HomeMy WebLinkAbout04-06 - ADMIN Resolution - Economic Development Authority - 2004/08/02ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 04-06
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO.I
AND ESTABLISHING THE AQUILA COMMONS TAX INCREMENT
FINANCING DISTRICT THEREIN AND ADOPTING A TAX
INCREMENT FINANCING PLAN THEREFOR.
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the
St. Louis Park Economic Development Authority (the "EDA") and the City of St. Louis Park
(the "City") that the EDA adopt a Modification to the Redevelopment Plan for Redevelopment
Project No. 1 (the "Redevelopment Plan Modification") and establish the Aquila Commons Tax
Increment Financing District and adopt a Tax Increment Financing Plan (the "TIF Plan") therefor
(the Redevelopment Plan Modification and the TIF Plan are referred to collectively herein as the
"Plans"), all pursuant to and in conformity with applicable law, including Minnesota Statutes,
Sections 469.090 to 469.1082, and Sections 469.174 to 469.1799, inclusive, as amended (the
"Act"), all as reflected in the Plans and presented for the Board's consideration; 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. The EDA has also requested the City Planning Commission to provide
for review of and written comment on Plans and that the City 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 the Aquila Commons Tax Increment Financing
District is in the public interest and is a "housing district" under Minnesota Statutes, Section
469.174, Subd. 11, and finds that the adoption of the proposed Plans conform in all respects to
the requirements of the Act and will help fulfill a need to develop an area of the State of
Minnesota for affordable and high quality housing.
2. The EDA further finds that the Plans will afford maximum opportunity, consistent
with the sound needs for the City as a whole, for the development or redevelopment of the
project area by private enterprise in that the intent is to provide only that public assistance
necessary to make the private developments financially feasible.
3. 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 Economic Development
Coordinator.
EDA Resolution No. 04-06 -2-
4. Upon approval of the Plans by the City Council, the staff, the EDA'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 Development Agreement with any developer.
5. Upon approval of the Plans by the City Council, the Economic Development
Coordinator is authorized and directed to forward a copy of the Plans to the Minnesota
Department of Revenue pursuant to Minnesota Statutes 469,175, Subd. 4a.
6. The Economic Development Coordinator is authorized and directed to forward a
copy of the Plans to the Hennepin County Auditor and request that the Auditor certify the
original tax capacity of the District as described in the TIF Plan, all in accordance with
Minnesota Statutes 469.177.
red by the Board of Commissioners of the St. Louis Park Economic Development
tad day of August, 2004.
2L
President
ATTEST:
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