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Home My WebLink About96-149A - ADMIN Resolution - City Council - 1996/10/07RESOLUTION NO. 96-149a RESOLUTION APPROVING THE MODIFICATION TO REDEVELOPMENT PROJECT NO. 1 AND APPROVING THE MODIFICATIONS TO THE EXCELSIOR, OAK PARK VILLAGE, AND HIGHWAY 7 TAX INCREMENT FINANCING DISTRICTS AND APPROVING THE REDEVELOPMENT PLAN AND TAX INCREMENT FINANCING PLANS RELATED THERETO. BE IT RESOLVED by the City Council (the "Council") of the City of St. Louis Park, Minnesota (the "City"), as follows: Section 1. Recitals. 1.01. The City Council of the City of St. Louis Park previously adopted a Redevelopment Plan for Redevelopment Project No 1 ("Redevelopment Plan") on March 19, 1990 and modified the Redevelopment Plan on April 1, 1996; adopted a Tax Increment Financing Plan for the Excelsior Boulevard Tax Increment Financing Distract on February 7, 1977 and modified the Excelsior Boulevard Tax Increment Financing Plan on December 17, 1984 and March 19, 1990; adopted a Tax Increment Financing Plan for the Oak Park Village Tax Increment Financing District on November 6. 1972 and modified the Oak Park Village Tax Increment Financmg Plan on March 19, 1990, and adopted a Tax Increment Financing Plan for the Highway 7 Tax Increment Financmg Distract on April 15, 1985 and modified the Highway 7 Tax Increment Financmg Plan on November 7, 1988, July 24, 1989 and March 19, 1990; 1 02. Due to changes in the distribution of tax mcrement revenues generated by the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts and property to potentially be acquired in Redevelopment Project No 1, it has been proposed that the City modify the Redevelopment Plan for Redevelopment Project No 1 and modify the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts and approve and adopt the Redevelopment Plan and Tax Increment Financmg Plans relating thereto. located within Redevelopment Project No. 1, all pursuant to and in accordance with Minnesota Statutes. Sections 469 090 to 469 1081, inclusive. as amended, and Minnesota Statutes, Sections 469 174 to 469 179, inclusive, as amended. 1 03 The Council has mvestigated the facts and has caused to be prepared the modified Redevelopment Plan for Redevelopment Project No. 1 and the modified Tax Increment Financmg Plans for the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts (collectively, the "Plans"). 1 04 The City has performed all actions required by law to be performed pnor to the modification of Redevelopment Project No. 1 and the modification of the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financmg Districts and the adoption of the Plans relatmg thereto, including, but not linuted to, notification of Hennepin County and School District No. 283 havmg taxing jurisdiction over the property to be included in the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financmg Distracts, a review by the City Planning Commission of the modified Plans, and the holding of a public hearing upon published notice as required by law. Section 2. Findings for the Establishment of the Excelsior. Oak Park Village. and Highway 7 Tax Increment Financing Districts. 2.01. The Council hereby finds that the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts and the modified Plans are intended and, m the judgment of this Council, the effect of such actions will be, to provide an impetus for redevelopment in the public purpose and accomplish certain objectives as specified m the Plan, which are hereby incorporated herein. 2.02. The Council hereby reaffirms its finding of February 7, 1977 that the Excelsior Tax Increment Financmg District is a redevelopment district under Minnesota Statutes, Section 469.174, subd. 10; its finding of November 6, 1972 that the Oak Park Village Tax Increment Financmg District is a redevelopment district under Minnesota Statutes, Section 469 174, subd. 10; and its finding of April 15, 1985 that the Highway 7 Tax Increment Financing District is a redevelopment distract under Minnesota Statutes, Section 469 174, subd. 10 2.03 The Council hereby finds that the developments and redevelopments proposed in the modified Tax Increment Financing Plans and the modified Redevelopment Plan, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future, that the modified Plans conform to the general plan for the development or redevelopment of the City as a whole; and that the modified Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Distracts by pnvate enterprise. 2.04. The Council further finds, declares and determines that the City made the above findings stated m this Section and has set forth the reasons and supporting facts for each detennmanon m writing, attached hereto as Exhibit A. 2.05 The Council hereby reaffirms its election of Apnl 15, 1985 (for the Highway 7 Tax Increment Financing District) to calculate fiscal dispannes for the Highway 7 Tax Increment Financmg District in accordance with Minnesota Statutes, Section 469 177, subdivision 3, clause a, winch means the fiscal disparities contribution is not taken from within the District. Section 3 Approval of the Plans: Certification; Filing 3 01. The modification of the Redevelopment Plan for Redevelopment Project No 1 and the modificanons of the Tax Increment Financing Plans for the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts are hereby approved, and shall be placed on file in the office of the Economic Development Director Approval of the modified Redevelopment Plan and the modified Tax Increment Financing Plans does not constitute approval of any project or a Redevelopment Agreement with any developer. 1 3.02. The City staff of the City are authorized to file the modified Plans with the State Department of Revenue and Hennepin County. 3.03. The City staff of the City, the City's advisors and legal counsel are authonzed and directed to proceed with the implementation of the Plans and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. ATTEST: Ci Clerk Reviwed for administration: el/W�/ ity Manager -P' Adopted by the City Council October 7, 1996 EXHIBIT A RESOLUTION # 149a The reasons and facts supporting the findings for the adoption of the modified Tax Increment Financmg Plans for the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts as regtured pursuant to Minnesota Statutes, Section 469 175, Subdivision 3 are as follows: 1. Reaffirming the findings that the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts are redevelopment districts as defined in Minnesota Statutes, Section 469.174, Subdivision 10. The development consists of redevelopment projects which the EDA find to be in the public interest. The Tax Increment Financing Districts meet the statutory regturements of a redevelopment distract as previously found by the City and descnbed in the respective ongmal adopting resolutions and ongmal Tax Inc.rctuent Financmg Plans for the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Distracts. 2. The finding that the proposed developments, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and that the increased market values of the sites that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market values estimated to result from the proposed developments after subtracting the present value of the projected tax increments for the maximum duration of the districts permitted by the plan. The proposed developments in the modified Plans require certain necessary land acquisitions and assembly and other improvements without which the developers could not construct the projects; and without the use of tax increments as a source of revenue to assist with the financmg of the land acquisition, assembly and other improvements, the developers would not construct these developments in the City. 3. The finding that the modified Tax Increment Financing Plans for the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts conform to the general plan for the development or redevelopment of the municipality as a whole. The sites are appropriately zoned. The modifications of the Tax Increment Financmg Plans for the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts have been reviewed by the Planning Commission on September 18, 1996 and been found by resolution to conform to the general development plan of the City. 4 Finding that the modified Tax Increment Financing Plans for the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Redevelopment Project No. 1 by private enterprise. The vanous developments to be assisted by the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financmg Distncts will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the projects by private enterprise as they will enable the EDA to provide the necessary projects for the City and suitable sites for development.