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HomeMy WebLinkAbout07-08 - ADMIN Resolution - Economic Development Authority - 2007/09/04ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY EDA RESOLUTION NO. 07-08 RESOLUTION DESIGNATING CERTAIN BUILDINGS AS STRUCTURALLY SUBSTANDARD WITHIN REDEVELOPMENT PROJECT NO.1 BE IT RESOLVED By the Board of Commissioners ('Board") of the St. Louis Park Economic Development Authority ("Authority") as follows: Section 1. Recitals. 1.01. The Authority is currently administering its Redevelopment Project No. 1 ("Project") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act'), and within the Project has caused to be prepared documents in anticipation of the creation of the Duke Redevelopment Tax Increment Financing District ("Duke TIF District'). 1.02. The Authority and the City of St. Louis Park ("City") have entered into Preliminary Development Agreement with Duke Realty Limited Partnership, an Indiana corporation ("Developer") dated as of May 21, 2007 (Preliminary Agreement'), regarding redevelopment of a portion of the property within the proposed Duke TIF District. 1.03. In accordance with the Preliminary Agreement, the Developer is undertaking certain activities in furtherance of its proposed development. The Developer wishes to conduct certain demolition, site grading and related pre -construction activities prior to approval of the Duke TIF District by the Authority. These actions require approval of a "First Amendment' to the Preliminary Agreement, and also require the Authority to take actions concerning the substandard conditions on the Duke Development Property and to identify specifically the parcel(s) containing the substandard conditions to comply with legal requirements. 1.04. Under Minnesota Statutes, Section 469.174, subd. 10(d), the Authority is authorized to deem parcels comprising the Duke TIF District as occupied by structurally substandard buildings despite prior demolition or removal of the buildings, subject to certain terms and conditions as described in this resolution. Section 2. Buildings Designated Substandard; Other Proceedings. 2.01. The Authority finds that the buildings/structure on the Designated Parcels as described in Exhibit A are structurally substandard to a degree requiring substantial renovation or clearance, based upon the analysis of such buildings by LHB Inc., dated August 1, 2007, on file in City Hall. 2.02. After the date of approval of this resolution, any building on any Designated Parcel may be demolished or removed by the Authority, or such demolition or removal may be financed by the Authority, or may be undertaken by the Developer under the Preliminary Agreement, as amended, with the City and Authority. 2.03. The Authority intends to include all the Designated Parcels in a redevelopment tax increment financing district (the Duke TIF District as proposed) and to file the request for certification of such district with the Hennepin County auditor within three years after the first building demolition or removal in the area of the Designated Parcels. EDA Resolution No. 07-08 -2- 2.04. Upon filing the request for certification of the new tax increment financing district, the Authority will notify the Hennepin County auditor that the original tax capacity of each Designated Parcel on which a structurally substandard building was demolished or removed before establishment of the district must be adjusted to reflect the greater of (a) the current net tax capacity of the parcel, or (b) the estimated market value of the parcel for the year in which the building was demolished or removed, but applying class rates for the current year, all in accordance with Minnesota Statutes, Section 469.174, subd. 10(d). 2.05. Authority staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution. Approved by the Board of Commissioners of the St. Louis Park Economic Development Authority this 4s' day of September, 2007. Attest Adopted by the Economic Development Authority September 4, 2007 President EDA Resolution No. 07-08 -3- EXHIBIT A Designated Parcels Containing Substandard Structures: TIF Code No. PH) No. Property Address 30-029-24-32-0011 4 30-029-24-33-0002 5a 30-029-24-32-0018 5b 30-029-24-32-0018 1551 Park Place Blvd. 1621 Park Place Blvd. 1433 Utica Avenue So. 5217 Wayzata Blvd. 5c 30-029-24-32-0018 5219 Wayzata Blvd.