HomeMy WebLinkAbout2016-04-05 HRA Regular MeetingAgenda
Housing and Redevelopment Authority Meeting
City of Edina, Minnesota
Edina City Hall Council Chambers
Tuesday, April 5, 2016
7:00 PM
I.Call to Order
II.Roll Call
III.Approval of Meeting Agenda
IV.Adoption of Consent Agenda
All agenda items listed on the consent agenda are considered routine and will
be enacted by one motion. There will be no separate discussion of such items
unless requested to be removed from the Consent Agenda by a
Commissioner of the HRA. In such cases the item will be removed from the
Consent Agenda and considered immediately following the adoption of the
Consent Agenda. (Favorable rollcall vote of majority of HRA Commissioners
present to approve.)
A.Approve Minutes of March 15, 2016 HRA Work Session and March 15, 2016
Regular HRA Meeting
B.HRA Bylaws Update
C.Resolution 2016-03 Establishing 66 West Tax Increment Financing District and
Modifying Southdale 2 Tax Increment Financing Plan
D.66 West - Redevelopment Agreement with Beacon Interfaith Housing
Collaborative
E.Resolution No. 2016-04 Modifying Southdale 2 Tax Increment Financing Plan
V.Adjournment
The Edina Housing and Redevelopment Authority wants all participants to be
comfortable being part of the public process. If you need assistance in the way of
hearing ampli9cation, an interpreter, large-print documents or something else,
please call 952-927-8861 72 hours in advance of the meeting.
Date: April 5, 2016 Agenda Item #: IV.A.
To:Chair & Commissioners of the Edina HRA Item Type:
Minutes
From:Debra A. Mangen, City Clerk
Item Activity:
Subject:Approve Minutes of March 15, 2016 HRA Work
Session and March 15, 2016 Regular HRA Meeting
Action
Edina Housing and Redevelopment
Authority
Established 1974
CITY OF EDINA
HOUSING & REDEVELOPMENT AUTHORITY
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
ACTION REQUESTED:
Approve minutes as presented.
INTRODUCTION:
ATTACHMENTS:
Description
Draft Minutes of March 15, 2016 Work Session
Draft Minutes of March 15, 2016 HRA Regular Meeting
Page 1
MINUTES
OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY
WORK SESSION
MARCH 15, 2016
5:33 P.M.
I. CALL TO ORDER
Chair Hovland called the HRA meeting to order at 5:33 p.m.
II. ROLLCALL
Answering rollcall were Commissioners Brindle, Staunton, Stewart, Swenson and Chair Hovland.
Staff attending the meeting included: Jennifer Bennerotte, Communications & Technology Services
Director; Chad Millner, Engineering Director; Scott Neal, Executive Director, Bill Neuendorf, Economic
Development Manager, Eric Roggeman, Finance Director; and Lisa Schaefer, Assistant City Manager.
Roger Knutson, City Attorney, and Nick Anhut, Ehlers & Associates were also in attendance.
III. HRA – BY-LAWS PROPOSED UPDATES
Economic Development Manager Neuendorf and Commissioner Brindle explained the work
done updating the Edina Housing and Redevelopment’s Bylaws. Staff and the Commissioners
went through the proposed by-laws offering minor amendments. Commissioner Brindle was
thanked for her work on the by-laws. Staff was directed to place the by-laws on an April HRA
agenda for adoption.
IV. POWERS AND PURPOSE OF HRA
Economic Development Manager Neuendorf introduced Nick Anhut of Ehlers who reviewed with the
Commissioners and staff the powers and purpose of a Housing and Redevelopment Authority. Mr.
Anhut reviewed the governance models for Minnesota cities undertaking development and
redevelopment activities.
V. ADJOURNMENT
Chair Hovland declared the meeting adjourned at 6:21 p.m.
Respectfully submitted,
Scott Neal, Executive Director
Page 1
MINUTES
OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY
MARCH 15, 2016
10:17 P.M.
I. CALL TO ORDER
Chair Hovland called the HRA meeting to order at 10:17 p.m.
II. ROLLCALL
Answering rollcall were Commissioners Brindle, Staunton, Stewart, Swenson and Chair Hovland.
