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Home My WebLink About5.a. Modification of Rosemount Redevelopment PlanCITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION PORT AUTHORITY COMMISSION MEETING DATE: SEPTEMBER 14, 1992 AGENDA ITEM: AGENDA SECTION: MODIFICATION OF ROSEMOUNT REDEVELOPMENT PLAN OLD BUSINESS PREPARED BY: AGENDA NO. JOHN MILLER, ECONOMIC DEVELOPMENT COORDINATOR ATTACHMENTS: APP VED DRAFT OF PLAN AMENDMENT, RESOLUTION Attached you will find a draft copy of the "Modification of Rosemount Redevelopment Plan" as prepared by the City's bond counsel, Briggs and Morgan. The draft plan would accomplish two things if approved by the City Council on your recommendation: 1. Expand the spatial area where tax increment revenue can be spent. This would include land as far north as the Armory site and land as far south as 160th Street - an area that includes the proposed business park. 2. Permits the use of bonds not to exceed $2,500,000 to finance estimated redevelopment costs associated with the Armory/Ice Arena project. The City Council has scheduled its public hearing on the plan amendment for Tuesday, September 15. Any Port Authority action should be taken before the public hearing. RECOMMENDED ACTION: Motion to adopt Resolution 1992-4, A RESOLUTION APPROVING THE MODIFICATION OF THE ROSEMOUNT REDEVELOPMENT PLAN, THE MODIFICATION OF THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1, AND THE AMENDMENT OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 1-1. PORT AUTHORITY ACTION: E MODIFICATION OF ROSEMOUNT REDEVELOPMENT PLAN ORIGINALLY ADOPTED MAY 1, 1979 MODIFICATION ADOPTED: September 15, 1992 This document was drafted by: BRIGGS AND MORGAN PROFESSIONAL ASSOCIATION 2200 First National Bank Building St. Paul, Minnesota 55101 223515 TABLE OF CONTENTS Page ARTICLE I - BACKGROUND AND MODIFICATION OF ROSEMOUNT REDEVELOPMENT PROJECT AREA 1 ARTICLE II - DEFINITIONS . . . . . . . . . . . . . . . . . 2 ARTICLE III - STATEMENT OF PUBLIC PURPOSE AND AUTHORITY . . . 4 Section 3.01. Statement of Need and Public Purpose . . 4 Section 3.02. Statutory Authority . . . . . . 5 Section 3.03. Statement of Development Objectives . . . 5 ARTICLE IV - THE TAX INCREMENT FINANCING PLAN . . . . . 6 Section 4.01. Statement of Redevelopment Plan . .6 Section 4.0.2. Parcels to be Included in Tax Increment Financing District . . . . . . . . . . 6 Section 4.03. Property to be Acquired . . . . . . . . . 6 Section 4.04. Development Activity in the Redevelopment Project for which Contracts Have Been Signed . . . . . . . 6 Section 4.05. Other Specific Development Expected to Occur Within The Redevelopment Project 6 Section 4.06. Estimated Cost of Redevelopment Project 6 Section 4.07. Estimated Amount of Bonded Indebtedness 7 Section 4.08. Public Costs; Sources of Payment . . 7 Section 4.09. Original Tax Capacity . . . . . . . 7 Section 4.10. Estimated Tax Capacity and computation of Tax Increment . . . . . . . . . . 7 Section 4.11. Type of Tax Increment Financing District. . . . . 8 Section 4.12. Duration of Tax Increment Financing District . . . . . 8 Section 4.13. Estimated Impact of Tax Increment Financing8 Section 4.14. Studies and Analyses . . . . . . . . . . 8 Section 4.15. Use of Tax Increment . . . . . . . 8 Section 4.16. Modifications of Tax Increment Financing Districts . . . . . . . • 9 Section 4.17. Limitation on Administrative Expenses 9 Section 4.18. Excess Tax Increments . . . . . . . . . . 10 Section 4.19. Administration of Tax Increment Financing Districts . . . . . . . . . . . 10 Section 4.20. Annual Disclosure Requirements . . . . . 10 223515 EXHIBIT A - DESCRIPTION OF ROSEMOUNT REDEVELOPMENT PROJECT AREA AS ORIGINALLY ADOPTED EXHIBIT B - LEGAL DESCRIPTION EXHIBIT C - PARCEL IDENTIFICATION NUMBERS EXHIBIT D - REDEVELOPMENT PLAN EXHIBIT E - LEGAL DESCRIPTION OF PROPERTY TO BE ACQUIRED 223515 ARTICLE I BACKGROUND AND MODIFICATION OF ROSEMOUNT REDEVELOPMENT PROJECT AREA The Housing and Redevelopment Authority in and for the City of Rosemount (the "HRA") has heretofore adopted the Rosemount Redevelopment Plan dated May 1, 1979, copy of which is attached hereto as Exhibit D (the "Redevelopment Plan") pursuant to which it elected to use tax increment financing to finance all or a portion of the costs of the Rosemount Redevelopment Project. A narrative description of the boundaries of the Redevelopment Project Area, as originally adopted is attached hereto as Exhibit A. The Rosemount Port Authority, as successor in interest to the HRA, has determined that it is necessary and desirable to enlarge the Redevelopment Project Area to make it coterminous with the boundaries of Municipal Development District No. 1. Therefore, the Redevelopment Plan is hereby amended to enlarge the Redevelopment Project Area to include the land within Development District No. 1, which is legally described on Exhibit B hereto. Minnesota Statutes, Section 469.179, subdivision 2 provides, in part, that if additional activity is undertaken within a tax increment district created prior to August 1, 1979, the provisions of the Tax Increment Financing Act must be complied with as they relate to the new activity. Therefore, the Authority has prepared the following tax increment financing plan for the Rosemount Redevelopment Project. 