HomeMy WebLinkAbout97-11 - ADMIN Resolution - Economic Development Authority - 1997/09/02ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ST. LOUIS PARK
RESOLUTION NO. 9 i 11
RESOLUTION APPROVING THE MODIFICATION TO THE REDEVELOPMENT
PLAN FOR REDEVELOPMENT PROJECT NO. 1 AND THE MODIFICATION TO
THE TAX INCREMENT FINANCING PLANS FOR THE EXCELSIOR
BOULEVARD, OAK PARK VILLAGE, AND HIGHWAY 7 TAX INCREMENT
FINANCING DISTRICTS.
WHEREAS, the Economic Development Authority (the ".Authority") and the City Council (the
"Council") of the City of St. Louis Park, Minnesota (the "City") previously adopted a Redevelopment Plan for
Redevelopment Project No. 1 on March 19, 1990 and modified the Redevelopment Plan on April 1, 1996 and
on October 7, 1996; adopted a Tax Increment Financing Plan ("TEF F Plan") for the Excelsior Boulevard Tax
Increment Financing District on February 7, 1977 and modified the Excelsior Boulevard TIF Plan on
December 17, 1984, March 19, 1990 and on October 7, 1996; 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 on October 7, 1996; 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, on March
19, 1990 and on October 7, 1996; and
WHEREAS, changes in the Tax Increment Financing Districts budgets and property to potentially be
acquired in Redevelopment Project No. 1 and the Excelsior Boulevard, Oak Park Village, and Highway 7 Tax
Increment Financing Districts have necessitated modifications to the Redevelopment Plan and the TIF Plans;
and
WHEREAS, the Council of the City has proposed to modify the Redevelopment Plan for
Redevelopment Project No. I and to modify the Tax Increment Financing Plans for the Excelsior Boulevard,
Oak Park Village, and Highway 7 Tax Increment Financing Districts, all pursuant to and in accordance with
Minnesota Statutes, Sections 469.090 to 469.1081 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 Modification to the Redevelopment Plan for Redevelopment Project No. 1 and a Modification to the Tax
Increment Financing Plans for the Excelsior Boulevard, 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
WHEREAS, the Authority and City have performed all actions required by law to be performed prior
to the adoption of the Plans, 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 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 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 Coaunissioners of the Economic Development Authority of the City of St.
Louis Park this 2nd - day of September 1997.
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