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HomeMy WebLinkAbout88-1 - ADMIN Resolution - Economic Development Authority - 1988/11/07Commissioner Mgland introduced the following resolution, the reading of which was dispensed with by unanimous consent, and moved its adoption: ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ST. LOUIS PARK STATE OF MINNESOTA RESOLUTION NO. 88 -1 -EDA A RESOLUTION RELATING TO THE APPROVAL BY THE ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF ST. LOUIS PARK OF THE MODIFIED TAX INCREMENT FINANCING PLAN AND RELATING TO TAX INCREMENT FINANCING DISTRICT NO. 85-1 LOCATED WITHIN THE HIGHWAY 7 DEVELOPMENT DISTRICT. MICROFILMED BE IT RESOLVED by the Economic Development Authority (the "Authority") in and for the City of St. Louis Park, Minnesota (the "City"), as follows: Section 1. Recitals. 1.01. It has been proposed that the City modify, by increased project costs, the Tax Increment Financing Plan relating to Tax Increment Financing District No. 85-1 pursuant to and in accordance with Minnesota Statutes, Sections 469.174 to 469.181, inclusive, as amended. It has further been proposed that the Authority approve the Modified Tax Increment Financing Plan relating thereto. 1.02. The Authority has investigated the facts and has reviewed the proposed Modified Tax Increment Financing Plan (the "Plan") for Tax Increment Financing District No. 85-1 (the "District") defining more precisely the increased project costs to be made within the District. 1.03. The Authority and the City have performed all actions required by law to be performed prior to the modification of the District and the adoption of the Plan relating thereto. 1.04. The Authority hereby determines that it is necessary and in the best interest of the City at this time to modify the District and to approve the Plan relating thereto. Section 2. Findings for the Modification of Tax Increment Financing District No. 85-1. 2.01. The Authority hereby finds, deterinines and declares that the modification of the District, located within the Highway 7 Development District, is intended and, in the judgment of this Authority, its effect will be, to further provide an impetus for housing, commercial and industrial development, increase employment and otherwise promote certain public purposes and accomplish certain objectives as specified in the Plan. 2.02. The Authority finds, determines and declares that the District qualifies as a redevelopment district pursuant to Minnesota Statutes, Section 469:174, Subdivision 10(a)(1). 2.03. The Authority finds, determines and declares that the proposed development and redevelopment, in the opinion of the Authority, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. 2.04. The Authority finds, determines and declares that the proposed Plan for the District conforms to the comprehensive plan of the City. 2.05. The Authority finds, determines and declares that the proposed Plan for the District will afford maximum opportunity, be consistent with the sound needs of the City as a whole, for the development or redevelopment of the District by private enterprise. 2.06. The Authority determines and declares that it approves the modification, by increased project costs, of the District. Section 3. Approval of the Modified Tax Increment Financing. 3.01. The Plan presented to the Authority on this date is hereby approved by the Authority and shall be placed on file in the office of the City Manager. Section 4. Implementation of the Modified Tax Increment Financing Plan. 4.01. The officers of the City, the City's financial advisor, the City's legal counsel are authorized and directed to proceed with the implementation of the Plan and for this purpose to negotiate, draft, prepare and present to this Authority for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Strand , and upon vote being taken thereon, the following voted in favor thereof. Commissioners Duffy, Hanks, Battaglia, Meland, Strand and Friedman and the following voted against the same: Commissioner Mitchel l abstained Whereupon said resolution was declared duly passed and adopted, and was signed by the President and attested to by the Dated: November 7, 1988. (SEAL) 2 President .• EXHIBIT A TO RESOLUTION NO. MICROFILMED The reasons and facts supporting the findings for Tax Increment Financing District No. 85-1 as required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 are as follows: 1. Finding that Tax increment Financing District No. 85-1 is a "redevelopment district" as defined in Minnesota Statutes, Section 469.174, Subdivision 19. Please refer to the "Basis for Findings" section of the Modified Tax Increment Financing Plan for Tax Increment Financing District No. 85-1. 2. Finding that the proposed development, in the opinion of the Board, would not occur solely through private investment within the reasonable foreseeable future and, therefore, the use of tax increment financing is deemed necessary. Authority staff has reviewed the available financing costs for .the development of a 156 unit multifamily rental housing facility located at the intersection of Highways 7 and 100 in the City. Due to the high costs of the public improvements, including demolition and related expenses, the project would not be financially feasible without the Authority's assistance. 3. Finding that the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the municipality as -a whole. Saint Louis Park Planning Commission reviewed the Tax Increment Financing Plan for Tax Increment Financing District No. 85-1 on April 3 , 1985 and .recoemmended that the Tax Increment Financing Plan for Tax Increment Financing District No. 85-1 be approved with inclusion of a statement establishing desired ratios for development. In addition, the Comprehensive Plan of the City has been reviewed by the Metropolitan Council on June 16,198 pursuant to Minnesota Statutes, Section 473.175. 4. Finding that the Modified Tax Increment Financing Plan for Tax Increment Financing District No. 85-1 will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Highway 7 Development District by private enterprise. Please refer to the "Private Developments" section of the Modified Tax Increment Financing Plan for Tax Increment Financing District No. 85-1. 5. Finding regarding the method of tax increment computation set forth in Minnesota Statutes, Section 469.177, Subdivision 3, Clause (b), if applicable. The Board does not elect the method of tax increment computation set forth in Minnesota Statutes, Section 469.177, Subdivision 3, Clause (b).