469.174 through 469.1794 (the "TIF Act"), and Minnesota Statutes, Sections 469.40 to 469.47 (the "DMC Act"), all as amended (collectively, the "Act"); all as reflected in that certain document entitled in part "Amended and Restated Economic Development Plan for Economic Development District No. 41 of the Rochester Economic Development Authority and Amended and Restated Tax Increment Financing Plan for Tax Increment Financing District No. 41-1". 1.02. It has been proposed that the EDA amend the Plans pursuant to and in accordance with the Act, which is located in the Development District. 1.03. The EDA has investigated the facts and has caused to be prepared the Amended and Restated Economic Development Plan for Economic Development District No. 41 and Amended and Restated Tax Increment Financing Plan for Tax Increment Financing District No. 41-1 (the "Amendment"). 1.04. The EDA has performed all actions required by law to be performed prior to the adoption and approval of the Amendment, including but not limited to, notice to the County Commissioner representing the area of the County in which the TIF District is located, delivery of the Amendment to TIF Plan to the County and School Board, and the holding of a public hearing thereon by the City of Rochester, Minnesota (the "City") following notice thereof published in the City's official newspaper at least 10 but not more than 30 days prior to the public hearing. 487926vl RC110-38 Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Board hereby finds that the Amendment of the Plans is intended and, in the judgment of the Board, its effect will be, to carry out the objectives of the Development Plan including affording maximum opportunity, consistent with the needs of the City as a whole, for the development of the Development District by private enterprise and the Development Plan conforms to the general plan for the development of the City as a whole. 2.02. The Board further finds that the Amendment of the Plans is intended and in the judgment of the Council its effect will be to promote the public purposes and accomplish the objectives specified therein and in the DMC Plan. 2.03. The Board hereby ratifies and confirms the findings made in connection with the establishment of the TIF District. The Board hereby makes the following additional findings: (a) The Board further finds that the proposed development to occur in the Development District, in the opinion of the Board, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. The specific basis for such finding being: The Amendment to Plans, among other things, creates the opportunity to stimulate development on private property in the Development District and the DMC District that would not otherwise occur without tax increment assistance due to the high cost of infrastructure and redevelopment. (b) The Board further finds that the Amendment to the Plans conforms to the general plan for the development or redevelopment of the City as a whole. The specific basis for such finding being: The Amendment to Plans will generally compliment and serve to implement policies adopted in the City's comprehensive plan. The public redevelopment contemplated by the Amendment to the Plans is in accordance with the City's comprehensive plan. (c) The Board further finds that the Amendment to the Plans will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the Development District by private enterprise. The specific basis for such finding being: The proposed development and redevelopment, including related parking will further the development of private property in the Project Area and the DMC District. 2.04. The Amendment of the Plans, as presented to the Board on this date, including without limitation the findings and statements of objectives contained therein, is hereby 2 487926vl RC110-38 approved, ratified, established, and adopted and shall be placed on file in the office of the office of the Executive Director of the EDA. EDA staff shall, in writing, file the Amendment with the County, the Commissioner of Revenue and the Office of the State Auditor. 2.05. The staff of the EDA and the EDA's advisors and legal counsel are authorized and directed to proceed with the implementation of the Plan as amended by the Amendment. PASSED AND ADOPTED BY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ROCHESTER, MINNESOTA, THIS DAY OF , 2016. PRESIDENT OF SAID COMMON COUNCIL ATTEST: CITY CLERK APPROVED THIS DAY OF 2016. MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota) 3 487926vl RC110-38 Member moved the adoption of the foregoing resolution, which motion was duly seconded by Member and upon vote being taken thereon, the following Members voted in favor thereof: and the following Members voted against the same: whereupon said resolution was declared duly passed on adopted. 4 487926vl RC110-38 SECRETARY'S CERTIFICATE I, the undersigned, being the duly qualified and acting Secretary of the Rochester Economic Development Authority, DO HEREBY CERTIFY that I have carefully compared the attached and foregoing extract of minutes of a duly called and regularly held meeting of the Board of Commissioners held on October 17, 2016, with the original minutes thereof on file in my office and I further certify that the same is a full, true, and correct transcript thereof insofar as said minutes relate to the amendment of the EDA's Development District No. 41 and Tax Increment Financing District No. 41-1 therein. WITNESS My hand this day of October, 2016. Secretary Rochester Economic Development Authority 5 487926vl RC110-38