223515 ARTICLE II DEFINITIONS The terms defined below have, for purposes of this Tax Increment Financing Plan, the meanings herein specified, unless the context specifically requires otherwise: "Authority" means the Rosemount Port Authority. "Authority Law" means Minnesota Statutes, Sections 469.048 to 469.068. "Bond" means any tax-exempt or taxable bonds issued by the City or Authority and payable in whole or in part from Tax Increments to finance the Public Costs, and any obligations issued to refund such bonds. "City° means the City of Rosemount. "City Council" means the City Council of the City. "County" means Dakota County, Minnesota. "Environmental Controls" means federal, state or local laws, statutes, rules, regulations or orders governing matters of protection of the environment as the same pertain or apply to the Redevelopment Project. "Governing Body" means the duly elected City Council. "HRA" means the Housing and Redevelopment Authority in and for the City of Rosemount. "HRA Law" means Minnesota Statutes, Sections 469.001 to 469.047. "Land Use Regulations" means all federal, state and local laws, rules, regulations, ordinances and plans relating to or governing the use or development of the Redevelopment Project, including but not limited to platting, zoning and building code laws, regulations and ordinances, but excluding Environmental Controls. "Public Costs" means all legally permissible costs incurred or to be incurred by or on behalf the Authority in carrying out the Redevelopment Plan, including but not limited to: (a) the costs of the Redevelopment Activities set forth in the 223515 2 Redevelopment Plan as originally adopted; (b) all capital and administrative costs incurred in connection with the acquisition, relocation, construction and equipping of a municipal ice arena; (c) costs of administering the Redevelopment Project; and (d) debt service payments on any obligations issued to finance Public Costs authorized by the Redevelopment Plan and this Tax Increment Financing Plan. "Redevelopment Project" means the Rosemount Redevelopment Project Area, as modified, the boundaries of which are described on the attached Exhibits A and B. "Redevelopment Plan" means the Redevelopment Plan for the Redevelopment Project, dated May 1, 1979, as herein modified, as the same may hereafter, from time to time, be amended or supplemented. "State" means the State of Minnesota. "Tax Increment Financing District" means the Rosemount Redevelopment Project, as originally established on May 1, 1979, pursuant to Minnesota Statutes, Section 462.585, the legal description of which is attached as Exhibit A. "Tax Increment Financing Act" means Minnesota Statutes, 1978, Section 462.585 and Minnesota Statutes, 1988, Sections 469.174 through 469.179, both inclusive, as amended and supplemented from time to time. "Tax Increment Financincr Plan" means this Tax Increment Financing Plan for the Tax Increment Financing District initially adopted by the Authority on September 15, 1992, and approved by the City on September 15, 1992, as the same may, from time to time, be amended or supplemented. "Tax Increments" means the tax increments derived from the Tax Increment Financing District. 223515 3 ARTICLE III STATEMENT OF PUBLIC PURPOSE AND AUTHORITY Section 3.01. Statement of Need and Public Purpose. In May of 1979, the City Council of the City of Rosemount and the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Rosemount (the "HRA") determined that there was a need for the Authority to undertake certain activities designed to encourage, ensure and facilitate commercial development and redevelopment by the private sector of underutilized and unused land located within the City in order to provide additional employment opportunities for residents of the City and the surrounding area, to improve the tax base of the City, the County and Independent School District Nos. 196, 199 and 917 (collectively, the "School District") thereby enabling them to better utilize public facilities and provide needed public_ services, and to improve the general economy of the City. Specifically, the City Council and the Board of Commissioners of the HRA determined that the property within the Rosemount Redevelopment Project Area was either underutilized or unused due to a variety of factors, including fragmented ownership of the property, inadequate ,and multiple zoning of the property, excessive property cost comprising costs of clearance, grading and soil correction, and inadequate public improvements to serve the property; all of which had resulted in a lack of private investment; that, as a result, the property was not providing adequate employment opportunities, and was not contributing to the tax base and general economy of the City, the School District, the County and the State to its full potential; and, therefore, that it was necessary for the Authority to exercise its authority under the HRA Law to develop, implement and finance a program designed to encourage, ensure and facilitate the commercial development and redevelopment of the property located in the Rosemount Redevelopment Project area, to further and accomplish the public purposes specified in this paragraph. While progress has been made since creation of the Redevelopment Project Area,.the continued development of the area is desirable. In order to protect past investments and remain competitive, a modification to the Redevelopment Plan for the Rosemount Redevelopment Project needs to be adopted, to provide additional public investment to bolster employment and recreation opportunities. The public investment program will encourage private investment and the use of underutilized land, while preventing deterioration and stabilizing and improving property values. 