HomeMy WebLinkAbout89-9 - ADMIN Resolution - Economic Development Authority - 1989/07/24MICROFILIVEC
Commissioner Bat t ayli A introduced the following resolution, the
reading of which was dispensed with by unanimous consent, and moved its adoption:
ECONOMIC DEVELOPMENT AUTHORITY
CITY OF SAINT LOUIS PARK
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION NO. EDA 9
A RESOLUTION RELATING TO THE MODIFICATION, BY REVISING
BUDGETED COSTS OF THE TAX INCREMENT FINANCING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 85-1, LOCATED
WITHIN THE HIGHWAY 7 DEVELOPMENT DISTRICT.
BE IT RESOLVED by the Board of Commissioners (the "Board") of the
Economic Development Authority of the City of Saint Louis Park, Minnesota (the
"Authority"), as follows:
Section 1. Recitals.
1.01. It has been proposed that the Authority modify, by revising the
budgeted costs, the Tax Increment Financing Plan for Tax Increment Financing
District No. 85-1, located within the Highway 7 Development District, pursuant to
and in accordance with Minnesota Statutes, Sections 469.174 to 469.179, inclusive,
as amended.
1.02. The Authority has caused to be prepared, and this Board has
investigated the facts with respect thereto, a proposed Modified Tax Increment
Financing Plan for Tax Increment Financing District No.. 85-1, a copy of which is
on file in the office of the Executive Director of the Authority (the "Modified Tax
Increment Financing Plan") defining more precisely the revisions to the budgeted
costs to be made.
1.03. The Authority has determined that the modifications to be made to
the budgeted costs in the Modified Tax Increment Financing Plan do not reduce or
enlarge the geographic area of the district and do not increase the amount of
amounts of bonded indebtedness or the uses of tax increment thereunder.
1.04. The Board hereby determines that it is necessary and in the best
interest of the Authority and of the City of St. Louis Park (the "City") at this time
to modify the Tax Increment Financing Plan for Tax Increment Financing District
No. 85-1 and to approve the Modified Tax Increment Financing Plan relating
thereto.
1.05. The City Council of the City of St. Louis Park has by the adoption of
Ordinance No. 1763-88 granted to the Authority the authority to exercise any
powers granted under Minnesota Statutes, Chapter 469.
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Section 2. Findings for the Modification of Tax Increment Financing
District No. 85-1.
2.01. The Board hereby finds, determines and declares that the
modification of the Tax Increment Financing Plan for Tax Increment Financing
District No. 85-1, located within the Highway 7 Development District, is intended
and, in the judgment of this Board, 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 Modified Tax Increment Financing Plan for Tax Increment
Financing District No. 85-1.
2.02. The Board finds, determines and declares that the proposed
development of a 156 unit multifamily rental housing facility located at the
intersection of Highways 100 and 7 in the City (the "Development"), in the opinion
of the Board, would not occur solely through private investment within the
reasonably foreseeable future and, therefore, the use of tax increment financing
pursuant to the Modified Tax Increment Financing Plan is deemed necessary.
2.03. The Board finds, determines and declares that the proposed Modified
Tax Increment Financing Plan for Tax Increment Financing District No. 85-1 will
afford maximum opportunity, be consistent with the sound needs of the City as a
whole, for the development or redevelopment of the Highway 7 Development
District by private enterprise.
2.04. The Board further finds, declares and determines that the Authority
made the above findings stated in Section 2 and has set forth the reasons and
supporting facts for each determination in writing, attached hereto as Exhibit A.
2.05. The Board determines and declares that Modified Tax Increment
Financing Plan for Tax Increment Financing District No. 85-1 in the form on file
in the office of the Executive Director of the Authority, is hereby adopted.
Section 3. Adoption of the Modified Tax Increment Financing Plan.
3.01. The Modified Tax Increment Financing Plan, presented to the Board
on this date, is hereby approved and adopted and shall be placed on file in the
office of the Executive Director of the Authority.
Section 4. Implementation of the Modified Tax Increment Financing Plan.
4.01. The officers of the Authority, the Authority's financial advisor,
underwriter and the Authority's legal counsel and bond counsel are authorized and
directed to: proceed with the implementation of the Modified Tax Increment
Financing Plan and for this purpose to negotiate, draft, prepare and present to this
Board 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 Hanks , and upon vote being taken
thereon, the following voted in favor thereof: Battaglia, Duffy, Mitchell,
Hanks and Tschida
and the following voted against the same: No one
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E v A Res. No. 9
MICROFILMED
Whereupon said resolution was declared duly passed and adopted, and was signed by
the Chairman and attested to by the Secretary. /
Dated: July 24, 1989 /
Attest: President
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