HomeMy WebLinkAbout93-71 - ADMIN Resolution - City Council - 1993/06/21ir
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City Council
RESOLUTION NO. 93-71
RESOLUTION APPROVING PARK NICOLLET HAZARDOUS SUBSTANCE
TAX INCREMENT FINANCING SUBDISTRICT PLAN FOR AREA WITHIN
EXCELSIOR BOULEVARD TAX INCREMENT FINANCING DISTRICT
AND MAKING FINDINGS RELATED THERETO
WHEREAS, the St. Louis Park Economic Development Authority has made
application to the City of St. Louis Park for approval of a hazardous substance tax increment
financing subdistrict plan ("Plan") for an area within the Excelsior Boulevard Tax Increment
Financing District pursuant to Minnesota Statute, Sections 469.174 to 469.179 and 1992
Session Laws, Chapter 511, Article 9, Section 29; and
WHEREAS, a public hearing relating to the approval of the Plan was held pursuant to
published notice on June 21, 1993; and
WHEREAS, copies of the Plan were provided to members of the Hennepin County
Board and the St. Louis Park School District Board as required by State Statute; and
WHEREAS, the St. Louis Park Planning Commission has found the Plan in
conformance with City of St. Louis Park Comprehensive Plan and Excelsior Boulevard
Redevelopment Plan; and
WHEREAS, contaminants from the Beltline pay dump which was operated within a
portion of the area to be included in the subdistrict will be removed or remediated as
specified in a development response action plan with tax increments collected from the
subdistrict; and
WHEREAS, the St. Louis Park Economic Development Authority has entered into a
Redevelopment Agreement providing for removal or remedial actions specified in a
development response action plan relating to environmental contaminant coming from the
dump; and
WHEREAS, representatives of the owners of that portion of the dump located within
the proposed subdistrict have indicated that litigation was imminent with respect to the
environmental conditions of the dump and had commenced discovery of facts relevant to
such litigation.
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of St. Louis
Park hereby approves and adopts the Plan and makes the following findings based on the
reasons and facts listed above and set forth in the Plan:
1. The subdistrict is a Hazardous Substance Tax Increment Financing Subdistrict.
2. The proposed development or redevelopment would not reasonably be expected to
occur solely through private investment within the reasonably foreseeable future and
therefore the use of tax increment financing is deemed necessary.
3. The Plan conforms to the general plan for the development or redevelopment of the
municipality as a whole.
4. The Tax Increment Financing Plan will afford maximum opportunity consistent with
the sound needs of the municipality as a whole for the development or
redevelopment of the project by private enterprise.
5. The subdistrict will facilitate environmental remediation and reduce the likelihood of
litigation.
6. The sum of remediation costs relating to the subdistrict and deposits to the
indemnification fund exceeds the estimated fair market value of the land in the
subdistrict after completion of all necessary remediation activities and provision of
indemnification under the plan.
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Reviewed for administration:
4163:RES7
Adopted by the City Council June 21, 1993
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Approved as to form and execution: