HomeMy WebLinkAbout17-11 - ADMIN Resolution - Economic Development Authority - 2017/05/01ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 17-11
RESOLUTION APPROVING THE ELIMINATION OF A PARCEL
FROM THE ELMWOOD VILLAGE TAX INCREMENT
FINANCING DISTRICT WITHIN REDEVELOPMENT PROJECT
NO. 1 IN THE CITY OF ST. LOUIS PARK
WHEREAS, on August 2, 2004, the City of St. Louis Park (the "City") created its
Elmwood Village Tax Increment Financing District (the "TIF District") within its Redevelopment
Project No. 1 (the "Project") by approval of a tax increment financing plan (the "TIF Plan) for the
TIF District; and
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority")
administers the City's TIF Districts on behalf of the City; and
WHEREAS, the following property, by property identification number, was included in
the TIF District:
16-117-21-31-0071
WHEREAS, the Authority desires by this resolution to amend the TIF Plan to remove the
above-described parcel from the TIF District, thereby reducing the size thereof; and
WHEREAS, the total current net tax capacity of the parcel to be eliminated from the TIF
District equals or exceeds the net tax capacity and, therefore this amendment to the TIF Plan is
accomplished pursuant to Minnesota Statutes, Section 469.175, Subdivision 4, clause (e)(2)(A).
NOW THEREFORE, BE IT RESOLVED by the Authority that the TIF Plan for the TIF
District is hereby amended to remove the described parcel and the Economic Development
Coordinator is authorized and directed to notify the Taxpayer Services Division Manager of
He n in County thereof pursuant to Minnesota Statutes, Section 469.175, Subdivision 4, clause (e).
Revi d to Administration: Adopted by the Economic Development
Authority May 1, 2017
Thomas K H rme mg, Executive Director Anne Mavity, President