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HomeMy WebLinkAbout99-110 - ADMIN Resolution - City Council - 1999/09/21RESOLUTION NO. 99-110 RESOLUTION ADOPTING THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1: AND ADOPTING THE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE PARK CENTER BOULEVARD HOUSING TAX INCREMENT FINANCING DISTRICT THEREFORE 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 and the Economic Development Authority for the City have heretofore adopted a Redevelopment Plan for Redevelopment Project No 1 and adopted a Tax Increment Financing Plan for Park Center Boulevard Housing Tax Increment Financing District 4 1 Due to changes in the project budgets and replatting of the property in Redevelopment Project No 1 and Park Center Boulevard Housing Tax Increment Financing District, it has been proposed that the City modify the Redevelopment Plan for Redevelopment Project No 1 and modify the Tax Increment Financing Plan for Park Center Boulevard Housing Tax Increment Financing District, all pursuant to and in accordance with Minnesota Statutes, Sections 469 090 through 469 1081, inclusive, as amended, and Minnesota Statutes, Sections 469 174 to 469 179, inclusive as amended (the "Act") Generally the substantive changes to the Tax Increment Financing Plan for Park Center Boulevard Housing Tax Increment Financing District includes the modification of the boundaries of the tax increment financing district, the amount of bonded indebtedness, and the budget for the use of tax increment 4 2 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 Modification to the Tax Increment Financing Plan for Park Center Boulevard Housing Tax Increment Financing District (collectively the "Modifications") 4 3 The City has performed all actions required by law to be performed prior to the adoption and approval of the proposed Modifications, including, but not limited to, notification of Hennepin County and School District No 283 having taxing jurisdiction over the property to be included in Park Center Boulevard Housing Tax Increment Financing District, notice of the proposed modification of an existing housing district to the local county commissioner, a review of and written comment on the Modifications by the City Planning Commission, and the holding of a public hearing upon published notice as required by law Resolution No 99-110 -2- Section 2 Findings for the Approval of the Modifications 4 1 The City is not modifying the boundaries of Redevelopment Project No 1 4 2 2 02 The Council hereby reaffirms the original findings for Park Center Boulevard Housing Tax Increment Financing District as modified herein, namely that Park Center Boulevard Housing Tax Increment Financing District is in the public interest and is a "housing district" under Minnesota Statutes, Section 469 174, subd 11 and that the proposed development would not occur solely through private investment within the reasonably foreseeable future, that the Modifications conform to the general plan for the development or redevelopment of the City as a whole, and that the Modifications will afford maximum opportunity consistent with the sound needs of the city as whole, for the development of Redevelopment Project No 1 by private enterprise and therefore the use of tax increment financing is deemed necessary 2 03 The reasons supporting these findings are that private investment will not finance these development activities due to prohibitive costs, and therefore it is necessary to finance these redevelopment activities through the use of tax increment financing so that other development by private enterprise will occur within Redevelopment Project No 1, Park Center Boulevard Housing Tax Increment Financing District is properly zoned, the Modification to the Tax Increment Financing Plan conforms to the City's comprehensive plan for redevelopment and development, and the development activities are necessary so that development and redevelopment by private enterprise can occur within Redevelopment Project No 1 Section 3 Public Purpose 4 1 The Council hereby finds that the Modifications conform in all respects to the requirements of the Act and are intended and, in the judgement of this Council, the effect of such actions will be, to provide an impetus for development thereby creating additional housing opportunities, creating employment opportunities, enhancing the economic and tax base of the City and generally improving the quality of life of the City and hereby serves a public purpose Section 4 Approval of the Modifications, Filing 4 1 The Modification to the Redevelopment Plan for Redevelopment Project No 1 and the Modification to the Tax Increment Financing Plan for the Park Center Boulevard Housing Tax Increment Financing District are hereby approved, and shall be placed on file in the office of the Economic Development Coordinator Approval of the Modifications does not constitute approval of any project or a Development Agreement with any developer 4 2 The staff of the City are authorized to file the Modifications with the Commissioner of Revenue and the Hennepin County Auditor 4 3 The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Modifications 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 Resolution No 99-110 Reviewed for Administration -3- Adopted by the City Council September 21, 1999 Attest City Clerk Mayo proved as to form and execution City Attorney