HomeMy WebLinkAbout96-03 - ADMIN Resolution - Economic Development Authority - 1996/04/01ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ST. LOUIS PARK
RESOLUTION NO. EDA 96-03
RESOLUTION MODIFYING REDEVELOPMENT PROJECT NO. 1;
ESTABLISHING THE VICTORIA PONDS TAX INCREMENT FINANCING
DISTRICT AND APPROVING AND ADOPTING THE REDEVELOPMENT PLAN
AND TAX INCREMENT FINANCING PLAN RELATED THERETO.
BE IT RESOLVED by the Board of Commissioners of the St. Louis Park Economic Development
Authority ("Authority") of the City of St. Louis Park, Minnesota ("City") as follows:
WHEREAS, the City Council (the "Council") of the City of St. Louis Park (the "City") has proposed
to modify the Redevelopment Plan for Redevelopment Project No. 1 and adopt a Tax Increment Financing
Plan for the Victoria Ponds Tax Increment Financing District, all pursuant to and in accordance with
Minnesota Statutes, Sections 469.090 to 469.123 and Minnesota Statutes, Sections 469.174 to 469.179,
inclusive, as amended; and
WHEREAS, the Authority and the Council have investigated the facts and have caused to be prepared
a modified Redevelopment Plan for Redevelopment Project No. 1 and a Tax Increment Financing Plan for the
Victoria Ponds Tax Increment Financing District, (the "Plans"); and
WHEREAS, proposed developments as described in the Plans in the opinion of the Authority, would
not reasonably be expected to occur solely through private investment within the reasonable foreseeable future
and, therefore, the use of tax increment financing is deemed necessary; and
WHEREAS, the Authority and City have performed all actions required by law to be performed prior
to the modification of the Redevelopment Project No. 1 and the establishment of the Victoria Ponds Tax
Increment Financing District, but not limited to, notification of Hennepin County and School District No. 283
having taxing jurisdiction over the property included in the Victoria Ponds Tax Increment Financing District,
a review by the City Planning Commission of the proposed Plans, and the scheduled holding by the Council
of a public hearing upon published notice as required by law.
BE IT RESOLVED by the Board of Commissioners of the St. Louis Park Economic Development
Authority of the City of St. Louis Park, as follows:
1. Subject to approval of the Plans by the Council the Plans are hereby approved and adopted, and
shall be placed on file in the office of the City Clerk.
2. Upon approval of the Plans by the City Council, the staff, the Authority'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 Board for its consideration all further plans, resolutions, documents
and contracts necessary for this purpose. Approval of the Redevelopment Plan and the Tax Increment
Financing Plan does not constitute approval of any project or a Redevelopment Agreement with any developer.
3. Upon approval of the Plans by the City Council, the City Clerk is authorized to forward a copy
of the Plans to the Hennepin County Auditor and the Minnesota Department of Revenue pursuant to Minnesota
Statutes 469.175, subdivision 2.
Approved by the Board of Commissioners of the Economic Development Authority of the City of St.
Louis Park this 1St day of April, 1996
Executive Dire
N:\WPDATA\STLPARK\VICTORIA.TiFMDA.RES