HomeMy WebLinkAbout92-172 - ADMIN Resolution - City Council - 1992/11/02r
RESOLUTION NO. 92-172
RESOLUTION APPROVING PAYMENT TO INDEPENDENT SCHOOL DISTRICT #283
OF 1992 REFERENDUM LEVY TAX INCREMENTS FROM THE OAK PARK VILLAGE
AND EXCELSIOR BOULEVARD TAX INCREMENT DISTRICTS
WHEREAS, certification of the Oak Park Village and the Excelsior Boulevard tax increment
financing districts preceded all three of the referendum levy elections of Independent School District
#283 and therefore fall within the meaning of Section 469.177 of Minnesota Statutes; and
WHEREAS, pursuant to Minnesota Statutes, Independent School District #283 has formally
requested that the City Council of the City of St. Louis Park.approve payment to the District in the
amount of increment from the Oak Park Village and Excelsior Boulevard TIF districts that is attributable
to the increase in the tax capacity rate that resulted from referendum levies of 1978, 1982 and 1985;
and
WHEREAS, the Oak Park Village and Excelsior Boulevard TIF districts and the increments
generated therein are managed and govemed by the St. Louis Park Economic Development Authority
(EDA); and
WHEREAS, pursuant to Minnesota Statutes, upon approval by a majority vote of the City
Council and the School Board, the EDA must pay to the School District an amount of increment equal
to the increment that is attributable to the increase in the local tax rate under the referendum levies;
and
WHEREAS, the City Council has determined that it would be in the best interest of the
lio,
community to approve the School District's request for payment of the referendum levy portion of
'ncrements collected from taxes due and payable in 1992 from each of the aforementioned TIF
districts;
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of St. Louis Park
hereby approves the formal request from Independent School District #283 for payment of the 1992
increment that is attributable to the increase in the local tax rate under the referendum levies of 1978,
1982 and 1985 -as applied to the captured tax capacity value of the :Oak Park Village and the Excelsior
Boulevard TIF districts; and
BE IT FURTHER RESOLVED, that the action authorized by this Resolution pertains to 1992
only and is in no way indicative of future action the City Council may or may not take in regards to this
matter; and
BE IT FURTHER RESOLVED, that the St. Louis Park Economic Development Authority is
directed to disperse said increments as they become available from collected taxes which are due and
payable in 1992.
Att t:
',CityCler 14141444)
Reviewed for administration:
e.. '0/W
Adop ? d by the City Council November 2, 1992
Ma
Approved as to form and execution:
La- Pa1.4
City Manager City Attorney