HomeMy WebLinkAbout3.a. Elimination of Parcels from the Downtown-Brockway Tax Increment Financing District
EXECUTIVE SUMMARY
Port Authority Special Meeting Date: June 23, 2020
AGENDA ITEM: Resolution Approving the Elimination of
parcels from the Downtown-Brockway
Tax Increment Financing District in the
City of Rosemount
AGENDA SECTION:
New Business
PREPARED BY: Eric Van Oss, Economic Development
Coordinator AGENDA NO. 3.a.
ATTACHMENTS: Resolution APPROVED BY: LJM
RECOMMENDED ACTION: Motion to Adopt the Resolution Approving the
Elimination of parcels from the Downtown-Brockway Tax Increment Financing
District in the City of Rosemount.
SUMMARY
As the Port Authority is aware, a new KenRose TIF District was created to facilitate the Morrison
Downtown project. Parcels within the new KenRose District were initially part of the Downtown/Brockway
TIF District. Based upon state law the majority of the KenRose parcels had been dropped from the District.
However, Dakota County is requesting the City formally take action to remove all of the properties in the
KenRose District before they will record the new TIF District. The attached resolution will remove the 13
parcels within the KenRose TIF District from the Downtown/Brockway District.
RECOMMENDATION
Motion to approve the resolution.
ROSEMOUNT PORT AUTHORITY
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2020-04
A RESOLUTION APPROVING THE ELIMINATION OF PARCELS FROM THE
DOWNTOWN – BROCKWAY TAX INCREMENT FINANCING DISTRICT IN THE CITY
OF ROSEMOUNT
WHEREAS, on April 20, 2004, the City of Rosemount (the “City”) created it’s Downtown –
Brockway Tax Increment Financing District (the “TIF District”) within the Rosemount
Redevelopment Plan by approval of a Tax Increment Financing Plan (the “TIF Plan”) for the TIF
District; and
WHEREAS, the TIF District is administered by the Rosemount Port Authority (the “Port
Authority”); and
WHEREAS, the following property, by property identification numbers, were included in the TIF
District:
34.03700.34.010
34.03700.47.010
34.03700.48.010
34.03700.48.020
34.03700.49.010
34.03700.50.010
34.03700.51.010
34.03700.52.010
34.03700.53.010
34.03700.61.040
34.03700.54.010
34.03700.61.052
34.03700.55.011; and
WHEREAS, the Port Authority desires by this resolution to amend the TIF Plan to remove the
parcels as listed above from the TIF District, thereby reducing the size thereof; and
NOW, THEREFORE, BE IT RESOLVED, by the Port Authority that the TIF Plan for the TIF
District is hereby amended to remove the described parcels and the City Administrator is authorized
and directed to notify the County Auditor thereof pursuant to Minnesota Statutes, Section 469.175,
Subdivision 4, clause (e).
ADOPTED this 23rd day of June, 2020, by the Port Authority of the City of Rosemount.
__________________________________________
Jeff Weisensel, Chair
ATTEST:
___________________________________
Erin Fasbender, City Clerk