223515 4 The development proposed through this Tax Increment Financing Plan for the Redevelopment Project area would not occur solely through private investment in the foreseeable future; the Tax Increment Financing Plan proposed herein is consistent with the Redevelopment Plan; and the Tax Increment Financing Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the property located in the Redevelopment Area by private enterprise. The welfare of the City, the County and the State of Minnesota requires active promotion, attraction, encouragement and development of economically sound industry and commerce by the City and the Authority. Section 3.02. Statutory Authority. Prior to August 1, 1979, the effective date of the Tax Increment Financing Act, the HRA established the Rosemount Redevelopment Project and adopted the Redevelopment Plan therefor pursuant to the HRA Law. In addition, the HRA utilized tax increment financing as contemplated and authorized by Minnesota Statutes, 1978, Section 462.585 The Authority, as successor in interest to the HRA, intends to undertake additional activities which were not heretofore contemplated. Therefore, pursuant to the requirements of Minnesota Statutes, Section 469.179, subd. 2, the Authority must, with regard to the additional activity to be undertaken in the Redevelopment Project, with certain exceptions, conform to the provisions of the Tax Increment Financing Act. Therefore, the Authority has, upon the making of certain findings by the Authority and the City, and with the City's approval, adopted the Tax Increment Financing Plan set forth in Article IV hereof, which provides for the use of tax increment financing to finance the cost of additional public activities and improvements to be undertaken in the Redevelopment Project Area, as modified and which are specified in the Redevelopment Plan and the Tax Increment Financing Plan. Section 3.03. Statement of Development Objectives. The development objectives are set forth in the Redevelopment Plan. 223515 5 ARTICLE IV THE TAX INCREMENT FINANCING PLAN Section 4.01. Statement of Redevelopment Plan. The statement of the Redevelopment Plan for the Redevelopment Project is set forth in the Redevelopment Plan. Section 4.02. Parcels to be Included in Tax Increment Financing District. The Redevelopment Project as originally adopted and as legally described on Exhibit A constitutes the Tax Increment District. It includes the parcels bearing the parcel identification numbers set forth on the attached Exhibit C. Section 4.03. Property to be Acquired. The Authority may acquire for its or the City's use or may convey to any private developer any or all of the parcels of property located within the Redevelopment Project, as amended., including but not limited to the land described in Exhibit E attached hereto. Section been signed construction construction center. which Contracts Have Been Signed. No contracts have at this time. The City anticipates executing a contract or contracts in the near future for the of a municipal ice arena, armory and community Section 4.05. Other Specific Development Expected to Occur Within The Redevelopment Project. The following projects are proposed to be undertaken in the Redevelopment Project. A. The construction of a municipal ice arena and a multi-purpose community center and state armory. Section 4.06. Estimated Cost of Redevelopment Proiect. The estimated total cost of the new activities to be undertaken in the Redevelopment Project is $2,850,000. An estimate of the costs are as follows: A. Acquisition of Land and Relocation Expenses $ 400,000 B. Construction and Equipping of Ice Arena 2,300,000 C. Issuance Expenses (including Bond Issuance Premium and Underwriter's Discount 100,000 223515 6 D. Contingency TOTAL $ 50,000 $ 2,850,000 The costs set forth above are estimates and the amounts allocated to any item may be reallocated among any of the other items set forth above, provided that the total principal amount of the costs for the items specified will not exceed $2,500,000. Section 4.07. Estimated Amount of Bonded Indebtedness. It is anticipated that Bonds in a principal amount not exceeding $2,500,000 will be issued to finance a portion of the estimated Public Costs of the Redevelopment Project. Any balance of the Public Costs will be paid from sources described in Section 4.08 hereof. Section 4.08. Public Costs; Sources of Payment. The public moneys which may be used to pay the Public Costs of the Redevelopment Project are the proceeds of the Bonds, Tax Increments, gross or net revenues of the municipal ice arena, ad valorem property taxes, tax increments derived from Tax Increment Financing District No. 1-1, or other moneys legally available and appropriated for the purpose in the event the foregoing are not sufficient at any time, and other legally available sources of revenue which theAuthority or City may in their sole discretion appropriate for this purpose. Section 4.09. Original Tax Capacity. The "original tax capacity" of all taxable property in the Tax Increment Financing District as last certified for taxes payable in 1992 is $186,687. Section 