HomeMy WebLinkAboutHRA Res 2012-006 Spending Plan For Cent Lakes TIF District RESOLUTION NO.2012-6
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
i CITY OF EDINA
HENNEPIN COUNTY
STATE OF MINNESOTA
RESOLUTION APPROVING A SPENDING PLAN FOR THE CENTENNIAL LAKES TAX
INCREMENT DISTRICT
BE IT RESOLVED by the Board of Commissioners (the "Board") of the Edina Housing and
Redevelopment Authority(the "HRA") as follows:
Section 1. Background; Findings.
(a) The HRA and the City of Edina (the "City") have previously established the Centennial
Lakes Tax Increment Financing District (the "TIF District") and adopted the tax increment financing plan
therefor (the "TIF Plan") pursuant to Minnesota Statutes, Sections 469.174 to 469.1799 (the "TIF Act")
and certain special legislation.
(b) Section 469.176 Subd. 4m of the TIF Act (referred to as "Temporary Authority Act")
authorizes the City and HRA to spend available tax increment from any existing tax increment financing
district, notwithstanding any other law to the contrary, to provide improvements, loans, interest rate
subsidies, or assistance in any form to private development consisting of construction or substantial
rehabilitation of buildings and ancillary facilities, if certain terms and conditions are met.
(c) In accordance with the Temporary Authority Act, the City and HRA have caused to be
prepared a spending plan (the "Spending Plan") authorizing the City to use existing tax increment
revenues from the TIF District in order to stimulate construction or rehabilitation of private
development in a way that will also create or retain jobs in the renovation of the Southdale Mall.
(d) On this date, the City Council is scheduled to hold a public hearing regarding the
Spending Plan, for which notice was published in a newspaper of general circulation in the City at least
once, not less than ten days nor more than 30 days prior to the hearing, and at which hearing all persons
will be given the opportunity to be heard.
Section 2. Approval of the Spending Plan.
(a) The Spending Plan is hereby approved in substantially the form on file in City Hall, subject
only to approval of such plan by the City Council after public hearing, all in accordance with the Temporary
Authority Act.
(b) HRA staff and consultants are hereby authorized to take lions necessary to carry out
the terms of the Spending Plan.
Approved by the Board on April 17, 2012.
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