HomeMy WebLinkAbout95-02 - ADMIN Resolution - Economic Development Authority - 1995/05/01RESOLUTION NO. EDA 95-2
RESOLUTION AUTHORIZING CONSTRUCTION OF CITY OF ST. LOUIS PARK
IMPROVEMENT PROJECT NO. 95-10 AND THE TRANSFER OF TAX INCREMENT
FUNDS TO DEFRAY THE COSTS OF SAID PROJECT
WHEREAS, on March 19, 1990 the Redevelopment Plan for Excelsior Boulevard
Redevelopment Project was modified to enlarge the Project to add areas in need of
redevelopment and enable tax increments collected in the tax increment district to finance
redevelopment. Also, a Tax Increment Financing Plan was added to clarify the change in the
scope of activities in the original plan; and
WHEREAS, the budget within said plan included expenditures associated with
making public improvements in the Excelsior Boulevard Redevelopment Project Area; and
WHEREAS the St. Louis Park Economic Development Authority desires to make
various public street improvements along Excelsior Boulevard, Park Center Boulevard, West
36th Street and Monterey Drive, all of which are located in said redevelopment project area;
and
WHEREAS the St. Louis Park Economic Development Authority's 1995 Capital
Improvements Program has budgeted $1,519,640.00 for said improvements; and
WHEREAS the bids for said improvements amount to $1,178,964.53; and
WHEREAS the St. Louis Park Economic Development Authority desires to have the
City of St. Louis Park undertake said improvements to take advantage of the City's expertise
and staff resources to complete said project in a timely and cost efficient manner;
NOW, THEREFORE BE IT RESOLVED that the St. Louis Park Economic
Development Authority formally authorizes construction of City of St. Louis Park
Improvement Project No. 95-10 and the transfer of tax increment funds to defray the cost of
said project.
Adopted by the Economic Development Authority May 1, 1995
President
xecutive Director