HomeMy WebLinkAbout12-01 - ADMIN Resolution - Economic Development Authority - 2012/01/17EDA RESOLUTION NO. 12 - 01
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1,
ESTABLISHING THE OAK HILL II TAX INCREMENT FINANCING
DISTRICT THEREIN AND ADOPTING A TAX INCREMENT
FINANCING PLAN THEREFOR
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the
St. Louis Park Economic Development Authority (the "EDA") and the City of St. Louis Park
(the "City") that the EDA adopt a Modification to the Redevelopment Plan (the "Redevelopment
Plan Modification") for Redevelopment Project No. 1 (the "Project Area") and establish the Oak
Hill II Tax Increment Financing District (the "District") and adopt a Tax Increment Financing
Plan (the "TIF Plan") therefor (the Redevelopment Plan Modification and the TIF Plan are
referred to collectively herein as the "Plans"), all pursuant to and in conformity with applicable
law, including Minnesota Statutes, Sections 469.090 to 469.1082, and Sections 469.174 to
469.1799, inclusive, as amended (the "Act"), all as reflected in the Plans and presented for the
Board's consideration; and
WHEREAS, the EDA has investigated the facts relating to the Plans and has caused the
Plans to be prepared; and
WHEREAS, the EDA has performed all actions required by law to be performed prior to
the adoption of the Plans. The EDA has also requested the City Planning Commission to provide
for review of and written comment on Plans and that the Council schedule a public hearing on
the Plans upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
The EDA hereby finds that the District is in the public interest and is an "economic
development district" under Minnesota Statutes, Section 469.174, Subd. 12, and finds
that the Plans conform in all respects to the requirements of the Act and will help fulfill a
need to develop an area of the State of Minnesota which is already built up and that the
adoption of the proposed development will create jobs in the State of Minnesota. The
proposed development would not commence prior to July 1, 2012, without the tax
increment financing to be provided.
2. The EDA further finds that the Plans will afford maximum opportunity, consistent with
the sound needs for the City as a whole, for the development or redevelopment of the
Project Area by private enterprise in that the intent is to provide only that public
assistance necessary to make the private developments financially feasible.
The boundaries of the Project Area are not being expanded.
4. The reasons and facts supporting the findings in this resolution are described in the Plans.
EDA Resolution No. 12-01 -2-
5. The EDA elects to calculate fiscal disparities for the District in accordance with
Minnesota Statutes, Section 469.177, Subd. 3, clause b, which means the fiscal disparities
contribution would be taken from inside the District.
6. Conditioned upon the approval thereof by the City Council following its public hearing
thereon, the Plans, as presented to the EDA on this date, are hereby approved, established
and adopted and shall be placed on file in the office of the Executive Director of the
EDA.
Upon approval of the Plans by the City Council, the staff, the EDA's advisors and legal
counsel are authorized and directed to proceed with the implementation of the Plans and
for this purpose to negotiate, draft, prepare and present to this Board for its consideration
all further plans, resolutions, documents and contracts necessary for this purpose.
Approval of the Plans does not constitute approval of any project or a Development
Agreement with any developer.
8. Upon approval of the Plans by the City Council, the Executive Director of the EDA is
authorized and directed to forward a copy of the Plans to the Minnesota Department of
Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175,
Subd. 4a.
9. The Executive Director of the EDA is authorized and directed to forward a copy of the
Plans to the Hennepin County Auditor and request that the Auditor certify the original tax
city of the District as described in the Plans, all in accordance with Minnesota
States 469.177.
Reviewed
Attest
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Adopted by the Economic Development Authority
January 17, 2012
-OetiJ�
President