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HomeMy WebLinkAbout22-25 - ADMIN Resolution - Economic Development Authority - 2022/06/06EDA Resolution No. 22-25 Resolution approving a modification to the redevelopment plan for Redevelopment Project No. 1, the establishment of the Wooddale Ave Apartments (Real Estate Equities) Tax Increment Financing District 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 Redevelopment Plan (the “Redevelopment Plan”) therefor, pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended, and Minnesota Statutes, Sections 469.090 through 469.1082, as amended; and Whereas, the City and the Authority have proposed to approve a Modification to the Redevelopment Plan for the Project (the “Redevelopment Plan Modification”) and the Tax Increment Financing (TIF) Plan (the “TIF Plan”) for the Wooddale Ave Apartments (Real Estate Equities) Tax Increment Financing District (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 commission er 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 Redevelopment Plan 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 Taxpayer Services Division Manager, as county auditor, of the County (the “County Auditor”); and Whereas, following the meeting of the Authority on the date hereof, the City Council of the City (the “City Council”) will hold a duly noticed public hearing on the Redevelopment 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; and Now, therefore, be it resolved by the Board of Commissioners of the St. Louis Park Economic Development Authority as follows: 1. The boundaries of the Project are not being expanded and the Redevelopment Plan is not being modified other than to incorporate the establishment of the TIF District therein and therefore the Board reaffirms the findings and determinations originally made in connection with the establishment of the Project area and the adoption of the Redevelopment Plan therefor. The Board hereby finds that: (a) the land within the Project would not be available for redevelopment without the public intervention and financial assistance to be sought under the DocuSign Envelope ID: 2FEDDF4B-154A-4EA5-94B5-7C6A4AAEF4B5 EDA Resolution No. 22-25 2 Redevelopment Plan Modification; (b) the Redevelopment Plan Modification will afford maximum opportunity, consistent with the needs of the City as a whole, for the development of the Project area by private enterprise; and (c) the Redevelopment Plan Modification conforms to the general plan for the development of the City as a whole, and otherwise promote c ertain public purposes and accomplish certain objectives as specified in the Redevelopment Plan Modification, including without limitation the development of affordable housing within the City. The purposes and development activities set forth in the Redevelopment Plan Modification, are hereby expanded by to include all development and redevelopment activities occurring within the TIF District. 2. The TIF District is in the public interest and is a “housing district” within the meaning of Minnesota Statutes, Section 469.174, Subdivision 11, because it consists of a project or portions of a project intended for occupancy, in part, by persons or families of low and moderate income as defined in Chapter 462A, Title II of the National Housing Act of 1934; the National Housing Act of 1959; the United States Housing Act of 1937, as amended; Title V of the Housing Act of 1949, as amended; and any other similar present or future federal, state or municipal legislation or the regulations promulgated under any of those acts. No more than 20% of the square footage of buildings that receive assistance from tax increments will consist of commercial, retail or other nonresidential uses 3. Subject to approval by the City Council, the Redevelopment Plan Modification, the establishment of the TIF District, and the TIF Plan for the TIF District are hereby approved. 4. The Board hereby finds that the TIF Plan and the Modification to the Redevelopment Plan will promote the public purposes and accomplish the objectives set forth therein; the Board makes all the findings set forth in the resolution to be adopted by the City Council on the date hereof approving the Modification to the Redevelopment Plan and the TIF Plan and the findings set forth in the Modification to the Redevelopment Plan and the TIF Plan which document is incorporated herein by reference. 5. 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. 6. 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. 7. 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 p roject or a development agreement with any developer. DocuSign Envelope ID: 2FEDDF4B-154A-4EA5-94B5-7C6A4AAEF4B5 EDA Resolution No. 22-25 3 Reviewed for Administration: Adopted by the Economic Development Authority June 6, 2022 Karen Barton, executive director Margaret Rog, president Attest: Melissa Kennedy, secretary DocuSign Envelope ID: 2FEDDF4B-154A-4EA5-94B5-7C6A4AAEF4B5