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wv�1� <br /> EDINA HOUSING AND REDEVELOPMENT AUTHORITY <br /> CITY OF EDINA <br /> HENNEPIN COUNTY <br /> STATE OF MINNESOTA <br /> RESOLUTION NO. 2014-2 <br /> ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR <br /> THE SOUTHEAST EDINA REDEVELOPMENT PROJECT AREA, <br /> ESTABLISHING THE PENTAGON PARK TAX INCREMENT FINANCING <br /> DISTRICT THEREIN AND ADOPTING A TAX INCREMENT FINANCING <br /> PLAN THEREFOR. <br /> WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Edina <br /> Housing and Redevelopment Authority (the "HRA") and the City of Edina (the "City") that the HRA <br /> adopt a Modification to the Redevelopment Plan (the "Redevelopment Plan Modification") for the <br /> Southeast Edina Redevelopment Project Area (the "Project Area") and establish the Pentagon Park Tax <br /> • Increment Financing District (the "District") therein and adopt a Tax Increment Financing Plan (the "TIF <br /> Plan") therefor (the Redevelopment Plan Modification and the TIF Plan are referred to collectively <br /> herein as the "Modification and Plan"), all pursuant to and in conformity with applicable law, including <br /> Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469.1794, inclusive, as <br /> amended (the "Act"), all as reflected in the Plans and presented for the Board's consideration; and <br /> WHEREAS, the HRA has investigated the facts relating to the Modification and Plan and has <br /> caused the Modification and Plan to be prepared; and <br /> WHEREAS, the HRA has performed all actions required by law to be performed prior to the <br /> adoption of the Modification and Plan. The HRA has also requested the City Planning Commission to <br /> provide for review of and written comment on the Modification and Plan and that the Council schedule <br /> a public hearing on the Modification and Plan upon published notice as required by law. <br /> NOW, THEREFORE, BE IT RESOLVED by the Board as follows: <br /> I. The HRA hereby finds that the District is in the public interest and is a "redevelopment district" <br /> under Minnesota Statutes, Section 469.174, Subd. 10, and finds that the adoption of the <br /> proposed Modification and Plan conform in all respects to the requirements of the Act and will <br /> help fulfill a need to redevelop an area of the State of Minnesota which is already built up and <br /> that the adoption of the proposed Modification and Plan will help provide employment <br /> opportunities in the State and in the preservation and enhancement of the tax base of the City <br /> and the State because it will discourage commerce and industry from moving their operations to <br /> another state or municipality and thereby serves a public purpose. <br /> • <br /> CITY OF EDINA <br /> 4801 West 50th Street•Edina,Minnesota 55424 <br />•952-927-8861 •Fax 952-826-0390 <br />