HomeMy WebLinkAbout10-12 - ADMIN Resolution - Economic Development Authority - 2010/07/19ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 10-12
RESOLUTION ADOPTING A SPENDING PLAN FOR CERTAIN TAX INCREMENT
FINANCING DISTRICTS IN THE CITY, A CONSTRUCTION ASSISTANCE PROGRAM
POLICY, AND AN AMENDMENT TO THE ST. LOUIS PARK BUSINESS SUBSIDY
POLICY
BE IT RESOLVED By the Board of Commissioners (the "Board") of the St. Louis Park
Economic Development Authority, Hennepin County, Minnesota (the "Authority") as follows:
Section 1. Background; Findings.
(a) The Authority and City of St. Louis Park (the "City") have previously established the
Victoria Ponds, Park Center Housing, CSM, Mill City, Edgewood, Elmwood Village, Wolfe
Lake, Aquila Commons, and Hoigaard Village Tax Increment Financing Districts (the "TIP
Districts") and adopted tax increment financing plans therefor (the " FIF Plans").
(b) The Authority proposes to adopt a spending plan for the TIF Districts in accordance with
Minnesota Statutes, Section 469.176 Subd. 4m in substantially the form submitted to the Authority
(the "Spending Plan") to utilize existing tax increment revenues from the TIF Districts in order to
`' stimulate construction or rehabilitation of private development in a way that will also create or retain
jobs.
(c) The Authority further proposes to approve guidelines for evaluating requests for
financial assistance in connection with the Spending Plan, which guidelines have been memorialized
in a Construction Assistance Program Policy (the "Program Policy").
(d) Financing offered by the City or Authority pursuant to the Spending Plan could
constitute a business subsidy pursuant to Minnesota Statutes, Sections 116J.993 to 116J.995, as
amended (the "Business Subsidy Act"), and Authority proposes to adopt an amendment to the
City's Business Subsidy Policy (the "Amendment") to authorize such financing.
(e) The Authority has performed all actions required by law to be performed prior to the
adoption of the Spending Plan and the Amendment, including, but not limited to, causing notice of a
public hearing to be published and requesting that the City Council of the City hold a public hearing
on the date hereof, on the adoption of the Spending Plan and the Amendment.
EDA Resolution No. 10-12 -2-
Section 2. Adoption of Spending Plan, Program Policy, and Amendment.
(a) The Spending Plan for the TIF Districts, the Program Policy, and the Amendment to
the Business Subsidy Policy are hereby approved and adopted in substantially the form submitted to the
Authority, subject to approval by the City Council after the public hearing.
Reviewed rAdministration: Adopted by the Economic Development Authority
July 19, 2010
1
Executive i e or esident
Attest
Secretary 10,