HomeMy WebLinkAbout13-08 - ADMIN Resolution - Economic Development Authority - 2013/07/01ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 13-08
APPROVING THE DECERTIFICATION OF THE
HAZARDOUS SUBSTANCE SUBDISTRICT WITHIN THE
EXCELSIOR BOULEVARD TAX INCREMENT FINANCING DISTRICT
WHEREAS, on August 22, 1977, the City of St. Louis Park (the "City") approved
establishment of the Excelsior Boulevard Tax Increment Financing District (the "TIF District")
within its Redevelopment Project No. 1 (the "Project"); and
WHEREAS, the Project and TIF District are now administered by the St. Louis Park
Economic Development Authority (the "Authority"); and
WHEREAS, pursuant to 1992 Minnesota Laws, Chapter 511, Article 9, Section 29, the
Authority and City a Hazardous Substance Subdistrict ("HSTI Subdistrict') within the TIF
District, and filed the HSTI Subdistrict for certification with Hennepin County on September 3,
1993;and
WHEREAS, the Authority entered into a Contract for Redevelopment with PNMC
Holdings dated March 30, 1993, as amended (the "Contract'), which Contract included a "pay as
you go" tax increment obligation secured in part with tax increments from the TIF District and the
HSTI District:
WHEREAS, on August 1, 2009, the TIF District expired by law, and
WHEREAS, on August 1, 2012, the last payment of HSTI Subdistrict tax increment was
made under the Contract, and as of the date hereof there are no outstanding obligations secured
by the HSTI Subsdistrict; and
WHEREAS, the Authority desires by this resolution to cause the decertification of the
HSTI Subdistrict after which all property taxes generated by property within the HSTI
Subdistrict 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:
1. The HSTI Subdistrict 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 a request to decertify
the HSTI District effective for taxes payable in 2014.
3. Authority staff are further authorized and directed to return to the County any tax
I from the HSTI District not required to pay any pending tax petitions in
connection with the HSTI District, for redistribution to all relevant taxing
jurisdictions.
JAdministration: Adopted by the Economic Development
Authority July 1, 2013
ve Director President
Attest
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Secretary