HomeMy WebLinkAbout96-08 - ADMIN Resolution - Economic Development Authority - 1996/10/07ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ST. LOUIS PARK
RESOLUTION NO. 96-08
RESOLUTION APPROVING THE MODIFICATION TO
REDEVELOPMENT PROJECT NO. 1 AND THE
MODIFICATION TO THE EXCELSIOR, OAK PARK VILLAGE,
AND HIGHWAY 7 TAX INCREMENT FINANCING DISTRICTS
AND APPROVING AND ADOPTING THE REDEVELOPMENT
PLAN AND TAX INCREMENT FINANCING PLANS 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 Authority and the City Council ("Council') of the City of St. Louis Park
previously adopted a Redevelopment Plan for Redevelopment Project No. 1 on March 19, 1990 and
modified the Redevelopment Plan on April 1, 1996; adopted a Tax Increment Financing Plan ("TIF Plan")
for the Excelsior Boulevard Tax Increment Financing District on February 7, 1977 and modified the
Excelsior Boulevard TIF Plan on December 17, 1984 and on March 19, 1990; adopted a TIF Plan for the
Oak Park Village Tax Increment Financing District on November 6, 1972 and modified the Oak Park
Village TIF Plan on March 19, 1990; and adopted a TIF Plan for the Highway 7 Tax Increment Financing
District on April 15, 1985 and modified the Highway 7 TIF Plan on November 7, 1988, on July 24, 1989
and on March 19, 1990;
WHEREAS, changes in the distribution of tax increment revenues generated by and property to
potentially be acquired in Redevelopment Project No. 1 and the Excelsior, Oak Park Village, and Highway
7 Tax Increment Financing Districts have necessitated modifications to the Redevelopment Plan and the
TIF Plans;
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 to modify the Tax
Increment Financing Plans for the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing
Districts, 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. I and modified Tax Increment
Financing Plans for the Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts,
(collectively, 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
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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 modification of the Excelsior, Oak
Park Village, and Highway 7 Tax Increment Financing Districts, but not limited to, notification of
Hennepin County and School District No. 283 having taxing jurisdiction over the property included in the
Excelsior, Oak Park Village, and Highway 7 Tax Increment Financing Districts, a review by the City
Planning Commission of the proposed modified 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 Plans 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 7th day of nrtnhpr 19gfi .
ATTEST:
Executive Direr t