HomeMy WebLinkAbout13-15 - ADMIN Resolution - Economic Development Authority - 2013/11/18ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 13-15
RESOLUTION APPROVING THE DECERTIFICATION OF
THE VICTORIA PONDS TAX INCREMENT FINANCING DISTRICT
OF THE CITY OF ST. LOUIS PARK
WHEREAS, on April 1, 1996, the City of St. Louis Park (the "City") created its Victoria
Ponds Tax Increment Financing District ('District') within its Redevelopment Project No, 1 (the
"Project'); and
WHEREAS, on November 20, 1996, the City of St. Louis Park created a Limited
Revenue Tax Increment Note obligation pledging tax increment from the District (the "Note"), and
WHEREAS, as of the date hereof, the Note and all other bonds and obligations to which
tax increment from the District have been pledged have been paid in full and all other costs of
the Project have been paid; and
WHEREAS, pursuant to Minnesota Statutes, Section 469.1763, Subd. 4(b),
decertification of the District is required upon such payment in full of all obligations of the
District; and
WHEREAS, the City desires by this resolution to cause the decertification of the District,
after which all property taxes generated by property within the District will be distributed in the
same manner as all other property taxes.
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the St.
Louis Park Economic Development Authority, that:
The District is decertified effective for taxes payable in 2014.
2. Authority staff are authorized and directed to deliver a copy of this resolution to
the Hennepin County Director of Property Taxation together with a request to
decertify the District effective for taxes payable in 2014.
Authority staff are further authorized and directed to return to the County any tax
increments from the District not required to pay any pending tax petitions in
connection with the District, for redistribution to all relevant taxing jurisdictions.
Administration: Adopted by the Economic Development
Autliority Novembq 18, 2013
President
Attest
Secretary IF