HomeMy WebLinkAbout98-02 - ADMIN Resolution - Economic Development Authority - 1998/06/15RESOLUTION NO.
RESOLUTION AUTHORIZING THE DESIGN AND CONSTRUCTION OF
CITY OF ST. LOUIS PARK IMPROVEMENT NO. 98-09 AND THE
CONTRIBUTION OF TAX INCREMENT FUNDS TO FINANCE PORTION OF
SAID PROJECT
WHEREAS, on April 1, 1996, the Redevelopment Plan for Excelsior Boulevard
Redevelopment Project No. 1 was created 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, the Victoria Ponds Tax Increment Financing District was established to
facilitate redevelopment activities within the District.
WHEREAS, the budget within said plan included expenditures associated with making
public improvements in the Redevelopment Project Area and the Victoria Ponds Tax
Increment Finance District; and
WHEREAS, the St. Louis Park Economic Development Authority desires to undertake
various public improvements in 1999 as part of the Hutchinson Spur/Burlington Northern
Regional Trail Project approximately from Rhode Island Avenue to State Highway No. 7, the
area of which is located in said Redevelopment Project Area and Tax Increment Financing
District; and
WHEREAS, the estimated cost for said project is approximately $1.9 million; and
WHEREAS, the St. Louis Park Economic Development Authority desires to have the
City of St. Louis Park undertake the design and construction of said improvements to take
advantage of the City's expertise and staff resources to complete said project in a timely and
cost efficient manner.
WHEREAS, the EDA desires to modify the Victoria Ponds Tax Increment Financing
Plan in order to clarify the expenditures without increasing the total budgeted costs or
increasing the amount of total bonded indebtedness.
NOW, THEREFORE BE IT RESOLVED that the St. Louis Park Economic
Development Authority:
1. Formally authorizes the design and construction of City of St. Louis Park Improvement
Project No. 98-09 and authorize the contribution of tax increment funds from the Victoria
Ponds TIF District to defray the cost of said project.
2. Hereby amends Section H of the Victoria Ponds Tax Increment Financing Plan to more
specifically authorize the expenditure of $700,000 for the Hutchinson Spur/Burlington
Northern project as part of the public improvements budget described in the Plan.
ATTEST:
Adopted by the Economic Development Authority June 15, 1998
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s Ex cutive Director