HomeMy WebLinkAbout15-184 - ADMIN Resolution - City Council - 2015/11/16•
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RESOLUTION NO. 15-184
RESOLUTION APPROVING THE ELIMINATION OF PARCELS
FROM PARK COMMONS TAX INCREMENT FINANCING DISTRICT
WHEREAS, the City of St. Louis Park (the "City") and the St Louis Park Economic
Development Authority (the "Authonty") established the Park Commons Tax Increment
Financing Distnct (the "TIF District") pursuant to Minnesota Statutes, Sections 469 174 to
469.1794, as amended (the "TIF Act") and approved a Tax Increment Financing Plan (the "TIF
Plan") for the TIF Distnct on January 16, 2001; and
WHEREAS, the City has now determined that it is in the best interest of the City to
eliminate two parcels identified as 07-028-24-21-0002 and 07-028-24-21-0258 ("Eliminated
Parcels") from the TIF District, in order to include such parcels in the new 4900 Excelsior Tax
Increment Financing District expected to be approved by the City and Authonty on this date; and
WHEREAS, the City is authonzed to modify the TIF Plan by eliminating one or more
parcels without the notice and heanng required for approval of an initial plan if (a) the current
net tax capacity of the parcels eliminated from the TIF Distnct equals or exceeds their ongmal
net tax capacity, or (b) the City agrees that, notwithstanding Section 469 177, subd. 1 of the TIF
Act, the original net tax capacity will be reduced by no more than the current net tax capacity of
the eliminated parcels.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Louis
Park, Minnesota as follows:
1. The TIF Plan for the TIF Distnct is hereby modified to remove the Eliminated
Parcels from the TIF District, effective for taxes payable in 2016.
2. In accordance with Minnesota Statutes, Section 469.175, subd 4(e)(2)(A), the
City finds that that the current net capacity of the Eliminated Parcels equals or exceeds their
onginal net tax capacity, and that no notice or hearing is required for this modification.
3. City staff are authorized and directed to attach a copy of this resolution to the TIF
Plan for the TIF District in City files, file a copy of this resolution with the Hennepin County
Dire
acco
the
Revi
or o
dingly,
ffice of
eal Estate Services along with instructions to adjust the records for the TIF Distnct
d file a copy of the resolution with the Minnesota Commissioner of Revenue and
he State Auditor.
dministration:
City
Attest:
Adopte
by the City Council November 16, 2015
Mayor ' Y