4.10. Estimated Tax Capacity and Computation of Tax Increment. Each year the County Auditor will continue to measure the amount of increase or decrease in the total tax capacity of the Tax Increment Financing District to calculate the Tax Increments payable to the Authority. In any year in which there is an increase in total tax capacity valuation in the Tax Increment Financing District above the original tax capacity, Tax Increments will be payable to the Authority. In any year in which the total tax capacity valuation in the Tax Increment Financing District declines below the original tax capacity, no tax capacity valuation will be captured and no tax increment will be payable. The captured tax capacity is expected to annually approximate $246,161. The Authority determines that loot of the Tax Increments resulting from the Tax Increment Financing District shall, if necessary, be used for the payment of Public 223515 7 Costs of the Redevelopment Plan in accordance with the Redevelopment Plan and Tax Increment Financing Plan. Section 4.11. Type of Tax Increment Financing District. The Tax Increment Financing District was originally established in connection with the establishment of the Redevelopment Project on May 1, 1979, pursuant to Minnesota Statutes 1978, Section 462.585 and is therefore not designated as a specific type of Tax Increment Financing District. Section 4.12. Duration of Tax Increment Financing District. The Tax Increment Financing Act allows tax increment financing districts created prior to August 1, 1979, to remain in existence until April 1, 2001, and under certain conditions, August 1, 2009. It is anticipated that the Tax Increment District will terminate and the Authority will no longer collect Tax Increments from the Tax Increment Financing District on the earlier of (i) the date all tax increment Bonds issued prior to March 1, 1990 are fully discharged, or (ii) April 1, 2001. Section 4.13. Estimated Impact of Tax Increment Financing. This tax increment financing plan is being adopted for a Tax Increment Financing District that was originally established prior to 1979. The purpose of this tax increment financing plan is to expand the scope of activity within the Tax Increment Financing District. It does not create or add property to.the Tax Increment Financing District nor does it materially expand the duration of the Tax Increment District. Therefore, there is no impact on the affected taxing jurisdictions by the adoption of this tax increment financing plan. Section 4.14. Studies and Analyses. Pursuant to Minnesota Statutes, Section 469.175, subdivision 1(7), the specific studies and analyses used to make the determination that the development would not occur but for the use of Tax Increment Financing must be identified. The studies and analyses used tomakethe determination that the proposed development in the opinion of the Authority, would not reasonably be expected to occur through private investment within the reasonably foreseeable future, therefore, the use of tax increment is deemed necessary are on file with the City. Section 4.15. Use of Tax Increment. The Authority hereby determines that it will use 100% of the Tax Increments resulting from the Tax Increment Financing District as follows: 1. To pay principal and interest on the Tax Increment Bonds. 223515 8 2. To finance or otherwise pay Public Costs of the Redevelopment Project. 3. To finance or otherwise pay premiums for insurance or other security guarantying the payment of Tax Increment Bonds or obligations issued under Minnesota Statutes 462C. 4. To accumulate or maintain a reserve securing the payment when due of the principal and interest on Tax Increment Bonds or bond issued pursuant to Minnesota Statutes, Chapter 462C. 5. To finance or otherwise pay Public Costs of the Redevelopment Project. These revenues shall not be used to circumvent levy limitations applicable to the City nor for other purposes prohibited by Section 469.176, Subdivision 4 of the Tax Increment Financing Act. Section 4.16. Modifications of Tax Increment Financing Districts. In accordance with Minnesota Statutes, Section 469.175, Subdivision 4, any reduction or enlargement of the geographic area of the Tax Increment District, increase in amount of bonded indebtedness to be incurred, including a determination to increase the amount of capitalized interest on debt to be paid on the Tax Increment 'Bonds over the amount shown in this Tax Increment Financing Plan, or to increase or decrease the amount of interest on the debt to be capitalized, increase the portion of the captured assessed value to be retained by the Authority, increase in total estimated Public Costs or designation of additional property to be acquired by the Authority shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the Tax Increment Financing Plan. Section 4.17. Limitation on Administrative Expenses. In accordance with Minnesota Statutes, Section 469.174, Subdivision 14 and Minnesota Statutes, Section 469.176, Subdivision 3, administrative expenses means all expenditures of an authority other than amounts paid for the purchase of land or amounts paid to contractors or others providing materials and services, including architectural and engineering services, directly connected with the physical development of the real property in the district, relocation benefits paid to or services