HomeMy WebLinkAbout22-05 - ADMIN Resolution - Economic Development Authority - 2022/03/21EDA Resolution No. 22-05
Resolution approving a modification to the development program
for Redevelopment Project No. 1, the establishment of the 9920
Wayzata Blvd Tax Increment Financing District (Bigos Development)
within the redevelopment project, and a tax increment financing
plan therefor
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 “Project”) within the City and have caused to be created a Development
Program (the “Development Program”) therefor, pursuant 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 for the Project (the “Program Modification”) and a tax increment
financing plan (the “TIF Plan”) for the 9920 Wayzata Blvd Tax Increment Financing District
(Bigos Development) (the “TIF District”), a housing district, within the 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 of Commissioners of the Authority (the
“Board”) on the date hereof; and
Whereas, pursuant to Section 469.175, subdivision 2a of the TIF Act, notice of the
proposed TIF District was presented to the commissioner of Hennepin County, Minnesota (the
“County”) representing the area to be included in the TIF District at least 30 days before the
publication of the notice of public hearing; and
Whereas, pursuant to Section 469.175, subdivision 2 of the TIF Act, the proposed
Program Modification and the TIF Plan and the estimates of the fiscal and economic
implications of the TIF Plan were presented to the Clerk of the Board of Education of
Independent School District No. 283 (St. Louis Park Public Schools) and to the County Auditor of
the County; 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 Program Modification and
establishment of the TIF District, and is expected to approve the creation of the TIF District a nd
the associated TIF Plan following such public hearing; and
Now, therefore, be it resolved by the Board of Commissioners of the St. Louis Park
Economic Development Authority as follows:
1. Subject to approval by the City Council, the Program Modification, the
establishment of the TIF District, and the TIF Plan for the TIF District are hereby approved.
2. The Board of Commissioners hereby makes all the findings set forth in the
resolution to be adopted by the City Council on the date hereof approving the TIF Plan and the
findings set forth in the TIF Plan which document is incorporated herein by reference.
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EDA Resolution No. 22-05 2
3. Authority staff is hereby authorized and directed to file a request for certification
of the TIF District with the County Auditor 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.
4. The County Auditor is requested to certify the original net tax capacity of the TIF
District, as described in the TIF Plan, and to certify in each year thereafter the amount by which
the original net tax capacity has increased or decreased.
5. 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 March 21, 2022
Karen Barton, executive director Margaret Rog, president
Attest:
Melissa Kennedy, secretary
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