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    Streetcar Resolution

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    Sarah McKenzie
    A City Council resolution establishing a project area and value capture district for streetcar financing.

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    Download as PDF, TXT or read online from Scribd

    Streetcar Resolution

    Uploaded by

    Sarah McKenzie
    76 views4 pages
    A City Council resolution establishing a project area and value capture district for streetcar financing.

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    Streetcar resolution

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    © Attribution Non-Commercial (BY-NC)

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    A City Council resolution establishing a project area and value capture district for streetcar financing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    76 views4 pages

    Streetcar Resolution

    Uploaded by

    Sarah McKenzie
    A City Council resolution establishing a project area and value capture district for streetcar financing.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    By Glidden, Lilligren and Reich Establishing a Project Area and Value Capture District for Streetcar Financing.

    Resolved by The City Council of The City of Minneapolis: Section 1. Recitals. 1.1. In 2010 the City Council approved a long-term streetcar network consistent with the Minneapolis Streetcar Feasibility Study Final Report dated December 2007 and prioritized a streetcar line within the Nicollet Avenue and Central Avenue corridors as an initial implementation phase of the long-term network. 1.2. Laws of Minnesota 2013, Chapter 143, Article 9, Section 20 (the Legislation) grants authority to the City to establish, by resolution, a project area consisting of one city block on either side of a streetcar line designated by the City to serve the downtown and adjacent neighborhoods of the city (the Project Area) and a value capture district consisting of some or all of the taxable parcels located within one or more areas of the city as described in the Legislation (the District). 1.3. The Legislation provides that, in addition to paying for reasonable administrative costs of the District, the City may spend tax revenues of the District for property acquisition, improvements and equipment to be used for operations within the Project Area, along with related costs for planning, design and engineering services related to construction of the streetcar line; acquiring property for, constructing and installing a streetcar line; acquiring and maintaining equipment and rolling stock and related facilities, such as maintenance facilities, which need not be located in the Project Area; acquiring, constructing or improving transit stations; and acquiring or improving public space, including the construction and installation of improvements to streets and sidewalks, decorative lighting and surfaces, and plantings related to the streetcar line. Tax revenues of the District may not be used for the operation of the streetcar line. 1.4. The City may issue bonds or other obligations under Minnesota Statutes, Chapter 475, without an election, to fund acquisition or improvement of property of a capital nature authorized by the Legislation, including any costs of issuance. The City may also issue bonds or other obligations to refund those bonds or obligations. Payment of principal and interest on the bonds or other obligations issued under the Legislation is a permitted use of the Districts revenues.

    1.5. The duration of the District is limited to the lesser of (1) 25 years of tax revenues, or (2) the time necessary to collect tax revenues equal to the amount of the capital costs permitted by the Legislation or the amount needed to pay or defease bonds or other obligations issued under the Legislation, whichever is later. 1.6. The City has performed all actions required by law to be performed prior to the adoption of this resolution and the establishment of the Project Area and District, including, but not limited to, the holding of a public hearing on its proposed establishment upon published notice as required by law. Section 2. Findings and Elections 2.1. The Council hereby finds, determines and declares that the Project Area shall consist of one city block on either side of the streetcar line designated on the attached map, as amended from time to time. Prior to implementation, the City will finalize the routing decisions at Lake Street and the Mississippi River. 2.2. The Council further finds, determines and declares that the District shall consist of all of the taxable parcels located within the following described areas: The area bounded by Nicollet Avenue on the west, 16 th Street East on the south, First Avenue South on the east, and 14th Street East on the north. Addresses and property identification numbers of the parcels included within this area are listed below. 1501 Nicollet Avenue 1401 Nicollet Avenue 1405 Nicollet Avenue 1411 Nicollet Avenue 1413 Nicollet Avenue 10 15th Street East 1408 1st Avenue South 1406 1st Avenue North 1402 1st Avenue South 1509 Nicollet Avenue 1508 1st Avenue South 15 15th Street East 1520 1st Avenue South 1523 Nicollet Avenue 1515 Nicollet Avenue 27-029-24-42-0051 27-029-24-42-0071 27-029-24-42-0072 27-029-24-42-0029 27-029-24-42-0031 27-029-24-42-0030 27-029-24-42-0025 27-029-24-42-0026 27-029-24-42-0027 27-029-24-42-0052 27-029-24-42-0073 27-029-24-42-0079 27-029-24-42-0047 27-029-24-42-0048 27-029-24-42-0080

    The area bounded by Spruce Place on the west, 14 th Street West on the south, LaSalle Avenue on the east, and Grant Street West on the north. Addresses and property identification numbers of the parcels included within this area are listed below.

    1368 LaSalle Avenue 1365 Spruce Place 125 Grant St West 121 Grant St West 117 Grant St West 115 Grant St West 101 Grant St West 1362 LaSalle Avenue

    27-029-24-31-0130 27-029-24-31-0055 27-029-24-31-0058 27-029-24-31-0057 27-029-24-31-0056 27-029-24-31-0186 27-029-24-31-0050 27-029-24-31-0051

    The area bounded by Nicollet Avenue or Mall on the west, Fifth Street South on the south, Marquette Avenue on the east, and Fourth Street South on the north. Addresses and property identification numbers of the parcels included within this area are listed below. 415 Nicollet Mall 426 Marquette Avenue 427 Nicollet Mall 423 Nicollet Mall 401 Nicollet Mall 47 4th Street South 400 Marquette Avenue 22-029-24-44-0037 22-029-24-44-0038 22-029-24-44-0035 22-029-24-44-0036 22-029-24-44-0039 22-029-24-44-0040 22-029-24-44-0094

    The area bounded by First Avenue North on the west, Washington Avenue on the south, Hennepin Avenue on the east, and Second Street North on the north. The address and property identification number of the parcel included within this area are listed below. 222 Hennepin Avenue 22-029-24-41-0008

    The area bounded by Fifth Street Northeast on the west, Central Avenue Northeast on the southeast, Sixth Street Northeast on the east, Hennepin Avenue East on the south, and First Avenue Northeast on the north. Addresses and property identification numbers of the parcels included within this area are listed below. 519 Central Avenue Northeast 514 1st Avenue Northeast 525 Central Avenue Northeast 500 1st Avenue Northeast 13 5th Street Northeast 501 Hennepin Avenue East 505 Hennepin Avenue East 509 Central Avenue Northeast 23-029-24-12-0035 23-029-24-12-0033 23-029-24-12-0034 23-029-24-12-0032 23-029-24-12-0031 23-029-24-12-0030 23-029-24-12-0028 23-029-24-12-0029

    2.3. The City elects to retain 100 percent of the captured net tax capacity of the District.

    2.4. The Council elects the method of computation provided in Minnesota Statutes, Section 469.177, Subdivision 3, Paragraph (a). The Council acknowledges that, by making this election, the entire fiscal disparity contribution required of the City for commercial/industrial development occurring within the District will be taken from outside the District. 2.5. The Council further finds, determines and declares that it is necessary and in the best interests of the City at this time to establish the Project Area and District. 2.6. The Council further finds, determines and declares that the City shall request the Hennepin County Auditor to certify the District for calculation of the Districts tax revenues. Section 3. Establishment and Implementation of the Project Area and District 3.1. Based upon the findings set forth in Section 2 hereof, the Project Area and District are hereby established. 3.2. This resolution is effective immediately upon publication. 3.3. The officers and staff of the City and the City's consultants and counsel are authorized and directed to proceed with the implementation of the Project Area and District, and for this purpose to negotiate, draft, prepare and present to this Council for its consideration, as appropriate, all further resolutions, documents and contracts necessary for this purpose.

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