HomeMy WebLinkAbout21-24 - ADMIN Resolution - Economic Development Authority - 2021/09/20EDA Resolution No. 21-24
Resolution approving a modification to the
Redevelopment Plan for Redevelopment Project No. 1 and the
establishment of the Beltline Residences
Tax Increment Financing District within the Redevelopment Project,
and adopting 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, pursuant to Minnesota Statutes,
Sections 469.001 through 469.047, as amended, and Minnesota Statutes, Sections 469.090
through 469.1081, as amended; and
Whereas, the City and the Authority have proposed to approve a modification to the
Redevelopment Plan for the Redevelopment Project (the “Plan Modification”) and a tax
increment financing plan (the “TIF Plan”) for Beltline 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”), all as described in a plan document presented to the Board on the date hereof .; and
Whereas, pursuant to Section 469.175, subdivision 2 of the TIF Act, the proposed Plan
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 thirty (30) days prior to the date of publication of the notice of public hearing
on establishment of the TIF District; and
Whereas, immediately following the meeting of the Authority on the date hereof, the
City Council will hold a duly noticed public hearing on the Plan Modification and establishment
of the TIF District, and is expected to approve the creation of the TIF District and the associated
TIF Plan following such public hearing.
Now therefore, be it resolved as follows:
1. Subject to their approval by the City Council, the creation of the Plan
Modification, the establishment of the TIF District, and the TIF Plan for the TIF District are
hereby approved.
2. Authority staff is hereby authorized and directed to file a request for certification
of the TIF District with the Taxpayer Services Division Manager of the County and to file a copy
of the TIF Plan with the Minnesota Commissioner of Revenue and the Office of the State
Auditor as required by the TIF Act.
3. The Taxpayer Services Division Manager of the County is requested to certify the
original net tax capacity of the TIF District, as described in the TIF Pl an, and to certify in each
year thereafter the amount by which the original net tax capacity has increased or decreased.
DocuSign Envelope ID: 402C7C30-087D-4676-8909-28A20A44B188
EDA Resolution No. 21-24 2
4. Authority staff, consultants, and legal counsel are authorized to take all actions
necessary to implement the TIF Plan and to negotiate, draft, prepare and present to the Board
for its consideration all further plans, resolutions, documents, and contracts necessary for this
purpose. Approval of the TIF Plan does not constitute approval of any project or a development
agreement with any developer.
Reviewed for Administration: Adopted by the Economic Development Authority
September 20, 2021
Karen Barton, executive director Tim Brausen, president
Attest:
Melissa Kennedy, secretary
DocuSign Envelope ID: 402C7C30-087D-4676-8909-28A20A44B188