91-022
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RESOLUTION NO. 22-91
A RESOLUTION APPROVING AND ADOPTING A MODIFIED
TAX INC REMENT FINANCING PLAN FO R
TAX INCREMENT FINANCING DISTRICT NO.1
LOCATED WITHIN DEVELOPMENT DISTRICT NO.1
WH ERE AS, the City Council of the City of S horewood (C ity) approved
and adopted a T ax Increment Financing Plan for T ax Increment Financing
District No. 1 (the Plan) on 23 April 1990; and
WHEREAS, the City now desires to make certain modifications to said
Plan as are more fully set out in Exhibit A, attached hereto and made a part
hereof; and
WHEREAS, a public hearing was held by the Shorewood City Council on
11 February 1991, after published notice was duly given for the purpose of
reviewing and considering said modifications; and
WHEREAS, said modifications were reviewed at said public hearing, at
which time comments were heard from various members of the audience, the City
staff and the City Council members; and
WH ERE AS, after due discussion and deliberation and after
consideration of the comments of members of the audience, the City Council
voted to table the matter to its next regular meeting scheduled for 25
February 1991; and
WHEREAS, the matter was brought up from the table on 25 February
1991 and subsequently continued for discussion at a special meeting of the
City Council to be held 4 March 1991.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Shorewood as follows:
FINDINGS OF FACT
1. T hat the Council hereby finds that the modifications proposed as
set forth in Exhibit A further promotes those certain public purposes and
further accomplishes those certain objectives as specified in the original
Plan.
CONCLUSIONS
. 1. T hat the Council hereby approves and adopts the modifications to
the Plan as set forth in Exhibit A.
2. That the City staff, the City's advisors and legal counsel are
authorized and directed to proceed with the implementation of the
modifications to the Plan and for this purpose to negotiate, draft, prepare
and present to this Council for its consideration all further plans,
resolutions, documents, and contracts necessary for this purpose.
ADOPTED BY CITY COUNCIL OF THE CITY OF
4th day of March 1991.
SHOREWOOD this
Ja~1ItMJwJ
Barbara' J. B rancel, Mayor
ATTEST:
Bradley J. Nielsen
Acting City Administrator/Clerk
.
Roll Call Vote:
Ayes - Brancel, Daugherty, Gagne, Stover
Nays - Lewis
.
)
HODIFICATIONS
. The modifications to the original TIF plan are as follows:
Subsection 2.09
Estimated Public Costs
Public Improvements
noad Construction
Utility Construction
Other Public Costs
Oriqinal TIF Plan
$ 920,000
115 , 000
540,000
llodified TIF Plan
$ 783,300 (a)
58,200 (b)
294,500 (cl
Total
$1,575,0~0
Less State Aid Funds
Net Costs
$1,136,000
216~000 (d)
$ 920,000
(a)
Improvement of the lIiglHlay 7 frontage road between the
easterly line of TIF District #1 and Vine Hill no ad has
been deleted.
Extension of a Hatenn<lin frol11 TIF District ttl to the Shady
Hills residential subdivision has been deleted.
Administration Clnd 1':ngineering costs have been reduced,
Capitalized Interest of $170,000 as been eliminated, Bond
Issuance costs have been cut by $29,500, and Contingency
has been SUbstantially reduced.
'rhe intersection design was approved by HNDOT and the State
has allocated $216,000 for assistance in street
improvements ..,
(b)
(c)
(d)
.
Other modifications are:
Subsection 2.10
Estimated Amount of Donded Indebtedness.
General obligation tax increment bonds in the amount of $1,575,000 have
been replaced with revenue tax Increment Bonds in the amount of $920,000.
The debt service flm-' shmm in Exhibi t llA of the original plan has been
re-estimated as shown in Exhibit NO.1.
'l'he schedule of projected tax increment revenue shmm in Exhibit lIB of
the original plan has also been re-projected as shaWl in Exhibit No. 1.
.
EXHIBIT A
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