HomeMy WebLinkAbout96-150 - ADMIN Resolution - City Council - 1996/10/07r
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follows:
RESOLUTION NO. 96-150
RESOLUTION MODIFYING REDEVELOPMENT PROJECT NO. 1, ESTABLISHING THE
PARK CENTER BOULEVARD HOUSING TAX INCREMENT FINANCING DISTRICT AND
APPROVING AND ADOPTING THE REDEVELOPMENT PLAN AND TAX INCREMENT
FINANCING PLAN RELATED THERETO.
BE IT RESOLVED by the City Council (the "Council") of the City of St. Louis Park. Minnesota (the "City"), as
Section 1 Recitals.
1 01. It has been proposed that the City modify the Redevelopment Plan for Redevelopment Project No. 1,
establish the Park Center Boulevard Housing Tax Increment Financing District and approve and adopt the Redevelopment
Plan and Tax Increment Financing Plan relating thereto, located within Redevelopment Project No. 1, all pursuant to and
in accordance with Minnesota Statutes, Sections 469.124 to 469.134, inclusive, as amended, and Minnesota Statutes,
Sections 469.174 to 469.179, inclusive, as amended.
1.02 The Council has investigated the facts and has caused to be prepared the modified Redevelopment Plan
for Redevelopment Project No. 1 and the proposed Tax Increment Financing Plan for the Park Center Boulevard Housing
Tax Increment Financing District (the "Plans").
1.03. The City has performed all actions required by law to be performed pnor to the modification of
Redevelopment Project No. i and the establishment of the Park Center Boulevard Housing Tax Increment Financing District
and the adoption of the Plans relating thereto, including, but not limited to, notification of Hennepin County and School
District No. 283 having taxing jurisdiction over the property to be included in the Park Center Boulevard Housing Tax
Increment District, a review by the City Planning Commission of the proposed Plans and the holding of a public heanng
upon published notice as required by law.
Section 2.
Findings for the Modification of the Redevelopment Plan for Redevelopment Project No. 1. the
Establishment of the Park Center Boulevard Housing Tax Increment Financing Distnct and the
Approval of the Redevelopment Plan and Tax Increment Financing Plan relating thereto.
2.01. The Council hereby finds that the Park Center Boulevard Housing Tax Increment Financing District is
a housing tax increment district.
2.02. The Council hereby finds that the modification of the Redevelopment Plan for Redevelopment Project No.
1 and the establishment of the Park Center Boulevard Housing Tax Increment Financing District and the approval of the
Redevelopment Plan and Tax Increment Financing Plan relating thereto, are intended and, in the judgement 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 in the Plans.
2.03. The Council further finds that the proposed development in the Park Center Boulevard Housing Tax
Increment Financing District as proposed, in the opinion of the Council, would not occur solely through private investment
within the reasonably foreseeable future and that the increased market value on the site that could reasonably be expected
to occur without the use of tax increment financing would be less than the increase in the market value estimated to result
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from the proposed development after subtracting the present value of the projected tax increments for the maximum duration
of the district permitted by the plan, therefore, the use of tax increment financing is deemed necessary; that the Plans conform
to the general plan for the development or redevelopment of the City as a whole; and that the Plans will afford maximum
opportunity consistent with the sound needs of the City as a whole, for the development of the Park Center Boulevard
Housing Tax Increment Financing District by private enterpnse.
2.04. The City elects to make a qualifying local contribution in accordance with Minnesota Statutes, Section
273.1399, subd. 6(d), in order to qualify the Park Center Boulevard Housing TIF District for exemption from state aid losses
set forth in Section 273.1399.
2.05 The Council further finds, declares and determines that the City made the above findings stated in Section
2 and has set forth the reasons and supporting facts for each determination in writing, attached hereto a Exhibit A.
Section 3. Approval of the Plans: Certification; Filing
3.01. The establishment of the Redevelopment Plan for Redevelopment Project No. 1 and the Tax Increment
Financing Plan for the Park Center Boulevard Housing Tax Increment Financing District are hereby approved and adopted,
and shall be placed on file in the office of the Economic Development Director Approval of the Redevelopment Plan and
the Tax Increment Financing Plan does not constitute approval of any project or a Redevelopment Agreement with any
developer.
3.02. The City staff of the City are authorized to request certification of the Park Center Boulevard Housing Tax
Increment District from Hennepin County and to file the Plans with the State Department of Revenue.
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 as
consideration all further plans, resolutions, documents and contracts necessary for this purpose.
3.04. The City staff of the City are authonzed to remove the portion of Parcel #06-028-24-33-0013 to be
included in the Park Center Boulevard Housing Tax Increment Financing District from the Exceslior Boulevard Tax
Increment Financing District upon certification of the Park Center Boulevard Housing Tax Increment Financing District and
adoption of the final plat.
ATTEST:
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Reviwed for administration:
Adopted by the City Council October 7, 1996
Mayor