HomeMy WebLinkAbout20-082 - ADMIN Resolution - City Council - 2020/05/18Resolution No. 20-082
A Resolution approving a modification to the development program for
Redevelopment Project No. 1, the establishment of Parkway Residences Tax
Increment Financing District; and the adoption of a Tax Increment Financing
Plan for the TIF District
Whereas, the City of St. Louis Park, Minnesota (the “City”) and the St. Louis Park
Economic Development Authority (the “Authority”) have previously established Redevelopment
Project No. 1 (the “Redevelopment Project”) within the City, pursua nt to Minnesota Statutes,
Sections 469.001 through 469.047, as amended, and Minnesota Statutes, Sections 469.090
through 469.1081, as amended (together, the “Act”); and
Whereas, the City and the Authority have proposed to approve a modification to the
Development Program (the “Program Modification”) for the Redevelopment Project and a tax
increment financing plan (the “TIF Plan”) for the establishment of Parkway Residences Tax
Increment Financing District (the “TIF District”), a redevelopment district, within the
Redevelopment Project, pursuant to Minnesota Statutes, Sections 469.174 through 469.1794,
as amended (the “TIF Act”), as described in a plan document presented to the City Cou ncil of
the City (the “City Council”) on the date hereof; and
Whereas, pursuant to Section 469.174, subdivision 2 of the TIF Act, the proposed
Program Modification and TIF Plan and the estimates of the fiscal and economic implications of
the TIF Plan were presented to the Board of Education of Independent School District No. 283
(St. Louis Park Public Schools) and to the Board of Commissioners of Hennepin County,
Minnesota (the “County”) at least 30 days prior to the date hereof; and
Whereas, the City Council has reviewed the contents of the Program Modification and
TIF Plan and on this date conducted a duly noticed public hearing on these documents, at which
the views of all interested parties were heard.
Now, therefore, be it resolved as follows:
Section 1. Findings for the Program Modification for the Redevelopment Project .
(a) It is hereby found and determined that within the Redevelopment Project there
exist conditions of obsolescence, underutilization, and inappropriate use of land constituting
blight within the meaning of the Act.
(b) It is further specifically found and determined that (i) the land within the
Redevelopment Project would not be made available for redevelopment without the public
intervention and financial assistance described in the Program Modification; (ii) the Program
Modification will afford maximum opportunity, consistent with the sound needs of the City as a
whole, for the redevelopment of the Redevelopment Project by private enterprise; and (iii) the
Program Modification conforms to the general plan for the development of the City as a whole.
Section 2. Findings for the Establishment of the TIF District.
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(a) It is found and determined that it is necessary and desirable for the sound and
orderly development of the Redevelopment Project, and for the protection and preservation of
the public health, safety, and general welfare, that the authority of the TIF Act be exercised by
the City to provide financial assistance to the TIF District and the Redevelopment Project.
(b) It is further found and determined, and it is the reasoned opinion of the City,
that the development proposed in the TIF Plan could not reasonably be expected to occur
solely through private investment within the reasonably foreseeable future and the increased
market value of the site that could reasonably be expected to occur without the use of tax
increment financing would be less than the increase in the market value expected to result
from the proposed development after subtracting the present value of the projected tax
increments for the maximum duration of the district permitted by the TIF Plan.
(c) The proposed public improvements to be financed in part through tax increment
financing are necessary to permit the City to realize the full potential of the TIF District and the
Redevelopment Project in terms of housing density, elimination of blight and blighting factors,
and increased tax base.
(d) The TIF Plan conforms to the general plan for development of the City as a
whole, as the development has gone through extensive planning and zoning approvals and a
Planned Unit Development for the development has been approved by ordinance.
(e) The TIF Plan will afford maximum opportunity, consistent with the sound needs
of the City as a whole, for the development of the TIF District and the Redevelopment Project
by private enterprise because it will enable the construction of diverse housing options, retain
naturally occurring affordable housing units, and eliminate blight and blighting factors within
the Project and City.
(f) The TIF District is a redevelopment district under Section 469.174, subdivision 10
of the TIF Act.
(g) Reasons and facts supporting all the above findings are set forth in Appendix C of
the TIF Plan and are incorporated herein by reference. The City Council has also relied upon
reports and recommendations of its staff and consultants, as well as the personal knowledge of
members of the City Council, in reaching its conclusions regarding the TIF Plan.
Section 2. Public Purpose. The adoption of the TIF Plan conforms in all respects to
the requirements of the Act. The TIF Plan will help facilitate development that will create diverse
housing opportunities and retain naturally occurring affordable housing units, eliminate blighting
factors, and improve the tax base. The City expressly finds that any private b enefit to be received
by a private developer is incidental, as the tax increment assistance is provided solely to make the
development financially feasible and thus produce the public benefits described. Therefore, the
City finds that the public benefits of the TIF Plan exceed any private benefits.
Section 3. Approvals; Further Proceedings.
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(a) The TIF Plan for the TIF District is hereby approved and adopted in substantially
the form on file at City Hall.
(b) The City Council authorizes and directs the Authority to file a request for
certification of the TIF District with the Taxpayer Division Services Manager of the County and
to file a copy of TIF Plan with the Minnesota Commissioner of Revenue and the Office of the
State Auditor as required by the TIF Act.
(c) The Taxpayer Division Services Manager of the County is requested to certify the
original net tax capacity of the TIF District, as described in the TIF Plan.
(d) City staff, advisors, and legal counsel are authorized and directed to proceed
with the implementation of the TIF Plan and to negotiate, draft, prepare, and present to the
City Council for its consideration all further plans, resolutions, documents, and contracts
necessary for this purpose.
Reviewed for administration: Adopted by the City Council May 18, 2020
Thomas K. Harmening, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
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