HomeMy WebLinkAbout22-186 - ADMIN Resolution - City Council - 2022/12/05Resolution No. 22-186
Resolution approving a spending plan for certain tax increment
financing districts located in the City of St. Louis Park
Be it resolved by the City Council (the “City Council”) of the City of St. Louis Park,
Minnesota (the “City”) as follows:
Section 1. Recitals.
1.01. The City and the St. Louis Park Economic Development Authority (the “Authority”)
have previously established the following tax increment financing districts located within the City
and adopted tax increment financing plans therefor, pursuant to Minnesota Statutes,
Sections 469.001 through 469.047, as amended, and Minnesota Statutes, Se ctions 469.174
through 469.1794, as amended (the “TIF Act”): the West End Tax Increment Financing District,
the Victoria Ponds Tax Increment Financing District, the Zarthan and 16th Street Tax Increment
Financing District, the Wolfe Lake Commercial Tax Increment Financing District, the Mill City Tax
Increment Financing District, the Park Commons Tax Increment Financing District, the Aquila
Commons Tax Increment Financing District, and the 4900 Excelsior Tax Increment Financing
District (collectively, the “TIF Districts”).
1.02. Section 469.176, subdivision 4n of the TIF Act (the “Temporary TIF Authority Act”)
authorizes the Authority to spend available tax increment from any existing tax increment
financing district, notwithstanding any other law to the co ntrary, to provide improvements,
loans, interest rate subsidies, or assistance in any form to private development consisting of
construction or substantial rehabilitation of buildings and ancillary facilities, if the following
conditions exist:
(1) Such assistance will create or retain jobs in the State of Minnesota, including
construction jobs;
(2) Construction commences before December 31, 2025;
(3) The construction would not have commenced before the dates specified above
without the assistance;
(4) Tax increments under the spending plan are spent by December 31, 2025; and
(5) The City Council approves a written spending plan (after a duly noticed public
hearing) that specifically authorizes the Authority to take such actions.
1.03. The Authority has proposed to apply available tax increments from the TIF Districts
for various uses in accordance with the Temporary TIF Authority Act, and to that end has caused
to be prepared a spending plan for the TIF Districts (the “Spending Plan”).
1.04. The assistance authorized under the Spending Plan expressly includes but is not
limited to assistance for private development that provides for job creation , including
construction jobs, and the development of various mixed -use developments located in the City
as described in more detail in the Spending Plan.
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1.05. The City and the Authority expect to transfer unobligated tax increment in
accordance with the Temporary TIF Authority Act from each of the TIF Districts in the following
estimated amounts, subject to final adjustment by the City Finance Director upon receipt of tax
increment for such TIF Districts through December 31, 2022:
1.06. On the date hereof, the City Council conducted a public hearing regarding the
Spending Plan, for which notice was published in a newspaper of general circulation in the City
and on the City’s public website at least ten (10) days but not more than thirty (30) days prior to
the date of the public hearing, in accordance with the Temporary TIF Authority Act, and at which
public hearing all persons were given the opportunity to be heard.
1.07. At its meeting on the date hereof, the Board of Commissioners of the Authority
will consider a resolution approving the Spending Plan.
Section 2. Approval.
2.01. The City Council further finds the Spending Plan is intended and, in the judgment of
the City Council, its effect will be, to create an impetus for development and redevelopment
activities in the City, including, but not limited to, developing or redeveloping blighted or
underutilized sites, lands or areas within the City, providing necessary public improvements for
private development in the City, helping provide a range of housing options in the City, supporting
transit oriented development, and otherwise promoting certain public purposes and accomplishing
certain objectives as specified in the Spending Plan. The City Council finds that the projects described
in the Spending Plan would not commence by December 31, 2025 without assistance as permitted
by the Temporary TIF Authority Act and that assistance will stimulate private development and the
creation or retention of jobs in the state, including construction jobs. The City Council makes all the
findings set forth in the Spending Plan, which are incorporated herein by reference.
2.02. The City Council finds that the tax increments from the TIF Districts to be transferred
under the Spending Plan are not needed to pay obligations of the TIF Districts due within the six
months following such transfer and are not improperly retained, received, spent, or transferred.
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2.03. The Spending Plan is hereby approved and adopted and the Spending Plan shall be
placed on file in the office of the Economic Development Manager of the City. The City Council
authorizes transferring all tax increments from the TIF Districts under the Spending Plan to a
segregated account by December 31, 2022 in the estimated amounts set forth above provided that
such amounts may be adjusted by the Finance Director upon final determination of the unobligated
tax increment based on receipt of tax increment through December 31, 2022 and spending tax
increments under the Spending Plan by December 31, 2025 for projects which commence
construction by December 31, 2025.
2.04. The City’s staff, advisors and legal counsel are authorized and directed to identify
potential uses which are in accordance with the Spending Plan for projects that are likely to result
in the most efficient and effective use of the identified funds, to proceed with the implementation
of the Spending Plan and to negotiate, draft, and prepare all further plans, resolutions, documents
and contracts necessary for this purpose for future approval and determination of the necessary
findings under the law by the City Council.
2.05. The staff of the City are hereby directed to file a copy of the Spending Plan with the
Office of the State Auditor.
Section 3. Effective Date. This resolution shall be effective upon approval.
Reviewed for administration: Adopted by the City Council December 5, 2022
Kim Keller, city manager Jake Spano, mayor
Attest:
Melissa Kennedy, city clerk
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