HomeMy WebLinkAbout17-15 - ADMIN Resolution - Economic Development Authority - 2017/05/15ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 17-15
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1,
ESTABLISHING THE ELMWOOD APARTMENTS 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 Parr 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 Elmwood Apartments 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 comment 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:
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 the 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 and commercial 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. 17-15 2
approved, established and adopted and shall be placed on file in the office of the Executive
Director of the EDA.
S. 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 the Plans, all
in accordance with Section 469.177 of the Act.
Attest
Me i, sa Kenne ly, cretary
Adopted by the St. Louis Park Economic
Development Authority May 15, 2017
Anne Mavity, President