III. APPROVAL OF MEETING AGENDA
Motion made by Commissioner Stewart, seconded by Commissioner Staunton approving
the Meeting Agenda.
Ayes: Brindle, Staunton, Stewart, Swenson, Hovland
Motion carried.
IV. CONSENT AGENDA ADOPTED
Commissioner Brindle made a motion, seconded by Commissioner Swenson, approving
the consent agenda as follows:
IV.A. Approve minutes of March 2, 2016 HRA Regular meeting
Ayes: Brindle, Staunton, Stewart, Swenson, Hovland
Motion carried.
V. ADJOURNMENT
Chair Hovland declared the meeting adjourned at 10:18 p.m.
Respectfully submitted,
Scott Neal, Executive Director
Date: April 5, 2016 Agenda Item #: IV.B.
To:Chair & Commissioners of the Edina HRA Item Type:
Report / Recommendation
From:Bill Neuendorf, Economic Development Manager
Item Activity:
Subject:HRA Bylaws Update Action
Edina Housing and Redevelopment
Authority
Established 1974
CITY OF EDINA
HOUSING & REDEVELOPMENT AUTHORITY
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
ACTION REQUESTED:
Approve amendments to the bylaws of the Housing & Redevelopment Authority.
INTRODUCTION:
This item proposes to update the Bylaws that govern the Housing and Redevelopment Authority. The Bylaws
were last updated in 1986.
ATTACHMENTS:
Description
HRA bylaws update -staff report
Proposed Changes - clean
Proposed changes - redline
April 5, 2016
Commissioners of the Edina Housing and Redevelopment Authority
Scott Neal, Executive Director
Updates to ByLaws
Information / Background:
The Edina Housing and Redevelopment Authority (HRA) was established by the Edina City Council in
1974 in accordance with Minnesota Statutes. Bylaws to guide the operations of the HRA were
adopted at that time and revised in 1986.
The bylaws are proposed to be updated to clarify the membership of the Authority as well as to
document the purpose and operational functions of the Authority. Several editorial revisions and
updates are also included. While these revisions do not change the fundamental purpose or nature
of the HRA, they do provide clarity and guidance in the operation of the HRA.
These modifications were prepared by staff with guidance from Commissioner Brindle who
volunteered to review the bylaws. Governing documents from peer agencies such as the
Bloomington, Hopkins, Golden Valley & Roseville Housing and Redevelopment Authorities were
reviewed to determine the most appropriate manner to revise the Edina bylaws. Counsel from
Campbell Knutson provided legal review. It is anticipated that the bylaws will be reviewed on an
annual basis to ensure that they are consistent with changes to Minnesota Law.
The proposed changes are shown in both a red-line format as well as a “final” format. Staff
recommends that the proposed modifications to the bylaws be adopted.
HOUSING AND
REDEVELOPMENT AUTHORITY
Established 1974
Edina HRA Bylaws – Page 1
Proposed Amendments 4-5-2016 DRAFT
BY-LAWS FOR THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF
EDINA, MINNESOTA
ARTICLE I – THE AUTHORITY
Section 1. Name of the Authority. The name of the Authority shall be the “Housing and
Redevelopment Authority of Edina, Minnesota.”
Section 2. Seal of Authority. The seal of the Authority shall be in the form of a circle and
shall bear the name of the Authority and the year of its organization.
Section 3. Office of Authority. The offices of the Authority shall be at 4801 West 50th
Street in the City of Edina, State of Minnesota.
Section 4. Purpose, Powers and Responsibilities. The Authority shall have the purpose and
all the powers and responsibilities of a municipal Housing and Redevelopment Authority as
provided in Minnesota Statute 469.
Section 5. Fiscal Year and Financial Matters. The fiscal year of the Authority shall be the
calendar year. All purchasing, spending and investments shall be conducted in accordance with
Minnesota Statutes. The Board may establish financial accounting and reporting policies and
procedures to supplement State Law as it deems appropriate.
ARTICLE II – MEMBERSHIP
Section 1. Board Membership and Terms. The Commissioners of the Authority shall be the
same as the current members of the Edina City Council, with terms running concurrent with
the City Council terms.