provided for persons residing or businesses located in the district or amounts used to pay interest on, fund a reserve for, or sell at a discount bonds issued pursuant to Section 469.178. Administra- tive expenses includes amounts paid for services provided by bond 223515 9 counsel, fiscal consultants, and planning or economic development consultants. No Tax Increments shall be used to pay any administrative expenses which exceed ten percent of the total expenditures authorized by the Tax Increment Financing Plan and the Redevelopment Plan. Section 4.18. Excess Tax Increments. Pursuant to Minnesota Statutes, Section 469.176, Subdivision 2, in any year in which the Tax Increments exceed the amount necessary to pay the Public Costs authorized by the Redevelopment Plan and Tax Increment Financing Plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475.61, Subdivision 3, the Authority shall use the excess amount to do any of the following: 1. prepay the outstanding Tax Increment Bonds; 2. discharge the pledge of Tax Increments thereto; 3. pay into an escrow account dedicated to the payment of the Tax Increment Bonds; 4. return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their mill rate. . In lieu thereof, the Authority may choose to modify the Tax Increment Financing 'Plan as described in Article III, in order to finance additional Public Costs of the Development Program. Section 4.19. Administration of Tax Increment Financing Districts. Administration of the Tax Increment Financing District will be handled by the City Administrator. The Tax Increments received as a result of increases in the tax capacity of the 'Tax Increment Financing District will be maintained in a special account separate from all other municipal accounts and expended only upon municipal activities identified in the Redevelopment Plan and Tax Increment Financing Plan. Section 4.20. Annual Disclosure Requirements. Pursuant to Minnesota Statutes, Section 469.175, Subdivision 5, the Authority must file with the State Auditor on or before July 1, an annual financial report for the Tax Increment Financing District. The report shall also be filed by the Authority with the school board and county board. The report shall: (1) make 'full disclosure of the sources and uses of public funds in the Tax Increment Financing District; 223515 10 (2) permit comparison and reconciliation with the Authority's accounts and financial reports; (3) permit auditing of the funds expended on behalf of the Tax Increment Financing District, or that is funded in part or whole through the use of a development account funded with taxincrements from other Tax Increment Financing Districts or with other public money; and (4) be consistent with generally accepted accounting principles. In addition, the report shall contain the following infor- mation: (1) the original taxable value of the Tax Increment Financing District; (2) the captured of the Tax Increment Financing District, including the amount of any gross tax capacity value shared with other tax districts; (3) the outstanding principal amount of Tax Increment Bonds issued or other loans incurred to finance project costs in the Tax Increment Financing District; (4) for the reporting period and for the duration of the Tax Increment Financing District, the amount budgeted under the Tax Increment Financing Plan, and the actual amount expended for, at least, the following categories: (a) acquisition of land and buildings through condemnation or purchase; (b) site improvements or preparation costs; (c) installation of public utilities or other public improvements; and (d) administrative costs, including the allocated cost of the Authority; (5) For properties sold to developers, the total cost of the property to the Authority and the price paid by the developer; (6) The amount of tax-exempt obligations, other than those reported ,under clause (3), that were issued on behalf 223515 11 of private entities for facilities located in the Tax Increment Financing District. 223515 12 EXHIBIT A 3. Description of the Redevelopment Project I 1. A'urrutive Description of the Project Bounduq Beginning at a point formed by the intersection of the northerly right-of-way line of Dakota County State Aid Highway 42 and the southwest corner of Lot 66 of Marian Terrace; Thence northerly along the westerly Lot Line of said Lot 66 of Marian Terrace extended to a point formed by the south«•est corner of Lot 12 Marian Terrace Replat 2nd Addition; Thence, Easterly along the southerly lot line of said Lot 12 Marian Terrace Replat 2nd Addition con- tinuing along the southerly lot line of Lot 9 Marian Terrace Replat 2nd Addition to the southeast corner of Lot 9 of Marian Terrace Replat 2nd Addition; Thence northerly on the East Lot Line of Lot 9 Marian Terrace Replat 2nd Addition to the Southwest corner of Lot 13 Marian Terrace Replat; Thence southeasterly along the southerly lot line of said Lot 13 extended to its intersection with the westerly lot line of Lot 14 Marian Terrace Replat; Thence southerly to the southwest corner of said Lot 14 Marian Terrace Replat; Thence southeasterly along the southerly lot Line of Lot 14 Marian Terrace Replat to the southeast corner of said Lot 14 Marian Terrace Replat; Thence northerly along the easterly lot lines of Lots 14 through 27 Marian Terrace Replat to the north- easterly corner of Lot 27 Marian; Terrace Replat; Thence