HomeMy WebLinkAbout13-06 - ADMIN Resolution - Economic Development Authority - 2013/07/01ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 13-06
RESOLUTION APPROVING MODIFICATION OF
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROEJCT
NO. I AND TAX INCREMENT FINANCING PLAN FOR
VICTORIA PONDS TAX INCREMENT FINANCING DISTRICT
WHEREAS, St. Louis Park Economic Development Authority (the "Authority")
administers Redevelopment Project No. 1 (the "Project') and the Victoria Ponds Tax Increment
Financing (the "TIF District') within the Project, pursuant to and in conformity with Minnesota
Statutes, Sections 469.090 through 469.1081 (the "EDA Act'), Sections 460.001 to 469.047 (the
"HRA Act") and Sections 469.174 to 469.179 (the "TIF Act'); and
WHEREAS, the City of St. Louis Park (the "City") and Authority have determined a
need to modify the description of authorized tax increment expenditures in the Tax Increment
Financing Plan (the "TIF Plan") for the TIF District; and
WHEREAS, under Section 469.175, subd. 4 of the TIF Act, the Authority may modify
the TIF Plan for the TIF District without the notice and hearings required for a new district, if the
changes are not those described in Section 469.175, subdivision 4(b), clauses (1) through (6);
and
WHEREAS, under Section 469.029, the Authority may modify the Redevelopment Plan
for the Project without hearings if the modification does not change the exterior boundaries of
the Project or affect general land uses established under the Redevelopment Plan; and
WHEREAS, the proposed modifications to the TIF Plan include a more detailed
description of expenditures to finance additional infrastructure costs within the Project but
outside the TIF District, within the limits allowed under the TIF Act, but the modifications do
not increase the total estimated tax increment expenditures or the total amount of bonded
indebtedness; and
WHEREAS, the proposed modifications to the Redevelopment Plan simply
acknowledge the changes proposed in the TIF Plan and do not affect the Project boundaries or
land uses;
NOW THEREFORE, BE IT RESOLVED by the board of commissioners of the St.
Louis Park Economic Development Authority as follows:
1. The administrative modification to the TIF Plan and Redevelopment Plan is hereby
approved in substantially the form on file in City Hall.
2. Upon approval of the modification to the TIF Plan and Redevelopment Plan by the
City Council of the City, the Community Development Director is authorized to
forward a copy of the modified plans to the Department of Revenue and the State
Auditor pursuant to Minnesota Statutes 469.175, subd.4a.
3. The City Clerk is authorized and directed to forward a copy of the modified plans to
Hennepin County for information purposes.
Attest
No. 13-06 -2-
Administration: Adopted by the Economic Development
Authority, July 1, 2013
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