HomeMy WebLinkAbout94-28 - ADMIN Resolution - City Council - 1994/03/07r
lipReviewed for administration:
RESOLUTION NO. 94-28
RESOLUTION APPROVING PAYMENT TO INDEPENDENT SCHOOL DISTRICT #283
OF 1993 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
the 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 governed 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 community to make payment of the referendum levy portion of increments collected
from taxes due and payable in 1993 from each of the aforementioned TIF districts;
NOW THEREFORE, BE IT RESOLVED, that the City Council of the City of Louis
Park hereby approves the formal request from Independent School District #283 for
payment of the 1993 increment that is attributable to the increase in the local tax rate as a
result of 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 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 1993.
Adopted by the City Council March 7, 1994
ATTEST:
City er *441114kej
4729:RES7
Approved as to form and execution:
Lit- /Luz -
Cit l Attorney