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HomeMy WebLinkAbout97-111 - ADMIN Resolution - City Council - 1997/09/021 L STATE OF MINNESOTA CITY OF ST. LOUIS PARK COUNTY OF HENNEPIN Resolution No.' '97 _1 1 4. RESOLUTION APPROVING THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1 AND APPROVING THE MODIFICATIONS TO THE TAX INCREMENT FINANCING PLANS FOR THE EXCELSIOR BOULEVARD, OAK PARK VILLAGE, AND HIGHWAY 7 TAX INCREMENT FINANCING DISTRICTS. 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 and on October 7, 1996; adopted a Tax Increment Financing Plan for the Excelsior Boulevard Tax Increment Financing District on February 7, 1977 and modified the Excelsior Boulevard Tax Increment Financing Plan on December 17, 1984, March 19, 1990 and on October 7, 1996; adopted a Tax Increment Financing Plan for the Oak Park Village Tax Increment Financing Distnct on November 6, 1972 and modified the Oak Park Village Tax Increment Financing Plan on March 19, 1990 and on October 7, 1996; and adopted a Tax Increment Financing Plan for the Highway 7 Tax Increment Financing District on Apnl 15, 1985 and modified the Highway 7 Tax Increment Financing Plan on November 7, 1988, July 24, 1989, March 19, 1990 and on October 7, 1996; 1 02. Due to changes in the distribution of tax increment revenues generated by the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts and property to 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 Tax Increment Financing Plans for the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts and approve and adopt the Modifications to the Redevelopment Plan and Tax Increment Financing 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 investigated the facts and has caused to be prepared the Modification to the Redevelopment Plan for Redevelopment Project No. 1 and the Modifications to the Tax Increment Financing Plans for the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Distncts (collectively, the "Plans"). 1 04. The City has performed all actions required by law to be performed prior to the modification of Redevelopment Project No 1 Ind the modification of the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Distncts and the adoption of the Plans relating thereto, including, but not f limited to, notification of Hennepin County and School Distnct No. 283 having taxing junsdiction over the property to be included in the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts, a review by the City Planning Commission of the Plans, and the holding of a public hearing upon published notice as required by law. Section 2. Findings for the Modifications to the Tax Increment Financing Plan for Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts. 2.01. The Council hereby finds that the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts and the Plans 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, which are hereby incorporated herein. 2.02. The Council hereby reaffirms its finding of February 7, 1977 that the Excelsior Tax Increment Financing District is a redevelopment district under Minnesota Statutes, Section 469 174, subd. 10 (and its predecessor statutes); its finding of November 6, 1972 that the Oak Park Village Tax Increment Financing District is a redevelopment district under Minnesota Statutes, Section 469.174, subd. 10 (and its predecessor statutes); and its finding of April 15, 1985 that the Highway 7 Tax Increment Financing District is a redevelopment district under Minnesota Statutes, Section 469 174, subd. 10 (and its predecessor statutes) 2.03 The Council hereby finds that the developments and redevelopments proposed in Plans, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future, 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 Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts by private enterprise. 2.04. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. 2.05. The Council hereby reaffirms its election of April 15, 1985 (for the Highway 7 Tax Increment Financing District) to calculate fiscal disparities for the Highway 7 Tax Increment Financing Distnct in accordance with Minnesota Statutes, Section 469.177, subdivision 3, clause a, which means the fiscal disparities contnbution is not taken from within the District. Section 3. Approval of the Modifications to the Plans, Certification; Filing. 3.01. The Modification of the Redevelopment Plan for Redevelopment Project No. 1 and the Modifications 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 Plans does not constitute approval of any project or a Redevelopment Agreement with any developer. 3.02. The City staff of the City are authonzed to file the 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 authorized and directed to proceed with the implementation of the Plans and for this purpose to negotiate, draft, prepare and present 1 to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. ATTEST: Reviewed for Administration City Manager (Seal) Adopted by the City Council on September 2, 1997 EXHIBIT A RESOLUTION # 97 111 The reasons and facts supporting the findings for the adoption of the Plans for the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts as required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 are as follows: 1. Reaffirming the findings that the Excelsior Boulevard, 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 Economic Development Authonty ("EDA") find to be in the public interest. The Tax Increment Financing Distncts meet the statutory requirements of a redevelopment distnct as previously found by the City and descnbed in the respective original adopting resolutions and onginal Tax Increment Financing Plans for the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts. 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 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 financing of the land acquisition, assembly and other improvements, the developers would not construct these developments in the City. 3. The finding that the Plans for the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts conform to the general plan for the development or redeveloptnent of the municipality as a whole. The sites are appropriately zoned. The modifications of the Tax Increment Financing Plans for the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts have been reviewed by the Planning Commission on September 6, 1997 and been found by resolution to not be in conflict with the comprehensive plan of the City. 4. Finding that the Plans for the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Districts will afford tnaxiniutn 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 various developments to be assisted by the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax Increment Financing Distncts will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the developmenror redevelopment of the projects by private enterpnse as they will enable the EDA to provide the necessary projects for the City and suitable sites for development.