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HomeMy WebLinkAbout18-09 - ADMIN Resolution - Economic Development Authority - 2018/08/06St. Louis Park Economic Development Authority Resolution No. 18-09 Resolution adopting a modification to the redevelopment plan for Redevelopment Project No. 1, establishing the Bridgewater Bank 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 Bridgewater Bank Tax Increment Financing District (a "Redevelopment 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, 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 the City Planning Commission provide for review of and written comment on the Plans and that the Council hold 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 project area which is already built up and that the adoption & implementation of the proposed TIF Plan will help assist in the preservation and enhancement of the tax base of the City and the State and provide employment opportunities, through the construction of a mixed use building containing an office space including an entrepreneurial center, structured parking and retail space, thereby serving a public purpose. 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. 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. EDA Resolution No. 18-09 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 approved, established and adopted and shall be placed on file in the office of the Executive Director of the EDA. Upon approval of the Plans by the City Council, City EDA 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. 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. Reviewed or Administration Adopted by the Economic Development Authority August 6, 2018 ThomasVHprrnening, Executive Director Steve Hallfin, Presi e Attest: