HomeMy WebLinkAbout15-27 - ADMIN Resolution - Economic Development Authority - 2015/11/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 15-27
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1,
ESTABLISHING 4900 EXCELSIOR 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 (the "Redevelopment
Plan Modification") for Redevelopment Project No. I (the "Project Area") and establish the
4900 Excelsior Tax Increment Financing District (the "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 469.1794, 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 the Plans and 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:
The EDA hereby finds that the District is in the public interest and is a "redevelopment
district" under Minnesota Statutes, Section 469.174, Subd. 10, 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 which is already built up and
that the adoption of the proposed Plans will help provide employment opportunities in
the State and in the preservation and enhancement of the tax base of the City and the
State because it will discourage commerce and industry from moving their operations to
another state or municipality and thereby serves a public purpose.
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.
The boundaries of the Project Area are not being expanded.
4. The reasons and facts supporting the findings in this resolution are described in the Plans.
The EDA elects to calculate fiscal disparities for the District in accordance with
Minnesota Statutes, Section 469.177, Subd. 3, clause b, which means the fiscal disparities
contribution would be taken from inside the District.
EDA Resolution No. 15-27 2
6. 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 Executive Director of the
EDA.
7. 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.
8. Upon approval of the Plans by the City Council, the Executive Director of the EDA is
authorized and directed to forward a copy of the Plans to the Minnesota Department of
Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175,
Subd. 4a.
9. The Executive Director of the EDA is authorized and directed to forward a copy of the
Plans to the Taxpayer Services Division Manager of Hennepin County and request that
the Manager certify the original tax capacity of the District as described in the Plans, all
/-min accordance with Minnesota Statutes 469.177.
for Administration: Adopted by the Economic Development
14 Authority November 16, 2015
��
President
Attest
Secro ary