HomeMy WebLinkAbout19-14 - ADMIN Resolution - Economic Development Authority - 2019/12/02EDA Resolution No. 19-14
Resolution decertifying Edgewood
Tax Increment Financing District
Whereas, on September 15, 2003, the City of St. Louis Park (“City”) and the St. Louis Park
Economic Development Authority (the “Authority”) established the Edgewood Tax Increment
Financing District (the "TIF District"), a soils condition TIF district, within existing Redevelopment
Project No. 1 (the “Project”), all pursuant to Minnesota Statutes Sections 469.174 to 469.1794 (the
“TIF Act’), and Sections 469.090 to 469.1082 (the “EDA Act); and
Whereas, as of the date hereof all bonds and obligations to which tax increment from
the TIF District have been pledged have been paid in full or defeased and all other costs of the
Project have been paid; and
Whereas, the Authority desires by this resolution to cause the decertification of the TIF
District after which all property taxes generated by property within the TIF District will be
distributed in the same manner as all other property taxes.
Now therefore, be it resolved by the Board of Commissioners of the St. Louis Park
Economic Development Authority as follows:
1. The TIF District is hereby decertified as of the date hereof.
2. Authority staff is authorized and directed to transmit a copy of this resolution to
the Hennepin County Director of Property Taxation together with a request to decertify the TIF
District effective for taxes payable in 2020.
Reviewed for Administration: Adopted by the Economic Development
Authority December 2, 2019
Thomas K. Harmening, executive director Steve Hallfin, president
Attest
Melissa Kennedy, secretary
DocuSign Envelope ID: 99A424F9-1DC4-4121-BBC9-AFB8D33D7FD0