HomeMy WebLinkAbout07-01 - ADMIN Resolution - Economic Development Authority - 2007/01/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
CITY OF ST. LOUIS PARK
COUNTY OF HENNEPIN
STATE OF MINNESOTA
EDA RESOLUTION NO. 07-01
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1
AND A MODIFICATION TO THE TAX INCREMENT FINANCING
PLANS FOR THE PARK CENTER BOULEVARD HOUSING,
EXCELSIOR BOULEVARD, OAK PARK VILLAGE AND HIGHWAY 7
TAX INCREMENT FINANCING DISTRICTS.
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 (the "Redevelopment Plan Modification") and a
Modification to the Tax Increment Financing Plans (the "TIF Plan Modifications") for the
Park Center Boulevard Housing, Excelsior Boulevard, Oak Park Village and Highway 7
Tax Increment Financing Districts therefor (the Redevelopment Plan Modification and
the TIF Plan Modifications 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. The EDA has also requested the City Planning
Commission to provide for review of and written comment on the Modifications and that
the City 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 finds that the adoption of the proposed Modifications
conforms 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 to improve the tax base of the City and the
general economy of the State and thereby serves a public purpose.
EDA Resolution No. 07-01 -2-
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.
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
Economic Development Coordinator.
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 Economic
Development Coordinator 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.
6. The Economic Development Coordinator 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 area added to the District as described in
the TIF Plan, all in accordance with Minnesota Statutes 469.177.
Approved by the Board of Commissioners of the St. Louis Park Economic
pment Authority this 16th day of January, 2007.
for Administration:
President
ATTEST: