HomeMy WebLinkAbout16-06 - ADMIN Resolution - Economic Development Authority - 2016/03/21ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 1606
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1;
ADOPTING THE MODIFICATIONS TO THE TAX INCREMENT
FINANCING PLANS FOR THE TAX INCREMENT FINANCING
DISTRICTS THEREIN; AND ESTABLISHING THE WAYZATA
BOULEVARD 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 expand the geographic boundaries of Redevelopment Project No. 1 and adopt
a Modification to the Redevelopment Plan (the "Redevelopment Plan Modification") for
Redevelopment Project No, 1 (the "Project Area"), adopt a Modification to the Tax Increment
Financing Plans for the Tax Increment Financing Districts therein (the "TIF Plan Modifications"),
and establish the Wayzata Boulevard Tax Increment Financing District (the "District") and adopt
a Tax Increment Financing Plan (the "TIF Plan") therefor (the Redevelopment Plan Modification,
TIF Plan Modifications, 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. The EDA has also requested the City Planning Commission to 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:
1. The boundaries of the Project Area are being expanded.
2. The TIF Plan Modifications are being made to incorporate the expanded boundaries of the
Project Area.
3. The reasons and facts supporting the findings in this resolution are described in the Plans.
4. The EDA hereby finds that the District is in the public interest and is a "redevelopment
district" under Minnesota Statutes, Section 469.174, Subd. 10 (a)(1), 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 employment
opportunities in the State, assist in the preservation and enhancement of the tax base of the
City and the State and promote the construction of high quality housing, hotel, and/or office
space, thereby serving a public purpose.
EDA Resolution No. 16-06
5. 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.
6. The EDA elects to calculate fiscal disparities for the District in accordance with Minnesota
Statutes, Section 469.177, Subd. 3, clause b, which means the fiscal disparities contribution
would be taken from inside the District.
7. 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
approved, established and adopted and shall be placed on file in the office of the Executive
Director of the EDA.
8. Upon approval of the Plans by the City Council, the staff, the EDA's advisors and legal
counsel are authorized and directed to proceed with the implementation of the Plans and
for this purpose 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 a Development
Agreement with any developer.
9. 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 Minnesota Statutes 469.175, Subd.
4a.
10. The Executive Director of the EDA is authorized and directed to forward a copy of the
Plans to the Hennepin County Auditor and request that the Auditor certify the original tax
capacity of the District as described in the Plans, all in accordance with Minnesota Statutes
469.177.
for Administration Adopted by the Economic Development Authority
March 21, 2016
Director Anne Mavity, President
Attest:
MeI14 Kenn dy, Secretary