HomeMy WebLinkAbout10-077 - ADMIN Resolution - City Council - 2010/07/19ST. LOUIS PARK CITY COUNCIL
RESOLUTION NO. 10-077
RESOLUTION APPROVING A SPENDING PLAN FOR
CERTAIN TAX INCREMENT FINANCING DISTRICTS IN THE CITY
AND APPROVING AN AMENDMENT TO THE BUSINESS SUBSIDY POLICY
BE IT RESOLVED By the City Council (the "City Council") of the City of St Louis Park,
Hennepin County, Minnesota (the "City") as follows:
Section 1. Background; Findings.
(a) The City and the St. Louis Park Economic Development Authority (the
"Authority") have previously established the Victoria Ponds, Park Center Housing, CSM, Mill City,
Edgewood, Elmwood Village, Wolfe Lake, Aquila Commons, and Hoigaard Village Tax Increment
Financing Districts (the "TIF Districts") and adopted tax increment financing plans therefor (the
"TIF Plans").
(b) Subject to the approval of the City Council following a public hearing, the Authority has
adopted a spending plan for the TIF Districts in accordance with Minnesota Statutes, Section 469.176
Subd. 4m in substantially the form submitted to the City (the "Spending Plan") to utilize existing tax
increment revenues from the TIF Districts in order to stimulate construction or rehabilitation of private
development in a way that will also create or retain jobs
(c) The Authority has developed guidelines for evaluating requests for financial assistance in
connection with the Spending Plan, which guidelines have been memorialized in a Construction
Assistance Program Policy (the "Program Policy"). The Authority has adopted the Program Policy on
the date hereof.
(d) Financing offered by the City or Authority pursuant to the Spending Plan could
constitute a business subsidy pursuant to Minnesota Statutes, Sections 116J.993 to 116J.995, as
amended (the "Business Subsidy Act"), and therefore the City and Authority have prepared an
amendment to the City's Business Subsidy Policy (the "Amendment") to authorize such financing
Subject to approval of the City Council following a public hearing, the Authority has adopted the
Amendment on the date hereof.
(e) The City has performed all actions required by law to be performed prior to the approval
of the Spending Plan and the amended Business Subsidy Policy, including, but not limited to, causing
notice of a public hearing to be published and holding public hearings on the date hereof on the adoption
of the Spending Plan and amendment of the Business Subsidy Policy
Resolution No. 10-077 -2-
Section 2. Approval of the Spending Plan and Amendment
(a) The Spending Plan for the TIF Districts and the Amendment to the Business Subsidy
Policy are hereby approved and adopted in substantially the form submitted to the City.
(b) The Authority is hereby authorized to carry out the terms of the Spending Plan in
nner as it determines to be consistent with the Program Policy.
Revi
for Administration:
Attest
Adoptee the City Council July 19, 2010
Mayor