HomeMy WebLinkAbout18-14 - ADMIN Resolution - Economic Development Authority - 2018/08/20St. Louis Park Economic Development Authority
EDA Resolution No. 18-14
Resolution designating a building within Redevelopment Project No. 1
as structurally substandard
Be it resolved by the Board of Commissioners ("Board") of the St. Louis Park Economic
Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. Under Minnesota Statutes, Section 469.174, subd. 10(d), the Authority is
authorized to deem parcels as occupied by structurally substandard buildings despite prior
demolition or removal of the buildings, subject to certain terms and conditions as described in
this resolution.
1.02. The Authority intends to cause demolition of the building located on the
property described in Exhibit A hereto (the "Designated Property"), and may in the future
include the Designated Property in a redevelopment or renewal and renovation tax increment
financing district as defined in Minnesota Statutes, Sections 469.174, Subd. 10.
Section 2. Building designated substandard; other proceedings.
2.01. The Authority finds that the building on the Designated Property as described in
Exhibit A is structurally substandard to a degree requiring substantial renovation or clearance,
based upon the analysis of such building by LHB summarized in the TIF ANALYSIS FINDINGS FOR
4601 HIGHWAY 7 and 3130 MONTEREY AVE>S., ST. LOUIS PARK, MN, dated August 10, 2018, on
file in City Hall.
2.02. After the date of approval of this resolution, the building on the Designated
Property may be demolished or removed by the Authority, or such demolition or removal may
be financed by the Authority, or may be undertaken by a developer under a development
agreement with the Authority.
2.03. The Authority intends to include the Designated Property in a redevelopment or
renewal and renovation tax increment financing district, and to file the request for certification
of such district with the Hennepin County auditor within three years after the date of building
demolition on the Designated Property.
EDA Resolution No. 18-14
2.04. Upon filing the request for certification of the new tax increment financing
district, the Authority will notify the Hennepin County auditor that the original tax capacity of
the Designated Property must be adjusted to reflect the greater of (a) the current net tax
capacity of the parcel, or (b) the estimated market value of the parcel for the year in which the
building was demolished or removed, but applying class rates for the current year, all in
accordance with Minnesota Statutes, Section 469.174, subd. 10(d).
2.05. Authority staff and consultants are authorized to take any actions necessary to
out the intent of this resolution.
Administration:
Director
Adopted by the Economic Development Authority
August 20,
18
Stev H Ifin, Presi e
EDA Resolution No. 18-14
Exhibit A
Description of Designated Property
Property addresses: 4601 Highway 7 and 3130 Monterey Ave. S., St. Louis Park, MN
PIDs:06-028-24-12-0091 and 06-028-24-13-0003