Section 2. Compensation of Commissioners. Pursuant to Minnesota Statutes, Section
469.011, subdivision 4, as amended, Commissioners may receive compensation and
reimbursement for necessary expenses.
Section 3. Meeting Attendance. It shall be the duty of each Commissioner to attend regular
and special meetings of the Authority and to attend each subcommittee meeting to which a
member is appointed. Attendance of Commissioners shall be entered in the minutes of each
meeting.
ARTICLE III – OFFICERS AND EXECUTIVE DIRECTOR
Section 1. Officers. The officers of the Authority shall be a Chair, Vice-Chair, and
Secretary.
Edina HRA Bylaws – Page 2
Proposed Amendments 4-5-2016 DRAFT
Section 2. Chair. The Chair shall preside at all meetings of the Authority. Except as
otherwise authorized by resolution of the Authority, the Chair shall sign all contracts, deeds
and other instruments to be entered into or given to the Authority. At each meeting the Chair
shall submit such recommendations and information as he/she may consider proper concerning
the business, affairs and policies of the Authority.
Section 3. Vice-Chair. The Vice-Chair shall perform the duties of the Chair in the absence
or incapacity of the Chair; and in case of the resignation or death of the Chair, the Vice-Chair
shall perform such duties as are imposed on the Chair until such time as the Authority shall
select a new Chair.
Section 4. Secretary. The Secretary shall perform the duties of a Secretary for the
Authority, and, when authorized and directed by resolution of the Authority, shall sign, with the
Chair all contracts, deeds, and other instruments to be entered into or given by the Authority.
Section 5. Executive Director. The Authority shall appoint an Executive Director. No
Commissioner of the Authority shall be eligible to serve as the Executive Director. The
Executive Director shall be the chief appointed executive of the Authority, and shall have such
responsibilities and authority as the Commissioners may from time to time by resolution
prescribe. In addition, the Executive Director is responsible for recording and maintaining
accurate records of the meetings of the Board and of all official actions taken by or on behalf of
the Authority.
Section 6. Executive Compensation. The Executive Director shall provide service to the
Authority as part of the defined duties as an employee of the City of Edina. As such, no
additional compensation shall be due to the Executive Director. Time and expenses incurred by
the Executive Director when carrying out duties of the Authority, shall be billed to the
Authority and not to the City of Edina.
Section 7. Additional Duties. The officers of the Authority shall perform such other duties
and functions as may, from time to time be required by the Authority, or these bylaws, or the
rules and regulations of the Authority.
Section 8. Appointment and Vacancies. The Chair, Vice-Chair and Secretary shall be
appointed by the Commissioners at the annual meeting. Should the office of Chair, Vice-Chair
or Secretary become vacant, the Authority shall appoint a successor from its membership, and
such appointment shall be for the unexpired term of the calendar year.
Section 9. Additional Personnel. The Authority may from time to time employ such
personnel as it deems necessary to exercise its powers, duties and functions as prescribed by
the Municipal Housing and Redevelopment Act of Minnesota, subject to and pursuant to the
applicable laws of the State of Minnesota. Such personnel shall have such authority and perform
such duties as the Authority from time to time shall determine.
The Executive Director shall have the authority to appoint staff to complete the work of the
Authority. Staff time dedicated to purposes of the Authority shall be considered part of the
Edina HRA Bylaws – Page 3
Proposed Amendments 4-5-2016 DRAFT
regular work load and shall not cause compensation above and beyond that of the exempt
staff’s regular employment with the City. Staff classified as nonexempt are eligible for overtime,
with prior approval from their supervisor. When carrying out the duties of the Authority, staff
time shall be billed to the Authority and not to the City of Edina.
ARTICLE IV – MEETINGS
Section 1. Annual Meeting. There shall be an annual meeting of the Authority which shall be
the first regular meeting of the Authority in January of each year.
Section 2. Conduct of Business at the Annual Meeting. The following, among any other
appropriate matters, may be considered at the annual meeting:
a. Appointment of Officers, Commissioners, Executive Director and establishment of
their terms.
b. Determination of new committees and assignment of Commissioners if needed.
c. Designation of official newspaper.
d. Designation of official depository.
e. Receipt of Annual Report.
f. Designation of a fixed place for regular meetings to be held until the next annual
meeting.
g. Determination of dates for regular meetings until the next annual meeting.
h. Discussion of bylaws and any suggested amendments.
