HomeMy WebLinkAbout17-12 - ADMIN Resolution - Economic Development Authority - 2017/05/01ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 17-12
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1,
ESTABLISHING THE WOODDALE STATION TAX INCREMENT
FINANCING DISTRICT THEREIN AND ADOPTING A TAX
INCREMENT FINANCING PLAN THEREFOR
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the St.
Louis Park Economic Development Authority (the "EDA") and the City of St. Louis Park (the
"City") that the EDA and City adopt a Modification to the Redevelopment Plan (the
"Redevelopment Plan Modification") for Redevelopment Project No. 1 (the "Project Area"),
establish the Wooddale Station Tax Increment Financing District (the "District") therein and adopt
a Tax Increment Financing Plan (the "TIF Plan") therefor (the Redevelopment Plan Modification
and the TIF Plan are referred to collectively herein as the "Plans"), all pursuant to and in conformity
with applicable law, including Minnesota Statutes, Sections 469.090 to 469.1082 and Sections
469.174 to 469.1794, inclusive, as amended (the "Act"), all as reflected in the Plans and presented
for the Board's consideration; and
WHEREAS, the EDA has investigated the facts relating to the Plans and has caused the
Plans to be prepared; and
WHEREAS, the EDA has performed all actions required by law to be performed prior to
the adoption of the Plans, and has requested that City Planning Commission provide for review of
and written continent on the Plans and that the Council schedule a public hearing on the Plans
upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The EDA hereby finds that the District is in the public interest and is a "redevelopment
district" under Section 469.174, Subd. 10 (a)(1) of the Act, and finds that the adoption of
the proposed TIF Plan conforms in all respects to the requirements of Act and will help
fulfill a need to redevelop an area of the State of Minnesota which is already built up and
that the adoption of the proposed TIF Plan will help provide diversified housing
opportunities in the State, assist in the preservation and enhancement of the tax base of the
City and the State and provide employment opportunities, through the construction of
quality affordable and market rate housing, a hotel, a greenhouse/e-generation facility,
and/or retail space, thereby serving a public purpose.
2. The EDA further finds that the TIF Plan will afford maximum opportunity, consistent with
the sound needs for the City as a whole, for the development or redevelopment of the
Project Area by private enterprise in that the intent is to provide only that public assistance
necessary to make the private development financially feasible.
3. The EDA elects to calculate fiscal disparities for the District in accordance with Section
469.177, Subd. 3, clause b of the Act, which means the fiscal disparities contribution will
be taken from inside the District.
4. Conditioned upon the approval thereof by the City Council following its public hearing
thereon, the Plans (including the TIF Plan), as presented to the EDA on this date, are hereby
EDA Resolution No. 17-12
approved, established and adopted and shall be placed on file in the office of the Executive
Director of the EDA.
5. Upon approval of the Plans by the City Council, City staff and the EDA's advisors and
legal counsel are authorized and directed to proceed with the implementation of the Plans
and to negotiate, draft, prepare and present to this Board for its consideration all further
plans, resolutions, documents and contracts necessary for this purpose. Approval of the
Plans does not constitute approval of any project or development agreement with any
developer.
6. Upon approval of the Plans by the City Council, the Executive Director of the EDA is
authorized and directed to forward a copy of the Plans to the Minnesota Department of
Revenue and the Office of the State Auditor pursuant to Section 469.175, Subd. 4a of the
Act.
7. The Executive Director of the EDA is authorized and directed to forward a copy of the
Plans to the Taxpayer Services Division Manager of Hennepin County (the "Manager")
and request that the Manager certify the original tax capacity of the District as described in
r\ the Plans, all in accordance with Section 469.177 of the Act.
Adopted by the Economic Development
Authority May 1, 2017
Executive Director Anne Mavity, President
Attest:
i
Melissa en4ycr ary