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2/1/88 <br />99 <br />cu Lo Lo I: a a <br />c <br />*RESOLUTION ADOPTED CALLING FOR PUBLIC HEARING ON AMENDMENTS TO SOUTHEAST EDINA <br />REDEVELOPMENT PLAN AND APPROVING A TAX INCREMENT FINANCING PLAN. Motion was made <br />by Member Smith and seconded by Member Kelly introducing the following resolution <br />and moving its adoption: <br />RESOLUTION CBI;LRJG FOR PUBLIC HEARING ON AMENDMENTS TO <br />THE SOUTHEAST EDINA REDEVELOPMENT PLAN AND ON TJU3 APPROVAL <br />APPROVAL OF A TAX INCREMENT FINANCING PLAN <br />BE IT RESOLVED by the City Council of the City of Edina, Minnesota, as follows: <br />1. <br />and redevelopment Authority of Edina, Minnesota (the "HRA") have previously <br />approved a redevelopment plan and redevelopment project under Minnesota Statutes, <br />Section 469.001 to 469.047, designated as the Southeast Edina Redevelopment Plan <br />(the "Redevelopment Plan"). The HRA has advised the Council that it intends to <br />consider amendments to the Redevelopment Plan and has requested that the Council <br />hold a public hearing on the amendments to the Redevelopment Plan in accordance <br />with Minnesota Statutes, Section 469.029, subdivision 6. <br />2. Tax Increment Financinp Plan. The HRA has further advised the Council that it <br />intends to consider a Tax Increment Financing Plan, as provided in Minnesota <br />Statues, Section 469.175 (the "Tax Increment Financing Plan"), covering a portion <br />of the property to be included in the area covered by the Redevelopment Plan. The <br />Tax Increment Financing Plan establishes a tax increment financing district in the <br />City. The ERA has requested that the Council hold a public hearing on the <br />approval of the Tax Increment Financing Plan in accordance with Minnesota <br />Statutes, Section 469.175, subdivision 3. <br />3. <br />Increment Financinp Plan. <br />Plan and the approval of the Tax Increment Financing Plan is hereby called and <br />shall be held on February 22, 1988, at 7:OO o'clock P.M. at the City Hall. <br />City Clerk is hereby authorized and directed to publish a notice of the public <br />hearing in substantially the form attached hereto as Exhibit A at least once not <br />less than 10 or more than 30 days prior to the date of the hearhg in a newspaper <br />of general circulation in the City. <br />(Official Publication) <br />CITP OF EDINA <br />4801 W. 50th Street <br />Edina, Minnesota 55424 <br />NOTICE OF PUBLIC HEARING ON AMENDMENTS TO THE <br />SOUTHEAST EDINA REDEVEMPHENT PLAN <br />APPROVAL OF A TAX INCREplENT FINANCING PLAN <br />Amendment to Southeast Edina Redevelopment Plan. This Council and the Housing <br />Public HearinE on Amendments to RedeveloDment Plan and on Amxoval of Tax <br />A public hearing on the amendment to the Redevelopment <br />The <br />OF THE HOUSING AND REDEOELOPMEN!L! AUTHORITY OF THE CITY OF EDINA, MINNESOTA AND <br />NOTICE IS HEREBY GIVEN that the City Council of the City of Edina will hold a <br />public hearing on proposed Amendments to the Southeast Edina Redevelopment Plan <br />(the Redevelopment Plan) of the Housing and Redevelopment Authority of the City of <br />Edina, Minnesota (the HRA) and a Redevelopment Project (the Redevelopment Project) <br />proposed to be undertaken by the City and the HRA, and on the approval by the City <br />Council of a Tax Increment Financing Plan (the Financing Plan) of the HRA which <br />creates a Tax Increment Financing District (the Tax Increment District) in the <br />City. The public hearing will be held at 7:OO p.m. on Monday, February 22, 1988, <br />at the Edina City Hall, 4801West 50th Street, Edina, Minnesota. <br />The Amendments to the Redevelopment Plan describe certain proposed activities to <br />be undertaken by the City and the HRB in connection with the redevelopment of all <br />or a portion of property in the Southeast Edina Redevelopment Area. The proposed <br />activities to be undertaken by the City and the HRA consist of the acquisition and <br />improvement of property in order to provide sites of a character that will <br />encourage future development of the Southeast Edina Redevelopment Area in a <br />desirable manner and the construction and installation of public improvement and <br />public amenities and the undertaking of an interest reduction program under <br />Minnesota Statutes, Section 469.012, subdivision 7. The proposed activities will <br />be undertaken in order to eliminate blighting influences which impede potential <br />development and to provide maximum opportunity for development of the Southeast <br />Edina Redevelopment Area in a manner consistent with the needs of the City as a <br />whole. <br />The area to be included within the Tax Increment District is in the extreme <br />southeast portion of the City and is generally located east of France Avenue and <br />north of the Bloomington city limits and is commonly referred to as the Hedberg <br />Property and DeCourcy Property. <br />Under the Plan, tax increments derived from the District would be used for the <br />payment of general obligation bonds to be issued by the City or for payment of <br />other costs of the City and HRA. <br />District resulting from increases in assessed evaluation of taxable real property <br />therein be segregated and applied to payment of capital and administration costs <br />pursuant to the Financing Plan. <br />All who wish to be heard as to the Amendments to the Redevelopment Plan and on the <br />approval of the Financing Plan will be given an opportunity to express their views <br />at the time of the public hearing or may file written comments with the City Clerk <br />prior to the public meeting. <br />BY ORDER OF THE EDINA CITP COUNCIL AND THE EDINA HOUSING AND REDEVELOPMENT <br />AUTHORITY. <br />It is proposed that all tax revenues from the <br />Marcella M. Daehn, City Clerk