CONSENT AGENDA - Joe Huss, Finance Director
Title
RESOLUTION APPROVING AN AMENDMENT TO THE BLAINE ECONOMIC DEVELOPMENT PROJECT PLAN, ESTABLISHING A REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT AND APPROVING A TAX INCREMENT FINANCING PLAN THEREFOR (OAK PARK PLAZA PROJECT)
Background
On June 18, 2015 Council approved Resolution 15-107 approving a TIF Plan for Oak Park Plaza. Upon submission of the required forms to the State Auditor, it was discovered that a technical correction is necessary regarding the handling of fiscal disparities pursuant to MN Statutes Section 469.177, Subd. 3(b). The following resolution makes that correction.
Recommendation
By motion, adopt the following resolution.
Body
BE IT RESOLVED by the City Council (the “Council”) of the City of Blaine, Minnesota (the “City”), as follows:
Section 1. Recitals.
1. The City has on June 18, 2015 adopted Resolution No. 15-107 Approving an Amendment to the Blaine Economic Development Project Plan, Establishing a Redevelopment Tax Increment Financing District and Approving a Tax Increment Financing Plan Therefor (Oak Park Plaza Project) (the “Resolution”).
2. The Council desires to amend paragraph 3.02 of the Resolution to be consistent with the adopted Tax Increment Financing Plan for Tax Increment Financing District No. 1-19 (A Redevelopment District) (the “TIF Plan”) to read as follows:
“3.02 The City elects to retain all of the captured tax capacity to finance the costs of the TIF District. The City elects the method of tax increment computation set forth in Minnesota Statutes, Section 469.177, Subd. 3(b).”
3. Except as specifically amended herein, Resolution No. 15-107 remains in full force and effect. This resolution does not amend the TIF Plan.
PASSED by the City Council of the City of Blaine on April 7, 2016.