HomeMy WebLinkAbout18-08 - ADMIN Resolution - Economic Development Authority - 2018/08/06St. Louis Park Economic Development Authority
Resolution No. 18-08
Resolution approving the elimination of a parcel from the
Park Commons Tax Increment Financing District within
Redevelopment Project No. 1 of the City of St. Louis Park
Whereas, on January 16, 2001, the City of St. Louis Park (the "City") and the St. Louis
Park Economic Development Authority (the "EDA") created the Park Commons 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 following parcel, by property identification number, was included in the
TIF District:
06-028-24-43-0065
Whereas, the EDA desires by this resolution to amend the TIF Plan to remove the above-
described parcel from the TIF District, thereby reducing the size of the TIF District; and
Whereas, the total current net tax capacity of the parcel to be eliminated from the TIF
District equals or exceeds the original net tax capacity of such parcel, and therefore, this
amendment to the TIF Plan is accomplished pursuant to Minnesota Statutes, Section 469.175,
Subdivision 4, clause (e)(2)(A).
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Now therefore be it resolved by the EDA that the TIF Plan for the TIF District is hereby
amended to remove the above-described parcel from the TIF District, and the Economic
Development Coordinator is authorized and directed to notify the Taxpayer Services Division
Manager of Hennepin County of the reduction of the size of the TIF District pursuant to
Statutes, Section 469.175, Subdivision 4, clause (e).
for Administration Adopted by the Economic Development
I & AuthoriV August 6, 2018
Thomas K.1-1armening, Executive Director Steve Hallfin,
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Melissa ennedy, ecre ary