HomeMy WebLinkAbout06-04 - ADMIN Resolution - Economic Development Authority - 2006/02/21ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
CITY OF ST. LOUIS PARK
COUNTY OF HENNEPIN
STATE OF MINNESOTA
EDA RESOLUTION NO. 06-04
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT
PLAN FOR REDEVELOPMENT PROJECT NO. I AND A MODIFICATION TO
THE TAX INCREMENT FINANCING PLAN FOR THE ELMWOOD VILLAGE
TAX INCREMENT FINANCING DISTRICT.
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 Elmwood
Village Tax Increment Financing Plan (the "TIF Plan Modification") for the Elmwood Village
Tax Increment Financing District therefor (the Redevelopment Plan Modification and the TIF
Plan Modification 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 Elmwood Village Tax Increment Financing
District is in the public interest and is a "scattered site renewal and renovation district" under
Minnesota Statutes, Section 469.174, Subd. 10a., and 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.
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 06-04 -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 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 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 Development
Authority this 21st day of February, 2006.
for Administration:
ATTEST:
Secretary
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President