HomeMy WebLinkAbout23-28 - ADMIN Resolution - Economic Development Authority - 2023/11/20
EDA Resolution No. 23 - 28
Authorizing transfers of pooled tax increment from tax increment financing
districts in the City of St. Louis Park for affordable housing purposes
Whereas, the legislature of the State of Minnesota passed a special law authorizing the
City of St. Louis Park, Minnesota (the “city”) or the St. Louis Park Economic Development
Authority (the “authority”) to transfer tax increment accumulated for housing development
purposes under Minnesota Statutes, Section 469.1763, subdivision 2(b) or (d), to the housing
trust fund established by the city, all as provided in Laws of Minnesota 2021, First Special
Session, Chapter 14, Article 9, Section 5 (the “special law”), in particular subdivision 1(c)
thereof; and
Whereas, the city has created its Affordable Housing Trust Fund (the “trust fund”); and
Whereas, pursuant to the special law, the authority to make such transfers shall expire
on December 31, 2026; and
Whereas, the authority has transferred or proposes to transfer pooled tax increment
from the following tax increment financing districts with Redevelopment District No. 1 in the
city to the city for purposes of funding the city’s trust fund:
(a) the Wolfe Lake Commercial Tax Increment Financing District;
(b) the Zarthan and 16th Street Tax Increment Financing District;
(c) the Mill City Tax Increment Financing District;
(d) the Park Commons Tax Increment Financing District;
(e) the Aquila Commons Tax Increment Financing District;
(f) the Park Center Boulevard Housing Tax Increment Financing District;
(g) the Ellipse on Excelsior Tax increment Financing District;
(h) the Eliot Park Tax Increment Financing District;
(i) the Shoreham Tax Increment Financing District;
(j) the 4900 Excelsior Tax Increment Financing District; and
(k) the West End Tax Increment Financing District (collectively, the “tif districts”); and
Whereas, pooled tax increment transferred to the trust fund may be returned to the
appropriate authority tax increment fund if the funds are not spent on or before
December 31, 2026; and
Now therefore be it resolved by the board of commissioners of the St. Louis Park
Economic Development Authority as follows:
1. The authority hereby approves the transfer of pooled tax increment from the TIF
districts listed above to fund the trust fund. The authority hereby authorizes, ratifies and
reaffirms all past transfers of tax increment from the TIF districts that were made to fund the
trust fund.
DocuSign Envelope ID: 4E19446A-F183-49CD-9789-4A8436C7F91D
2. The authority hereby delegates to the city’s finance director the authority to transfer
funds from the TIF districts each year to the trust fund in the amounts determined at the
finance director’s discretion in consultation with the city’s municipal advisor. Such transfers
shall be made to the extent pooled tax increment is available for such purposes under
Minnesota Statutes, Section 469.174 through 469.1794 and the Special Law and is authorized
by the tax increment financing plans approved for the TIF districts.
3. The tax increment transferred to the trust fund must be accounted for separately and
may be used only for the following purposes: making grants, loans, and loan guarantees for
development, or financing of housing or providing matches for other federal, state, or private
resources for housing projects.
4. This resolution is effective upon approval.
Reviewed for administration: Adopted by the Economic Development
Authority November 20, 2023
Karen Barton, executive director Nadia Mohamed, president
Attest
Melissa Kennedy, secretary
DocuSign Envelope ID: 4E19446A-F183-49CD-9789-4A8436C7F91D