HomeMy WebLinkAbout09-14 - ADMIN Resolution - Economic Development Authority - 2009/10/19ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
CITY OF ST. LOUIS PARK
HENNEPIN COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 09-14
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1,
AND ADOPTING A MODIFIED TAX INCREMENT FINANCING PLAN
FOR THE ELMWOOD VILLAGE TAX INCREMENT FINANCING
DISTRICT THEREFOR.
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the St.
Louis Park Economic Development Authority (the "EDA") and the City of St. Louis Park (the
"City") that the City adopt a Modification to the Redevelopment Plan (the "Redevelopment Plan
Modification") for Redevelopment Project No. 1 (the "Project Area") and modify the Elmwood
Village Tax Increment Financing District (the "TIF District") and adopt a modified "fax Increment
Financing Plan (the "TIF Plan") therefor (the Redevelopment Plan Modification and the TIF Plan
are referred to collectively herein as the "Modifications"), all pursuant to and in conformity with
applicable law, including Minnesota Statutes, Sections 469.090 to 469.1082, and Sections 469.174
to 469.1799, inclusive, as amended (the "Act'), all as reflected in the Modifications and presented
for the Board's consideration; and
WHEREAS, the EDA has investigated the facts relating to the Modifications and has caused
the Modifications to be prepared; and
WHEREAS, the EDA has performed all actions required by law to be performed prior to
the adoption of the Modifications, and has also requested that the City Planning Commission
provide for review of and written comment on the Modifications and that the Council schedule a
public hearing on the Modifications upon published notice as required by law.
NOW THEREFORE BE IT RESOLVED by the Board as follows:
1. The EDA hereby reaffirms that the TIF District is in the public interest and is a
"renewal and renovation district" under Minnesota Statutes, Section 469.174, Subd. 10a.
2. The EDA further finds that adoption of the proposed Modifications conform in all
respects to the requirements of the Act and will help fulfill a need to redevelop an area of the State
which was originally characterized by blight and blighting conditions, will help finance critical
transportation improvements, and protect and enhance redevelopment of the TIF District and the
Project as described above. These public purposes and benefits exceed any benefits expected to be
received by private developers, because most of the new expenditures described in the TIF Plan
EDA Resolution No. 0944 -2-
Modification represent investment in public infrastructure, and any developers receive direct
assistance only in the amount needed to make the proposed development financially feasible..
3. The boundaries of the Project Area are not being expanded.
4. The reasons and facts supporting the findings in this resolution are described in the
Modifications.
5. Conditioned upon the approval thereof by the City Council following its public
hearing thereon and upon approval by Hennepin County (the "County") of Laws of Minnesota
2009, Chapter 88, Article 5, Section 19 (the "Special Law"), the Modifications, as presented to the
EDA on this date, are hereby approved, established and adopted and shall be placed on file in the
office of the City Clerk.
6. Upon approval of the Modifications by the City Council and approval of the Special
Law by the County, the staff, the EDA'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 Board for its consideration all further plans, resolutions, documents and
contracts necessary for this purpose. Approval of the Modifications does not constitute approval of
any project or a Development Agreement with any developer.
7. Upon approval of the Modifications by the City Council and approval of the Special
Law by the County, the City Clerk is authorized and directed to forward a copy of the Modifications
to the Minnesota Department of Revenue and the Office of the State Auditor pursuant to
Minnesota Statutes 469.175, Subd. 4a.
8. The City Clerk is authorized and directed to forward a copy of the Modifications to
the Hennepin County Auditor and request that the Auditor certify the original tax capacity of the
Di,pt*t as described in the Modifications, all in accordance with Minnesota Statutes 469.177.
Administration: Adopted by the Economic Development Authority
I ► October 19, 2009
I
N'Mqa.ce` ' ` ►y J.J
Attest:
Secretary