westerly along the southerly right-of-way line of Lower 147th Street 1.,est to a point formed by the extension of the westerly line of Lot 61 Auditors Subdivision No. 1 ; Thence northerly along the westerly line of Lot 61 Auditors Subdivision No. 1 extended to the south- east corner of Lot 4, Auditors Subdivision No. 27; Thence westerly along the southerly Lot Line of said Lot 4, Auditors Subdivision No. 27 extended to the west right-of-way line of Cameo Avenue; Thence northerly along said west right-of-way line to its intersection with the southeast corner of Lot 1, Block 2 T.T. Conley Addition;' } Thence easterly across Cameo Avenue to the southwest corner of Lot 13 School Addition; Redevelopment Plan Rosemount Page 2 May 1, 1979 Thence northerly along easterly right of way line of Cameo Avenue to the northwest coiner of Lot lZ School Addition; Thence easterly along the northerly lot line of Lot 12 Schnol Addition to the northwest corner of said Lot 12; Thence northerly on the cast line of the School Addition to the northwest corner of Lot 20, Auditors Subdivision No. 1 ; Thence easterly along the northerly lot line of Lot 20, Auditors Subdivision No. 1 to the northeast corner of said Lot 20, Auditors Subdivision No. 1; Thence easterly to the northeast corner of Lot 23, Auditors Subdivision No. 1 ; Thence easterly along a line extended from said northeast corner of Lot 23 Auditors Subdivision No. 1 to easterly right-of-way line of ,Minnesota Trunk Highway No. 3 (South Robert Tr2d); Thence northerly alorl- said easterly right-of-way line to a point formed by extending the northerly lot line of Lot 8, School Addition; Thence easterly along said extended northerly lot line of Lot 8, School Addition to a point formed by its intersection with the centerline of Burma Avenue extended; Thence southeriy to the northerly Tright -of -way line of 145th Street West; Thence easterly along said northerly right-of-way line to the easterly right-of-way line of Biscayne Avenue; Thence southerly along said easterly right-of-way line to the northerly right-of-way line of Dakota County State Aid Highway 42; , Thence westerly along said northerly right-of-way line to point of beginning. Redevelopment Plan Rosemount Page 3 AUG 12 '92 12:36 CITY OF ROSEMOUNT P., EXHIBIT B APPENDN A DESCRIPTION OF PROPERTY Development District No. 1 rhe boundaries of the Development District are as follows: Begin at a point formed by the intersection of the center line of 160th Street and Western right of way line of Chippendale Avenue; Thence north along the western right of way line of Chippendale Avenue to the right of way of Dakota County State Aid Highway 42 (CSAH 42); Thence east along the northern right of way line of Dakota CSAH 42 to the westerly lot line of Lot 66 of Marian Terrace extended to a point formed by the southwest corner of Lot 2, Marian Terrace Replat 2nd Addition; Thence east along the southerly lot One of said Lot 12, Marian Terrace Replat 2nd Addition continuing along the southerlylot line of Lot 9, Marian Terrace Replat 2nd Addition; Thence north on the east lot line of Lot 9, Marian Terrace Replat 2nd Addition to 1he southwest corner of Lot 13, Marian Terrace Replat; Thence southeasterly along the southerly lot line of said Lot 13 extended to its intersection with the westerly lot line of Lot 14, Marian Terrace Replat; Thence south to the southwest comer of said Lot 14, Marian Terrace Replat; Thence southeasterly along the southerly lot line of Lot 14, Marian Terrace Replat to 1he southeast corner of said lot 14, Marian Terracs Replat; Thence north along the easterly lot lines of Lots 14 through 27, Marian Terrace Replat to the southeast corner of said lot 14, Marian Terrace Replat; Thence west along the southerly right of way line of Lower 147th Street west to a p int formed by the extension of the westerly line of Lot 61, Auditor's Subdivision Number 1; Thence north along the westerly line of Lot 61, Auditor's Subdivision Number 1 extended to the southeast comer of Lot 4, Auditor's Subdivision Number 27; Thence west along the southerly lot One of said Lot 4, Auditor's Subdivision Number 27 extended to the west right of way line of Cameo Avenue; Thence north along said west right of way tine of Cameo Avenue to ifs intersection with southeast corner of Lot 1, Block 2, T.T. Conley Addition; Thence east across Cameo Avenue to the southwest corner of lot 13, School Addition; Thence north along easterly right of way line of Cameo Avenue to the northwest corner of Lot 12, School Addition; Proposed March 1990 Page ,:ITY% A� Thence east along the northerly lot line of Lot 12, School Addition to the northwest corner of said Lot 12; Thence north on the east line of the School Addition to the northwest corner of Lot 20, Auditor's Subdivision Number 1 Thence east along the northerly lot line of Lot 20, Auditor's Subdivision Number 1 to the northeast corner of said Lot 20 Auditor's Subdivision Number 1; Thence east to the northeast corner of Lot 23, Auditor's Subdivision Number 1; Thence east along a line extended from the northeast corner of Lot 23, Auditor's Sub- division Number 1 to Westerly right of way line of State Trunk Highway Number 3 (STH 3); Thence north along STH 3 to, a point 1.5 rods south of the south line of the Southwest Quarter of Section 20; Thence west 515 feet along a line 1.5 rods south of an parallel to the south line of the