HomeMy WebLinkAbout95-6 - ADMIN Resolution - City Council - 1995/01/03RESOLUTION NO. 9 5 - 6
RESOLUTION APPROVING PAYMENT TO INDEPENDENT SCHOOL DISTRICT #283
OF 1993 REFERENDUM LEVY TAX INCREMENTS FROM THE OAK PARK VILLAGE
AND EXCELSIOR BOULEVARDTAX INCREMENT FINANCE DISTRICTS
WHEREAS, certification of the Oak Park Village and the Excelsior Boulevard tax
increment financing districts (TIF Districts) preceded all three of the referendum levy
elections in 1978, 1982 and 1985 of Independent School District #283 (School District) and
therefore fall within the meaning of Section 469.177 Subdivision 10.(b)(2) of Minnesota
Statutes (Minnesota Statutes); 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, the School Board for the School District has approved the payment by
the EDA to the School District of an amount of tax increment equal to the increment
attributable to the increase in the local tax rate under the referendum from the TIF
Districts and has formally requested that the City Council of the City of St. Louis Park
approve such payment to the School District; 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 1994 from the aforementioned TIF Districts;
NOW THEREFORE, BE IT RESOLVED, that the City Council of the City of St.
Louis Park hereby approves payment of the 1994 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 at the request of the School District;
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 due and payable in 1994.
ATTEST:
Reviewed for administration :
5542: REST
Adopted by the City Council January 3, 1995
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Approved as to form and execution:
JL)VA2S.
City Attorney