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Home My WebLink About90-4 - ADMIN Resolution - Economic Development Authority - 1990/03/19RESOLUTION NO. EDA 90-4 1010ROFII_MFO RESOLUTION MODIFYING THE HIGHWAY 7 DEVELOPMENT DISTRICT AND MODIFYING THE DEVELOPMENT PROGRAM FOR THE HIGHWAY 7 DEVELOPMENT DISTRICT; MODIFYING THE TAX INCREMENT PLAN FOR .TAX INCREMENT FINANCING DISTRICT NO. 85-1, MODIFYING THE . EXCELSIOR BOULEVARD REDEVELOPMENT PROJECT AND MODIFYING THE EXCELSIOR BOULEVARD REDEVELOPMENT PLAN, ADOPTING THE TAX INCREMENT FINANCING PLAN FOR THE EXCELSIOR BOULEVARD TAX INCREMENT FINANCING DISTRICT, MODIFYING THE OAK PARK VILLAGE REDEVELOPMENT,PROJECT AND MODIFYING THE OAK PARK VILLAGE REDEVELOPMENT PLAN, AND ADOPTING THE TAX INCREMENT FINANCING PLAN FOR THE OAK PARK VILLAGE TAX INCREMENT FINANCING DISTRICT; BE IT RESOLVED by the St. Louis Park Economic Development Authority (the "EDA"), as follows; Section 1. R ci ,ate. It has been proposed that the EDA: (a) modify by an increase in the geographical area, the Highway 7 Development District, together with modifications to the Development Program for the Highway 7 Development District to reflect such geographical changes;.(b) modify by an increase in project costs, the Tax Increment Financing Plan for District No. 85-1; (c) modify by an increase in geographical area, the Excelsior Boulevard Redevelopment Project, together with modifications to the Excelsior Boulevard Redevelopment Plan to reflect such geographic changes; (d) adopt a Tax Increment Financing Plan for the Excelsior Boulevard Tax Increment Financing District; (e) modify by an increase in geographical area, the Oak Park Village Redevelopment Plan; and (f) adopt a Tax'Increment Financing Plan for the Oak Park Village Tax Increment Financing District; all pursuant to and in accordance with Minn , Sections 469.124-134, inclusive, as amended, and Minnesota Statutes, Sections 469.174-179, inclusive, as amended and Minnesota Statutes, sections 469.001-047, inclusive, as amended. Section 2. Investigation; Preparation of Plans. The EDA has iinvestigated the facts and caused to be prepared the plans andprograms and modifications thereto (collectively referred to as the "Plans"): which are necessary to implement the proposals set.forth in Section 1 above. Section 3. �atutory Compliance. The EpA has performed all actions required by law to be performed prior to approval of the proposed Plans, including, but not limited to, notification to Hennepin County and St. Louis Park School District No. 283 and provision of the opportunity to meet with the members of such bodies, a review by the City Planning Commission of the Plans and the holding of.a public hearing upon published notice as required by law. MICROFII_fo, Section 4, Findings. 4.1 The'EDA hereby .finds that (a) the modification by an increase in the geographical area Of the Highway 7 Development District, together with modifications to the.Development Program for the Highway'7 Development District to reflect such the modification by an increase in geographical changes; (b) project costs of the Tax increment increaseFinancing geographicalcarea of5the (c) the modification.by an Excelsior Boulevard Redevelopment Project, together with modification to the Excelsior e5oulevard Redevelopment tPlan to reflect such geographic Chang (d) the increment financing Plan for. the Ethelsior modificationrbyTax an increase Increment Financing District; (e) in geographical area of the oak Park Village Redevelopment Plan; and (f) the proposed adoption of the Tax Incrementistrictt inancing Plan for the Oak Park Village Tax Increment Financing of this EDA, the effect of such intended and, in the judgment actions will be; to provide an impetus for commercial, residential and industrial development in the City, to increase employment, to eliminate, remove,.prevent, or reduce blight or the causes of blight, and otherwise promote certain public purpoesP.lanssandathatcitmisnd lproper sh tand desain i,rablestosundertakedsuchthe activities. 4.2 The:.EDA further finds that the proposed development and other activities set for in the Plans, in the.opinion of the EDA, would not occur solely through private investment within the. reasonably foreseeable future, and, that the land involved .for development or redevelopment would not be made availableal aid, and, therefore, the use of without the proposed financi tax.increment financing is. -deemed necessary; that the Plans confoim to the general plat :for the development or redevelopment of the City and locality sconsistentawithhthetsoundaneedslof the afford maximum opportunity City and locality as a whole, for the development of Tax Increment Financing -District No. 85-1 and the development of the projects and*the development and redevelopment districts described in .the Plans, by private. enterprise. 4.3 The EDA further states that it has made all findings and determinations which are required pursuant to and in accordance with. nnesota Statins_, Sections ute�46Sections4, inclusive, as amended, and Minnesota u 1 469.174-179, inclusive, as amended and ' nesota at ps, sections 469.001-047, inclusive, as amended, and further finds, declares and determines that the EDA made the above findings stated in Section 4 or on Exhibit A attached hereto and has set forth the reasobs and supporting facts for each determination in writing, on'Exhibit A. -2- MICROFILMED Section 5.' ApPrQV9l of the Platla. 5.1 The Plans are hereby approved and adopted and shall be placed on file in the office of the City Manager. 5.2 The City staff and EDA staff, the EDA's advisors and legal counsel are authorized.and directed to proceed with the implementation of the Plans and for this purpose to negotiate, draft, prepare and present to this EDA for its consideration all further, plans, resolutions; documents and contracts necessary for this purpose. Adopted by the St. Louis Park Economic Development Authority on March 1990.'. Pr sident ATTEST: William C. Dixon Executive Director. ( SEAL) ZDMR124(16) -3- M* E6e•30ud -lHiol **. AIGROFILMED EDA 90-Lh EXHIBIT A TO RESOLUTION NO. T The reasons and facts supporting the findings for adoption and modification of the Plans as such term is defined in Sections 1 and 2 of Resolution No. _, as required pursuant to Minnesota Statutes, Section 46.9.175,79ubdivision 3 are as follows: 1., Finding that the proposed development and redevelopment, in the opinion of the EDA, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. City staff has reviewed the projected financing costs for'the development and has determined, based on available information, that the proposed development could not reasonably be expected to occur. without the financing described in the Plans. Staff estimates are that the cost to acquire the land, relocate occupants, and demolish the structures for the sites that are in need of redevelopment will be at least two times the value of the land for its highest and best use. 2. Finding that the Tag Increment Financing Plan conforms to the, general plan for the development or redevelopment of the municipality as a whole. City staff and the city -planning Commission have reviewed the Plans and have determined that the flans conform to. the Comprehensive Plan of the City. Subsection 1.12 of the Plans state as follows: Property reused in the Development District and Redevelopment Projects that is in a tax increment financing. district will Continue to be governed by the tax increment financing plan as well as by the Comprehensive Plan. Land reuse outside the tax.increment financing district but within the Development District and Redevelopment Projects will be governed by the Comprehensive Plan,.including any changes that are made thereto. 3. Finding that the Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the projects f described in the Plans, by private enterprise, 3 i City staff review of the projected development and redevelopment,.as set forth in the Plans, as it relates to the Comprehensive plan, supports the determination that such activities maximize the likelihood that such development and. redevelopment will be undertaken by private enterprise. ZDMR124(19)