HomeMy WebLinkAbout85-48 - ADMIN Resolution - City Council - 1985/04/15RESOLUTION NO. 85-48
RESOLUTION ESTABLISHING TAX INCREMENT DISTRICT NO. 85-1
PURSUANT TO MINNESOTA STATUTES 273.73
WHEREAS, the City Council of the City of St. Louis Park commissioned
a study of the Highway 7 corridor which identified a range of
planning issues and concerns; and
WHEREAS, in order to stimulate private investment along the Highway 7
corridor, the City Council has established the Highway 7 Development
District; and
WHEREAS, the City proposes to undertake public improvements financed
at least in part by tax increment bonds which are designed to
stimulate private investment along the Highway 7 corridor; and
WHEREAS, the area within the Tax Increment District is characterized
by vacant or under-utilized industrial sites, under -developed
commercial sites, inadequate streets and intersections, insuffici-
enthousing and unsatisfactory design and landscaping; and
WHEREAS, at least 70 percent of the parcels within the Tax Increment
District are occupied by buildings, streets, utilities or other
No improvements and more than 50 percent of the buildings (not
including out buildings) are structurally substandard to a degree
requiring substantial renovation or clearance; and
WHEREAS, the conditions noted above have been in existence for several
years as documented in the original Highway 7 corridor study
and other City planning efforts; and
WHEREAS, it is the opinion of the City that by intervening directly into
the development process through the construction and provision
of various public improvements as well as site acquisition,
the possibilities and opportunities for successful development
within the Tax Increment District will be maximized and the
needs of the City for increased tax base, additional jobs and
general aesthetic improvements will be met; and
WHEREAS, it is the opinion of the City that it is most advantageous to
capture the full tax increment estimated to be generated from
the Tax Increment District to finance needed public improvements
while retaining the option at any time within the life of the
District to use some portion less than 100 percent of the tax
increments generated annually; and
WHEREAS, the City Council has elected to compute tax increments as provided
for in Minnesota Statutes Section 273.76(3)(a) whereby the City
will retain 100 percent of the captured assessed value and tax
increments and not require a fiscal disparities contribution
to be made by properties within the Tax Increment District;
and
WHEREAS, the Planning Commission of the City of St. Louis Park reviewed
the proposed Tax Increment Financing Plan at its regularly scheduled
meeting of April 3, 1985, found it to be in conformance with
the City's Comprehensive Plan (adopted March 5, 1984) and offered
unanimous support for the proposal;
NOW, THEREFORE, be it resolved by the City Council of the City of St.
Louis Park, that the City does hereby approve and adopt the Tax Increment
Financing Plan for Tax Increment Financing District 85-1; and
BE IT FURTHER RESOLVED that the City of St. Louis Park does hereby create
the Tax Increment Financing District through Request for Certification
by Hennepin County.
Adopted by the City Council April 15, 1985
Att st:
CIty Clerk
Reviewed for administration:
I( "il'ot Y;11 -i —aWn4ag e;ir
Approved as to form and legality:
City orney