HomeMy WebLinkAbout5.1b TIF 1-20 Northpoint District ResolutionCT165-57-759778.v1
COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY
CITY OF COTTAGE GROVE
WASHINGTON COUNTY
STATE OF MINNESOTA
RESOLUTION NO. ________
RESOLUTION APPROVING A MODIFICATION TO THE
DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1
AND A TAX INCREMENT FINANCING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 1- 20
(NORTHPOINT INDUSTRIAL)
Be It Resolved by the Board of Commissioners of the Cottage Grove Economic Development
Authority as follows:
Section 1. Recitals
1.01. The City of Cottage Grove (the “City”) and the Cottage Grove Economic
Development Authority (the “EDA”) previously established Development District No. 1 (the
“Development District”) and adopted a Development Program for same (the “Development
Program”).
1.02. The City and the EDA have decided to expand the geographic boundaries of the
Development District to be coterminous with the boundaries of the City and to modify the
Development Program to include an additional tax increment financing district.
1.03. In response to a new development opportunity, the EDA has also determined to create
Tax Increment Financing District No. 1-20 (Northpoint Industrial) (the “TIF District”) within
Development District No. 1 pursuant to Minnesota Statutes, sections 469.174 through 469.1794 (the
“TIF Act”) and has proposed using tax increment financing to facilitate the development of the site
with approximately 3,444,000 square feet of manufacturing/distribution facilities. The proposed TIF
District is an economic development tax increment financing district within the meaning of Minnesota
Statutes, Section 469.174, subd. 12.
1.04. The EDA has caused to be prepared a document entitled “Modification to the
Development Program, Development District No. 1 and Tax Increment Financing Plan for Tax
Increment Financing District No. 1-20 (Northpoint Industrial)”.
1.05. The Modification to the Development Program has been reviewed by the Cottage
Grove Planning Commission, which on September 27, 2021 determined that it conforms to the
general plan for the development and redevelopment of Cottage Grove as a whole.
1.06. A copy of the Modification to the Development Program and the TIF Plan, including
estimates of the fiscal and economic implications of the TIF District, was provided to South
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Washington County Schools and Washington County at least 30 days before the date of the public
hearing to be held before the Cottage Grove City Council.
1.07. The EDA has fully reviewed the contents of the Modification to the Development
Program and the TIF Plan.
Section 2. Findings; Modification of Development District No. 1
2.01. The Development Program is intended to afford maximum opportunity, consistent
with the needs of the City as a whole, for the development and redevelopment of the Development
District by private enterprise and to conform to the general plan for the development and
redevelopment of the City as a whole.
2.02. The EDA finds that the Modification to the Development Program will continue to
guide development and redevelopment within a portion of the City which has been identified as
benefitting from such assistance and provides for the establishment of an additional tax increment
financing district to accomplish such goals and objectives.
Section 3. Findings; TIF District No. 1-20
3.01. The EDA hereby finds that it is necessary and desirable for the sound and orderly
development and redevelopment of the Development District and the City as a whole, and for the
protection and preservation of the public health, safety, and general welfare, that the authority granted
to the EDA pursuant to the TIF Act be exercised to establish the TIF District within the Development
District.
3.02. The EDA further finds, and it is the reasoned opinion of the EDA that the development
proposed in the TIF Plan for the TIF District could not reasonably be expected to occur solely through
private investment within the reasonably foreseeable future.
3.03. The Plan for the TIF District conforms to the general plan of development for the City
as a whole.
3.04. The Plan for the TIF District will afford maximum opportunity, consistent with the
sound needs of the City as a whole, for the development of the TIF District and the Development
District by private enterprise.
3.05. The TIF District is an economic development tax increment financing district under
Minnesota Statutes, Section 469.174, Subdivision 12, based on the findings described in the TIF Plan.
3.06. Additional reasons and facts supporting the findings regarding the TIF District are
stated in the TIF Plan. The EDA has relied upon the representations of the developer and a review of
the developer’s proforma, the reports and recommendations of its staff and consultants as well as the
personal knowledge of the board of commissioners of the EDA in reaching its conclusions regarding
the TIF District.
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Section 4. Modified Development Program and TIF Plan Adopted, Effective Date
4.01. The Modified Development Program and the TIF Plan are hereby approved and
adopted.
4.02. The geographic boundaries of the Development District and of the TIF District are as
described in the Modified Development Program and the TIF Plan, respectively, and are incorporated
herein by reference.
4.03. The Executive Director is authorized and directed to transmit a copy of this resolution
together with a copy of the Modified Development Program and the TIF Plan to the Cottage Grove
City Council with a request that the City Council conduct such hearings as required by law and
approve said plans as soon hereafter as possible.
4.04. This resolution is effective on the date of its approval.
Approved by the Board of Commissioners of the Cottage Grove Economic Development Authority
this 9th day of November 2021.
Myron Bailey, President
Attest:
Jennifer Levitt, Executive Director