HomeMy WebLinkAbout99-10 - ADMIN Resolution - Economic Development Authority - 1999/08/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 99-10
RESOLUTION DESIGNATING CERTAIN BUILDINGS AS
STRUCTURALLY SUBSTANDARD WITHIN
REDEVELOPMENT PROJECT NO. 1
BE IT RESOLVED By the Board of Commissioners ('Board") of the St. Louis Park Economic
Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority is currently administering its Redevelopment Project No. 1 ("Project")
pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ("HRA Act'), and within the Project
administers the Excelsior Boulevard Tax Increment Financing District ("Excelsior TIF District').
1.02. The Authority and the City of St. Louis Park ("City") have entered into an Amended and
Restated Preliminary Development Agreement with Avalon Bay Communities, Inc. ("Developer") dated
as of August IL , 1999 (Preliminary Agreement'), regarding redevelopment of a portion of the
property within the Excelsior TIF District.
1.03. In accordance with the Preliminary Agreement, the Authority proposes to eliminate from
the Excelsior TIF District the parcels described in Exhibit A hereto (the "Designated Parcels"), and to
establish a new redevelopment tax increment financing district including the Designated Parcels.
1.04. Under Minnesota Statutes, Section 469.174, subd. 10(d), the Authority is authorized to
deem parcels as occupied by structurally substandard buildings despite prior demolition or removal of
the buildings, subject to certain terms and conditions as described in this resolution.
Section 2. Buildings Designated Substandard: Other Proceedings.
2.01. The Authority finds that the buildings on the Designated Parcels as described in Exhibit A
are structurally substandard to a degree requiring substantial renovation or clearance, based upon the
analysis of such buildings by YHR Partners dated July 16, 1999 on file in City Hall.
2.02. After the date of approval of this resolution, any building on any Designated Parcel may be
demolished or removed by the Authority, or such demolition or removal may be financed by the
Authority, or may be undertaken by the Developer under a development agreement with the Authority.
2.03. The Authority intends to include all the Designated Parcels in a redevelopment tax
increment financing district, and to file the request for certification of such district with the Hennepin
County auditor within three years after the first building demolition or removal in the area of the
Designated Parcels.
2.04. Upon filing the request for certification of the new tax increment financing district, the
Authority will notify the Hennepin County auditor that the original tax capacity of each Designated
Parcel on which a structurally substandard building was demolished or removed before establishment of
the district must be adjusted to reflect the greater of (a) the current net tax capacity of the parcel, or (b)
the estimated market value of the parcel for the year in which the building was demolished or removed,
but applying class rates for the current year, all in accordance with Minnesota Statutes, Section 469.174,
subd. 10(d).
EDA Resolution No. 99-10
-2-
2.05. Authority staff and consultants are authorized to take any actions necessary to carry out
the intent of this resolution.
Reviewed for Administration:
xecutive hector
Attest
'4" --'•----
Se retary
Adopted by the Eonomic Development
Authority August 16, 1999
President
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