HomeMy WebLinkAbout93-04 - ADMIN Resolution - Economic Development Authority - 1993/06/21EDA
MICROFILMED
RESOLUTION NO. EDA 4-93
A RESOLUTION APPROVING PARK NICOLLET HAZARDOUS
SUBSTANCE TAX INCREMENT FINANCING SUBDISTRICT PLAN FOR
AN AREA WITHIN EXCELSIOR BOULEVARD TAX INCREMENT
FINANCING DISTRICT AND MAKING FINDINGS RELATED THERETO
WHEREAS, the St. Louis Park Economic Development Authority ("Authority") has
prepared a proposed hazardous substance tax increment financing subdistrict plan ("Plan")
for creation of a hazardous substance subdistrict within an area within the Excelsior
Boulevard Tax Increment Financing District pursuant to Minnesota Statutes; Section
469.174 to 469.179 and 1992 session laws, Chapter 511, Article 9, Section 29; and
WHEREAS, the Authority has made application to the City of St. Louis Park for
approval of the Plan, and
WHEREAS, the Authority estimated the fiscal and economic implications of the Plan
and forwarded those estimates to the County and School District boards at least thirty days
before a public hearing was held to consider adoption of the Plan, and
WHEREAS, the Authority provided an opportunity to members of the Hennepin
County Board and St. Louis Park School Board to meet with the Authority to discuss the
Plan, and
WHEREAS, Staff has discussed the fiscal and economic implications of the Plan with
representatives of the School District and County, and
NOW THEREFORE BE IT RESOLVED, that the St. Louis Park Economic
Development Authority hereby approves and adopts the Plan and approves the creation of a
hazardous substance subdistrict and makes the following findings based on reasons and
supporting facts set forth in the Plan:
1. Development or redevelopment of the site in the opinion of the Authority would not
reasonably be expected to occur solely through private investment and tax increment
otherwise available and therefore the Hazardous Substance Subdistrict is deemed
necessary.
2. Parcels not designated hazardous substance sites are expected to be developed
together with a designated hazardous substance site.
3. The subdistrict is not larger than and the period of time during which increments are
likely to be received is not longer than that which is necessary in the opinion of the
Authority to provide for the additional cost due to the designated hazardous
substance site.
MICROFILMED
The St. Louis Park Economic Development Authority also hereby directs the Executive
Director to certify to the County Auditor that the Authority has entered into a
Redevelopment Agreement for the removal or remedial actions specified in a development
response action plan and to request certification as to the original net tax capacity of the
Hazardous Substance Tax Increment Financing Subdistrict.
Approved by the St. Louis Park Economic
Development Authority on June 21, 1993
Ke-RT-Meanr-
ATTEST:
harles W. Meyer, E curt' a Director
4164:RES7