HomeMy WebLinkAbout13-09 - ADMIN Resolution - Economic Development Authority - 2013/07/01ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 13-09
RESOLUTION DECERTIFYING OAK HILL H
TAX INCREMENT FINANCING DISTRICT
WHEREAS, on January 17, 2011, the City of St. Louis Park ("City") and the St. Louis Park
Economic Development Authority (the "Authority") established the Oak Hill II Tax Increment
Financing District (the "TIF District"), an economic development TIF district, within existing
Redevelopment Project No. 1 (the "Project"), all pursuant to Minnesota Statutes Sections 469.174 to
469.179 (the "TIF Act'), and Sections 469.090 to 469.1081 (the "EDA Act"), and particularly the
temporary authority of Section 469.476, subd. 4c(d) of the TIF Act (the "Temporary Authority");
and
WHEREAS, no development meeting the requirements of the Temporary Authority has
occurred within the TIF District, and the Authority does not expect any development meeting the
requirements of the TIF Act to occur within the TIF District in the foreseeable future; and
WHEREAS, as of the date hereof there are no outstanding obligations secured by the
TIF District; and
WHEREAS, the Authority desires by this resolution to cause the decertification of the
TIF District after which all property taxes generated by property within the TIF District will be
distributed in the same manner as all other property taxes.
l NOW THEREFORE, BE IT RESOLVED By the Board of Commissioners of the St.
Louis Park Economic Development Authority as follows:
The TIF District is hereby decertified as of the date hereof.
2. Authority staff is authorized and directed to transmit a copy of this resolution to the
Hennepin County Director of Property Taxation together with a request to decertify the
TIF District effective for taxes payable in 2014.
Authority staff are further authorized and directed to return to the County any tax
increments from the TIF District that are not needed to pay administrative costs, for
redistribution to all relevant taxing jurisdictions.
Administration:
Director
Attest
Adopted by the Economic Development
Authority Jul 1, 2013
resident