HomeMy WebLinkAbout99-18 - ADMIN Resolution - Economic Development Authority - 1999/12/20EDA RESOLUTION NO. 99-18
RESOLUTION ESTABLISHING THE ZARTHAN AVE' NUE STREET
TAX INCREMENT FINANCING DISTRICT WITHIN
REDEVELOPMENT PROJECT NO. 1 AND ADOPTING THE RELATED
TAX INCREMENT FINANCING PLAN THEREFOR.
WHEREAS, it has been proposed that the Board of Commissioners (the "Board") of the
Economic Development Authority (the "EDA)" for the City of St. Louis Park (the "City")
establish the Zarthan Avenue/16th Street Tax Increment Financing District within
Redevelopment Project No. 1 and adopt the Tax Increment Financing Plan therefor, (the "Plan"),
all pursuant to and in conformity with existing law, including Minnesota Statutes, Sections
469.090 through 469.1081, and Sections 469.174 to 469.179, inclusive, as amended, all as
reflected in the Plan and presented for the Board's consideration; and
WHEREAS, the EDA has investigated the facts relating to the Plan and has caused the
Plan to be prepared; and
WHEREAS, the proposed developments as described in the Plan, in the opinion of the
EDA, would not reasonably be expected to occur solely through private investment within the
reasonably foreseeable future and, therefore, the use of tax increment financing is deemed
necessary; and
WHEREAS, the EDA has performed all actions required by law to be performed prior to
the adoption of the Plan and Program, including but not limited to, notification of Hennepin
County and School District No. 283 having taxing jurisdiction over the property to be included in
Zarthan Avenue/16th Street Tax Increment Financing District, notice of a proposed
redevelopment district to the local county commissioner, a request for review of and written
comment on the Plan by the City Planning Commission, and a request that the Council schedule
a public hearing on the Plan upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The EDA hereby finds that the Zarthan Avenue/16th Street Tax Increment
Financing District is in the public interest and is a "redevelopment district" under Minnesota
Statutes, Section 469.174, subd. 10 (a)(1), and finds that the adoption of the proposed Plan will
advance the EDA's and City's objectives of encouraging redevelopment within Redevelopment
Project No. 1.
2. Conditioned upon the approval thereof by the City Council following its public
hearing thereon, the Plan, as presented to the EDA on this date, are hereby approved, established
and adopted and shall be placed on file in the office of the Economic Development Director.
EDA Resolution No. 99-18
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Upon approval of the Plan by the City Council, the staff, the EDA's advisors and
legal counsel are authorized and directed to proceed with the implementation of the Plan 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 Plan
does not constitute approval of any project or a Development Agreement with any developer.
4. Upon approval of the Plan by the City Council, the Economic Development
Director is authorized to forward a copy of the Plan to the Minnesota Department of Revenue
pursuant to Minnesota Statutes 469.175, subdivision 2.
5. The Economic Development Director is authorized and directed to forward a copy
of the Plan to the Hennepin County Auditor and request that the Auditor certify the original tax
capacity of the Zarthan Avenue/16th Street Tax Increment Financing District as described in the
Plan, all in accordance with Minnesota Statutes 469.177.
Adopted by the Economic Development Authority December 20, 1999
Reviewed for Administration:
Executive irector President
Attest:
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Se retary