Southwest Quarter of Section 20; Thence north 884.26 feet to a point 729.09 feet west of the western right of way of Dodd Boulevard; Thence east 729.09 feet parallel to the south line of the Southwest Quarter of Section 20 to the western right of way line of Dodd Boulevard; Thence south along the westerly right of way line of Dodd Boulevard to the westerly right of way line of STH 3; Thence north along the westerly right of way line of STH 3 to the northern right of way fine of Dakota County Road Number 38 (DC Rd 38); Thence easterly along the northern right of way line of DC Rd 38 to the eastern right of way line of Biscayne Avenue; Thence south along the easterly right of way line of Biscayne Avenue to the southern right of way line of 145th Street (CSAH 42); Thence east along the southern right of way line of 145th Street to the point at which 145th Street and County Sate Aid Highway 42 intersect; Thence southwest along the northwest right of way lie of CSAH 42 to the easterly right of way line of Biscayne Avenue; Thence south along the easterly right of way line of Biscayne Avenue to a point formed by the eastern right of way line of Biscayne Avenue and the center line of 160th Street; Thence west along the center line of 160th Street to the point of beginning. Page 22 Proposed March 1990 EXHIBIT C EXHIBIT "A" RESOLUTION 1979-H2 SUBDIVISION NA.IME Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. l Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. l Auditors Subdivision No..l Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision.lio. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors S bdivision.No. 1 u .uditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Auditors Subdivision No. 1 Pnge 1 of 4 AV PARCEL CODE 34-03700-044-00 34-03700-045-00 34-03700-046-00 34-03700-047-00 34-03700-049-00 34-03700-050-00 34-03700-010-18 34-03700-010-20 34-03700-020-20 34-03700-030-20 34-03700-010-21 34-03700-010-22 34-03700-020-22 34-03700-030-22 34-03700-010-23 34-03700-010-29 34-03700-010-30 34-03700-010-31 34-03700-010-32 34-03700-020-32 34-03700-010-33 34-03700-010-34 34-03700-010-35 34-03700-010-36 34-03700-010-37 34-03700-010-38 34-03700-010-39 34-03700-010-47 34-03700-010-48 34-03700-020-48 34-03700-010-49 34-03700-010-50 34-03700-010-51 i-a6e 2 of 4 i 4 EXHIBIT "A" RESOLUTION.1979-H2 (continued) SUBDIVISION NAME PARCEL CODE i Auditors Subdivision No. 1 34-03700-010-52 Auditors ',Subdivision No. 1 34-03700-010-53 Auditors Subdivision No. 1 34-03700-010-54 Auditors'Subdivision No. 1 34-03700-011-55 Auditors Subdivision No. 1 34-03700-010-58 Auditors subdivision No. 1 34-03700-010-60 Auditors Subdivision No. 1 34-03700-010-61 Auditors Subdivision No. 1 34-03700-020-61 Auditors Subdivision No. 1 34-03700-030-61 AuditorsSubdivision No, 1 34-03700-040-61 1 Auditors Subdivision No. 1 34-03700-051-61 Auditors' Subdivision No. 1 34-03700-052=61 Auditors Subdivision No. 1 34-03700-010-62 Auditors' Subdivision No. 1 34-03700-020-62 Auditors Subdivisi6n°Nb:.1 34-03700-030-62 Auditors Subdivision No. 1 34-03700-010-63 Auditors Subdivision'To: 1 34-03700-010-65 Auditors Subdivision No. 1 34-03700-020-65 Auditors Subdivision No. 27 34-03800-010-04 Auditors Subdivision No. 27 34-03800-130-14 Auditors subdivision No. 27 34-03800-140-14 Subdivision o. 27 Auditors ' is 34-03^000-150-14 Auditors Subdivision No. 27 34-03300-200-14 Auditors Subdivision No. 27 34-03800-210-14 Auditors Sbdivis'ion No. 27 34-03800-010-15 Conley The: -as Addition 34-18200-160-03 Conley Th.�as Addition 34-18200-170-03 IAcarian 34-47450-660-00 Terraces Rosemount Pillage 34-64800-010-03 Rosemount Village 34-64800-020-03 Rosemount Village 34-64BOO-030-03 Rosemoun- Village 34-64S00-040-03 Rosemou--Village 34-64 00-070-03 Page 4 of 4 EXHIBIT', "A" RESOLUTION 1979-H2 (continued) SUBDIVISION NAIME PARCEL CODE Rosemount Village 34-64800-142-07 1 School Addition 34-66500-131-00 J School Addition 34-66500-132-00 1 1 . l a• EXHIBIT D REDEVELOPMENT PLAN on file with the City Administrator. 223515 EXHIBIT E DESCRIPTION OF PROPERTY TO BE ACQUIRED Section 20, township 115, range 19, part of the south 1/2 of the southwest 1/4, beginning at the intersection with the right of way of highway 13, in a line parallel with and 1 & 1/2 rods north of the south line, west 130 feet, north 16 degrees, 0 meters, 28 seconds east, parallel with the right of way of highway 93.67 feet south, 73 degrees, 59 meters, 32 seconds east, 123.80 feet to the west right of way of highway, southwest on right of way 54 feet to beginning. (Tour dot) Section 20, township115, range 19, part of the south 1/2 of the southwest 1/4, commencing at the intersection with the right of way of State Highway #3, in a line parallel with and 1 & 1/2 rods north of the south fine, north 16 degrees, 0 minutes, 28 seconds east, on the west right of way 54 feet to beginning, continuing on right of way 75 feet north, 73 degrees, 59 minutes, 32 seconds west, 123.80 feet south, 16 degrees, 0 minutes, 28 seconds west, parallel to the highway, 75 feet south at 73 degrees, 59 minutes, 32 seconds east, 123.80 feet to beginning. (Rich's Auto) Section 20 TWN 115 Range 19 Pt of S'1/2 Sth #3 & Line Parr with & 1 1/2 RDS N of R/W 129 Ft to Beg N '73D 59M 32S W 123.80 Hgwy R/W 216.33 Ft E Parr S Line 130 Ft 28S W on R/w 256 Ft to Beg (Monk) 223515 of SW 1/4 Com Int W R/W S Line N 16D OM 28S E on FT N 16D OM 28S E Parr to W R/W Hgwy