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HomeMy WebLinkAboutHRA Res 2014-02 Modification Pentagon Park TIF District wv�1� EDINA HOUSING AND REDEVELOPMENT AUTHORITY CITY OF EDINA HENNEPIN COUNTY STATE OF MINNESOTA RESOLUTION NO. 2014-2 ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE SOUTHEAST EDINA REDEVELOPMENT PROJECT AREA, ESTABLISHING THE PENTAGON PARK 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 Edina Housing and Redevelopment Authority (the "HRA") and the City of Edina (the "City") that the HRA adopt a Modification to the Redevelopment Plan (the "Redevelopment Plan Modification") for the Southeast Edina Redevelopment Project Area (the "Project Area") and establish the Pentagon Park Tax • Increment Financing District (the "District") therein 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 "Modification and Plan"), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469.1794, inclusive, as amended (the "Act"), all as reflected in the Plans and presented for the Board's consideration; and WHEREAS, the HRA has investigated the facts relating to the Modification and Plan and has caused the Modification and Plan to be prepared; and WHEREAS, the HRA has performed all actions required by law to be performed prior to the adoption of the Modification and Plan. The HRA has also requested the City Planning Commission to provide for review of and written comment on the Modification and Plan and that the Council schedule a public hearing on the Modification and Plan upon published notice as required by law. NOW, THEREFORE, BE IT RESOLVED by the Board as follows: I. The HRA hereby finds that the District is in the public interest and is a "redevelopment district" under Minnesota Statutes, Section 469.174, Subd. 10, and finds that the adoption of the proposed Modification and Plan conform in all respects to the requirements of the Act and will help fulfill a need to redevelop an area of the State of Minnesota which is already built up and that the adoption of the proposed Modification and Plan will help provide employment opportunities in the State and in the preservation and enhancement of the tax base of the City and the State because it will discourage commerce and industry from moving their operations to another state or municipality and thereby serves a public purpose. • CITY OF EDINA 4801 West 50th Street•Edina,Minnesota 55424 wwwEdinaMN.gov•952-927-8861 •Fax 952-826-0390 2. The HRA further finds that the Modification and Plan 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. 3. 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 Modification and Plan. 5. The HRA 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 Modification and Plan, as presented to the HRA on this date, are hereby approved, established and adopted and shall be placed on file in the office of the Executive Director of the HRA. 7. Upon approval of the Modification and Plan by the City Council, the staff, the HRA's advisors and legal counsel are authorized and directed to proceed with the implementation of the Modification and Plan 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 Modification and Plan does not constitute approval of any project or a Development Agreement with any developer. • 8. Upon approval of the Modification and Plan by the City Council, the Executive Director of the HRA is authorized and directed to forward a copy of the Modification and Plan 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 HRA is authorized and directed to forward a copy of the Modification and Plan to the Hennepin County Auditor and request th t the Auditor certify the original tax capacity of the District as described in the Plans, all in ac rdance with Minnesota Statutes 469.177. Approved by the Board on February 18, 2014. -hair ATTEST: Secretary • STATE OF MINNESOTA) COUNTY OF HENNEPIN) SS CITY OF EDINA ) CERTIFICATE OF CITY CLERK I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular Meeting of February 18, 2014, and as recorded in the Minutes of said Regular Meeting. WITNESS my hand and seal of said City this day of , 20_ City Clerk