HomeMy WebLinkAbout23-31 - ADMIN Resolution - Economic Development Authority - 2023/11/20
EDA Resolution No. 23 -31
Decertifying the Shoreham Tax Increment Financing District
Whereas, the City of St. Louis Park, Minnesota (the “city”) and the St. Louis Park
Economic Development Authority (the “authority”) previously established the Shoreham Tax
Increment Financing District (the “TIF district”), a redevelopment district within Redevelopment
Project No. 1 in the city, pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as
amended (the “TIF act”); and
Whereas, the TIF district is administered by the authority; and
Whereas, it has been proposed that the city and the authority decertify the TIF district as
of December 31, 2023; and
Whereas, as of the date hereof, the projects have been completed, all obligations to which
tax increment from the TIF district has been pledged have been paid in full or defeased, and the
authority has determined that it is in the best interests of the city to terminate and decertify the
TIF district; and
Now therefore be it resolved by the board of commissioners of the St. Louis Park
Economic Development Authority as follows:
1. The TIF district shall be decertified as of December 31, 2023.
2. Authority staff is are and directed to deliver a copy of this resolution to the
auditor/treasurer of Hennepin County, Minnesota (the “county auditor/treasurer”) with
instructions to decertify the TIF district as of December 31, 2023, it being the intent of the city and
authority that any tax increment derived from the TIF district and collected after December 31,
2023 should be redistributed by the county auditor/treasurer to the taxing jurisdictions within the
TIF district pursuant to the TIF act.
3. Authority staff are further directed to return any remaining tax increment in the
accounts established for the TIF district after December 31, 2023, which is not eligible for
spending, as determined by authority staff, to the county auditor/treasurer for redistribution to
the taxing jurisdictions within the TIF district.
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