S 16D OM IDED (EXPAND -ED REDEVELOPMENT DISTRICT CITY OF ROSEMOUNT PORT AUTHORITY DAKOTA COUNTY, MINNESOTA RESOLUTION 1992 - 4 A RESOLUTION APPROVING THE MODIFICATION OF THE ROSEMOUNT REDEVELOPMENT PLAN, THE MODIFICATION OF THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1, AND THE AMENDMENT OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 1-1 WHEREAS, on May 1, 1979, the Housing and Redevelopment Authority in and for the City of Rosemount (the "HRA") adopted a Redevelopment Plan dated May 1, 1979 (the "Redevelopment Plan"), pursuant to which the Authority determined to use tax increment financing to pay for certain public redevelopment costs of certain projects undertaken within the area generally described as the area bounded by 145th Street West on the north, Biscayne Avenue on the east, CSAH42 on the south and Cambrian, Camero and Camfield on the west (the "Redevelopment Project Area"); WHEREAS, in March 1990, the Economic Development Authority of the City of Rosemount, Minnesota (the 11EDA11) established Development District No. 1 (the "Development District") and Tax Increment Financing (Economic Development) District N0.1-1 (the "Tax Increment District") and adopted a Development Program (the "Development Program") and Tax Increment Financing Plan (the "Tax Increment Plan") therefor pursuant to which the EDA determined to use tax increments generated by the Tax Increment District to finance certain capital and administrative costs within the Development District;' WHEREAS, the City Council by resolution adopted on September 3, 1991, established the Rosemount Port Authority (the "Port Authority")• WHEREAS, the City Council has heretofore transferred all control and operation of the Redevelopment Project Area, the Development District and the Tax Increment District to the Port Authority; WHEREAS, the Port Authority has determined that it is necessary, desirable and expedient to enlarge the Redevelopment Project Area and to authorize the use of tax increments generated by the Redevelopment Project', Area and the Tax Increment District to finance certain eligible costs associated with a proposed municipal ice arena to be located within the Development District and the RedevelopmentProject Area, as enlarged; WHEREAS, the Port Authority has reviewed a Modification to the Rosemount Redevelopment Plan and a Modification to the Development Program for Development District No. 1 and an Amendment to the Tax Increment Financing Plan and has performed ROSEMOUNT PORT AUTHORITY RESOLUTION 1992 - 4 PAGE 2 all actions required by law to be performed prior to the proposed modifications and amendments including, but not limited to, notification of Dakota County and Independent School District's Nos. 196, 199, and 917 which have taxing jurisdiction over the property included in the Redevelopment Project Area and the Tax Increment District, consultation with its planning commission, and has requested that the City Council hold a public hearing upon published and mailed notice as required by law. NOW, THEREFORE BE IT RESOLVED, by the Board of Commissioners of the Port Authority, as follows: 1. Public Purpose. The Modification of the Rosemount Redevelopment Plan and the modification of the Rosemount Development Program for Development District No. 1 conform in all respects to the requirements of law and will help fulfill a need to develop an area of the City which is already built up', will provide employment opportunities, will improve the tax base, and will improve the general economy of the City and thereby serves a public purpose. The Port Authority hereby finds that (A) the land in the Redevelopment Project Area would not be made available for redevelopment without the financial aid sought; (B) the Rosemount Redevelopment Plan, as modified, will afford maximum opportunity, consistent with the sound needs of the locality as a whole, for the redevelopment of such area by private enterprise; and (C) the Rosemount Redevelopment Plan, as modified, conforms to a general plan for the development of the City as a whole. 2. Modification of the Redevelopment Plan and Development Program and Amendment of Tax Increment Financing Plan. The Modification of the Rosemount Redevelopment Plan, and the Modification of the Development Program for Development District No. 1 (the "Modification") and the Amendment of the Tax Increment Financing Plan (the "Amendment") as proposed in the documents attached hereto as Exhibits A and B are hereby approved ,and adopted. 3. Request to City Council. The City Council is hereby requested to approve the Modifications and Amendment and confirm its earlier findings that: (A) the Tax Increment District is an economic district; (B) that the proposed development or redevelopment, in the opinion of the municipality, 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; (C) the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the municipality as a whole; t ROSEMOUNT PORT AUTHORITY RESOLUTION 1992 - 4 PAGE 3 and (D) the Tax Increment Financing Plan will afford maximum opportunity, consistent with the sound needs of the municipality as 'a whole, for the development or redevelopment of the project by private enterprise. ADOPTED this 14th day of September, 1992, by the Port Authority of the City of Rosemount. ATTEST: Its Executive Director Motion by: Voted in favor: Voted against: Ed Dunn, Chairperson Seconded by: