HomeMy WebLinkAbout08-03 - ADMIN Resolution - Economic Development Authority - 2008/04/07ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
CITY OF ST. LOUIS PARK
HENNEPIN COUNTY
STATE OF MINNESOTA
EDA RESOLUTION NO. 08-03
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1;
AND ADOPTING A MODIFICATION TO THE TAX INCREMENT
FINANCING PLAN FOR VICTORIA PONDS TAX INCREMENT
FINANCING DISTRICT WITHIN REDEVELOPMENT PROJECT NO. 1.
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 EDA adopt a Modification to the Redevelopment Plan for Redevelopment Project
No. 1 and adopt a Modification to the Tax Increment Financing Plan (the "Modifications") for
Victoria Ponds Tax Increment Financing District (the "District'), 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 Plans 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. The EDA has also requested the City Planning Commission to
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 District as modified herein is in the public
interest and is a "redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10
(a)(1) and finds that the Modifications conform in all respects to the requirements of the Act and
will help fulfill a need to develop an area of the State of Minnesota which is already built up and that
the adoption of the proposed Modifications will help provide employment opportunities in the State
and in the preservation and enhancement of the tax base of the City and the State because it will
discourage commerce and industry from moving their operations to another state or municipality
and thereby serves a public purpose.
2. The EDA further finds that the Modifications will afford maximum opportunity,
consistent with the sound needs for the City as a whole, for the development or redevelopment of
the project area by private enterprise in that the intent is to provide only that public assistance
necessary to make the private developments financially feasible.
EDA Resolution No. 08-03 -2-
3. Conditioned upon the approval thereof by the City Council following its public
hearing thereon, 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.
4. Upon approval of the Modifications by the City Council, 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.
5. Upon approval of the Modifications by the City Council, the City Clerk is
authorized and directed to forward a copy of the Modifications to the Minnesota Department of
Revenue and Office of the State Auditor pursuant to Minnesota Statutes 469.175 Subd. 4a.
6. 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
D' trier as described in the Modifications, all in accordance with Minnesota Statutes 469.177.
Reviewed for Administration: Adopted by the Economic Development Authority
April 7, 2008
i
President
Attest:
Secretary