HomeMy WebLinkAbout15-26 - ADMIN Resolution - Economic Development Authority - 2015/11/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 15-26
RESOLUTION ELIMINATING PARCELS
FROM PARK COMMONS TAX INCREMENT FINANCING DISTRICT
WHEREAS, the City of St. Louis Park (the "City") and the St. Louis Park Economic
Development Authority (the "Authority") established the Park Commons Tax Increment
Financing District (the "TIF District') pursuant to Minnesota Statutes, Sections 469.174 to
469.1794, as amended (the "TIF Act') and approved a Tax Increment Financing Plan (the "TIF
Plan") for the TIF District on January 16, 2001; and
WHEREAS, the Authority has now determined that it is in the best interest of the City to
eliminate two parcels identified as 07-028-24-21-0002 and 07-028-24-21-0258 ("Eliminated
Parcels") from the TIF District, in order to include such parcels in the new 4900 Excelsior Tax
Increment Financing District expected to be approved by the Authority and City on this date; and
WHEREAS, the Authority is authorized to modify the TIF Plan by eliminating one or
more parcels without the notice and hearing required for approval of an initial plan if (a) the
current net tax capacity of the parcels eliminated from the TIF District equals or exceeds their
original net tax capacity, or (b) the Authority agrees that, notwithstanding Section 469.177, subd.
1 of the TIF Act, the original net tax capacity will be reduced by no more than the current net tax
capacity of the eliminated parcels.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the St.
Louis Park Economic Development Authority as follows:
1. The TIF Plan for the TIF District is hereby modified to remove the Eliminated
Parcels from the TIF District, effective for taxes payable in 2016.
2. In accordance with Minnesota Statutes, Section 469.175, subd. 4(e)(2)(A), the
Authority finds that that the current net capacity of the Eliminated Parcels equals or exceeds their
original net tax capacity, and that no notice or hearing is required for this modification.
3. Authority staff are authorized and directed to attach a copy of this resolution to
the TIF Plan for the TIF District in City files, file a copy of this resolution with the Hennepin
Cntrittaccoilingly,
Directf Real Estate Services along with inshuctions to adjust the records for the TIF
Di and file a copy of the resolution with the Minnesota Commissioner of
Reand the Office of the State Auditor.
inistration: Adopted by the Economic Development
Authority November 16, 201V/ �
Presider
Attest:
qe,tary