HomeMy WebLinkAbout25-31 - ADMIN Resolution - Economic Development Authority - 2025/11/17EDA Resolution No. 25-31
Decertifying the Wolfe Lake, 4900 Excelsior, Elmwood Apartments
and Elmwood Village Tax Increment Financing Districts
Whereas, the City of St. Louis Park, Minnesota (the “city”) and the St. Louis Park
Economic Development Authority (the “authority”) previously established the Wolfe Lake
Commercial Tax Increment Financing District (the “Wolfe Lake Commercial TIF district”), a
redevelopment district within Redevelopment Project No. 1 in the city, pursuant to Minnesota
Statutes, Sections 469.174 through 469.1794, as amended (the “TIF act”); and
Whereas, the city and the authority previously established the 4900 Excelsior Tax
Increment Financing District (the “4900 Excelsior TIF district”), a redevelopment district within
Redevelopment Project No. 1 in the city, pursuant to the TIF act; and
Whereas, the city and the authority previously established the Elmwood Apartments
Tax Increment Financing District (the “Elmwood Apartments TIF district”), a redevelopment
district within Redevelopment Project No. 1 in the city, pursuant to the TIF act; and
Whereas, the city and the authority previously established the Elmwood Village Tax
Increment Financing District (the “Elmwood Village TIF district”), a renewal and renovation
district within Redevelopment Project No. 1 in the city, pursuant to the TIF act; and
Whereas, the Wolfe Lake Commercial TIF district, 4900 Excelsior TIF district, Elmwood
Apartments TIF district and Elmwood Village TIF district (the “TIF districts”) are administered by
the authority; and
Whereas, it has been proposed that the authority decertify the TIF districts as of
December 31, 2025; and
Whereas, as of the date hereof, the projects have been completed, all obligations to
which tax increment from the TIF districts have been pledged have been paid in full or
defeased, and the authority has determined that it is in the best interests of the city to
terminate and decertify the TIF districts; and
Now therefore be it resolved by the board of commissioners of the St. Louis Park
Economic Development Authority as follows:
1. The TIF districts shall be decertified as of December 31, 2025.
2. Authority staff are authorized and directed to deliver a copy of this resolution to the
Auditor/Treasurer of Hennepin County, Minnesota (the “county auditor/treasurer”) with
instructions to decertify the TIF districts as of December 31, 2025, it being the intent of the city
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and authority that any tax increment derived from the TIF districts and collected after
December 31, 2025 should be redistributed by the county auditor/treasurer to the taxing
jurisdictions within the TIF districts pursuant to the TIF act.
3. Authority staff are further directed to return any remaining tax increment in the
accounts established for the TIF districts after December 31, 2025, which is not eligible for
spending, as determined by authority staff, to the county auditor/treasurer for redistribution to
the taxing jurisdictions within the TIF districts.
Reviewed for administration: Adopted by the Economic Development
Authority November 17, 2025:
Karen Barton, executive director Sue Budd, president
Attest:
Melissa Kennedy, secretary
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