Laserfiche WebLink
01103 ft <br />RESOLUTION NO.92-10-917RI <br />The following resolution was offered by the w.nys md Means Comrr'ttee: <br />WHEREAS, 9.6 percent of the Hennepin County tax base will be captured in <br />1993 bv tax increment financing districts in the county, thereby increasing the <br />count tax rates that property taxpayers must pay for essential or mandated <br />coun^ • •vices; and <br />WHEREAS, tax increment collections are projected to increase from S115 <br />million in 1992 to $130 million in 1993 and will not decrease significantly until <br />the year 2009; and <br />WHEREAS, the Minnesota Tax Increment Act provides an opportunity for the <br />County Board of Commissioners to review and comment on any proposed tax increment <br />financing district, including the opportunity to meet with the tax increment <br />authority and present the Board’s views at the required public hearing on the <br />matter; and <br />WHEREAS, additional tax increment districts will likely be created in the <br />county in the future; <br />BE IT RESOLVED, that the Hennepin County Board of Commissioners reaffirms <br />its preference that: <br />1. Cities use tax increment as a financing tool of last resort, targeting <br />public assistance to renewal and redevelopment projects of greatest need <br />and lower income housing projects of demonstrated need. <br />2.Existing tax increment distri'-t: and those created in the future should be <br />completed and terminated »n the shortest time possible, thereby increasing <br />the tax base of the city, school district and county. <br />BE IT FURTHER RESOLVED, that county staff is directed to review and <br />evaluate the tax increment financing plan for each new proposed district or <br />modification to an existing district and prepare a report for the County Board. <br />The report should briefly explain the proposed action, indicate the potential <br />fiscal and economic impact on the county and recommend whether or not the County <br />Board should present comments it the public hearing on the plan. Copies of the <br />report will be sent to the school districts, municipalities and other taxing <br />authorities involved in the proposal. <br />BE IT FURTHER RESOLVED, that a copy of this resolution be forwarded to each <br />city council and the governing body of each authority with tax increment approval <br />powers in Hennepin County. This Resolution supersedes Resolution Mo. 80-8-729R, <br />approved B/26/80. <br />OCT 2 7 1992