HomeMy WebLinkAbout96-05 - ADMIN Resolution - Economic Development Authority - 1996/08/05RESOLUTION NO. EDA- 96-05
RESOLUTION APPROVING
REDEVELOPMENT AGREEMENT FOR VICTORIA PONDS
WHEREAS, the St. Louis Park Economic Development Authority (EDA) has received a
request for Tax Increment Financing from SVK Development, Inc. (Developer) to assist in
redeveloping an 11.27 acre site within the Victoria Ponds Tax Increment Financing District; and
WHEREAS, the Developer is seeking Tax Increment Financing in the amount of up to
$760,000 to cover costs associated with abandoned railroad tracks and related excavation and
contamination problems on the redevelopment site and reimbursement of the $20,000 deposits
made by the developer to cover the Authority's consultant costs and atorney's fees in connection
with the Redevelopment Agreement; and
WHEREAS, on April 1, 1996, the EDA modified Redevelopment Project No. 1,
established the Victoria Ponds Tax Increment Financing District and approved and adopted the
Redevelopment Plan and Tax Increment Financing Plan related thereto by Resolution No. 96-03,
which directed Staff to prepare and present an agreement for this purpose; and
WHEREAS, the site has been and remains an undeveloped, blighted and unproductive
site because of the extraordinary cost of making the site developable and, but for the assistance
provided by the EDA through the Tax Increment Financing, the site would remain undeveloped,
blighted and unproductive for the foreseeable future; and
WHEREAS, the attached Redevelopment Agreement provides the financing necessary
to redevelop the site using a financial structure which minimizes risk to the EDA;
NOW, THEREFORE, BE IT RESOLVED that the EDA approve the Redevelopment
Agreement substantially in the form attached hereto and the Executive Director and President of
the Authority are authorized to execute the Agreement on behalf of the Authority.
Approved by_ t. Louis Park Economic Development Authority
August 5, 19961
Its
ATTEST:
Its Executive Direct
7934:GEN64