HomeMy WebLinkAbout01-02 - ADMIN Resolution - Economic Development Authority - 2001/01/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 01-02
RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR
REDEVELOPMENT PROJECT NO. 1 AND THE TAX INCREMENT
FINANCING PLAN FOR EXCELSIOR BOULEVARD TAX INCREMENT
FINANCING DISTRICT AND ESTABLISHING THE PARK COMMONS
TAX INCREMENT FINANCING DISTRICT (WITHIN
REDEVELOPMENT PROJECT NO. 1) AND ADOPTING ITS TAX
INCREMENT FINANCING PLAN THEREFOR.
WHEREAS, the City and the St. Louis Park Economic Development Authority ("EDA")
have heretofore established Redevelopment Project No. 1 and adopted the Redevelopment Plan
therefor. The City and Authority have determined a need to modify the Redevelopment Plan for
Redevelopment Project No. 1 by (a) modifying the Tax Increment Financing Plan for the
Excelsior Boulevard Tax Increment Financing District and (b) establishing the Park Commons
Tax Increment Financing District within Redevelopment Project No. 1 and adopting its Tax
Increment Financing Plan therefor (the "Plans"); all pursuant to and in conformity with
applicable law, including Minnesota Statutes, Sections 469.090 through 469.1081 and 469.174
through 469.179, all inclusive, as amended, (the "Act") all as reflected in the Plans, and
presented for the Council's consideration; and
WHEREAS, the City council held a public hearing regarding establishment of the Park
Commons Tax Increment Financing District on October 18, 1999, but elected not to approve a
resolution establishing the district pending finalization of agreements with a developer; and
WHEREAS, the EDA has investigated the facts relating to the Plans and has caused the
Plans to be prepared; and
WHEREAS, the EDA has performed all actions required by law to be performed prior to
the adoption of the Plans, including but not limited to, notification of Hennepin County and
School District No. 283 having taxing jurisdiction over the property to be included in Park
Commons 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 Plans by the City
Planning Commission, and a request that the Council schedule a public hearing on the Plans
upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The EDA hereby finds that Park Commons 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 Plans 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 Plans, 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 City Manager.
EDA Resolution No. 01-02 -2-
3. The EDA makes all the findings set forth in the Plans, and in the attachment to the
City Council resolution approving the Plans on file in City Hall, all of which are incorporated
herein by reference.
Approved by the Board of Commissioners of the St. Louis Park Economic Development
Authority this 16th day of January, 2001.,
Reviewed for Administration:
xecutive Director President
Attest:
cretary