Section 3. Public Notice of Meeting. Public notice of all meetings of the Authority shall
comply with the Open Meetings Law, Minnesota Statute 13D.
Section 4. Public Participation. All regular meetings of the Authority shall include an
opportunity for members of the public to address the Commissioners on matters related to
the official business of the Authority.
Section 5. Regular Meetings. Regular meetings of the Authority shall be held at the City
Hall, City of Edina, in the City Council Chambers on the same days as regular meetings of the
City Council of the City of Edina, Minnesota.
Section 6. Special Meetings. Special meetings of the Authority may be called by the Chair,
any two members of the Authority, or the Executive Director, for the purpose of transacting
any business designated in the call.
Section 7. Meeting Location. The Authority may hold its regular or special meetings at such
place as it may designate in advance.
Section8. Rules of Order. To efficiently transact public business in compliance with
Minnesota Statute and fairness, Robert’s Rules of Order shall be used as a parliamentary guide.
Edina HRA Bylaws – Page 4
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Section 9. Quorum. A quorum of the Authority shall consist of three of the five
Commissioners. In the absence of a quorum, no official action may be taken by, on behalf of, or
in the name of the Authority.
Section 10. Adoption of Resolutions. Resolutions of the Authority shall be in writing and
shall be deemed adopted if approved by not less than a simple majority of all Commissioners
present, except as otherwise required by law.
Section 11. Conflict of Interest. Any Commissioner or employee who has a financial interest
in any matter that is before the Authority shall publicly state the nature of the interest, excuse
himself or herself from participation in the discussion or any decision-making process regarding
the matter, and comply with the requirements of Minnesota Statutes, Section 469.009, as
amended.
ARTICLE V – COMMITTEES
The Authority may, from time to time, appoint such committees as it deems appropriate to
assist it in carrying out its powers, duties and functions. All such committees shall be advisory
only to the Authority. Members of such committees need not be members of the Authority but
shall be residents or property owners of the City of Edina. All members of such committees
shall serve at the pleasure of the Authority. Each such committee shall exist for such period and
perform such activities as the Authority, from time to time, shall determine.
ARTICLE VI – AMENDMENTS
The bylaws of the Authority may be amended at any meeting of the Authority and shall be
amended only with the approval of a majority of all of the Commissioners.
Established March 4, 1974
Amended March 17, 1986
Amended _____, 2016
Edina HRA Bylaws – Page 1
Proposed Amendments 4-5-2016 DRAFT
BY-LAWS FOR THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF
EDINA, MINNESOTA
ARTICLE I – THE AUTHORITY
Section 1. Name of the Authority. The name of the Authority shall be the “Housing and
Redevelopment Authority of Edina, Minnesota.”
Section 2. Seal of Authority. The seal of the Authority shall be in the form of a circle and
shall bear the name of the Authority and the year of its organization.
Section 3. Office of Authority. The offices of the Authority shall be at 4801 West 50th
Street in the City of Edina, State of Minnesota, but the Authority may hold its meetings at such
other place or places as it may designate by resolution.
Section 4. Purpose, Powers and Responsibilities. The Authority shall have the purpose and
all the powers and responsibilities of a municipal Housing and Redevelopment Authority as
provided in Minnesota Statute 469.
Section 5. Fiscal Year and Financial Matters. The fiscal year of the Authority shall be the
calendar year. All purchasing, spending and investments shall be conducted in accordance with
Minnesota Statutes. The Board may establish financial accounting and reporting policies and
procedures to supplement State Law as it deems appropriate.
ARTICLE II – MEMBERSHIP
Section 1. Board Membership and Terms. The Commissioners of the Authority shall be the
same as the current members of the Edina City Council, with terms running concurrent with
the City Council terms.
Section 2. Compensation of Commissioners. Pursuant to Minnesota Statutes, Section
469.011, subdivision 4, as amended, Commissioners may receive compensation and
reimbursement for necessary expenses.
Section 3. Meeting Attendance. It shall be the duty of each Commissioner to attend regular
and special meetings of the Authority and to attend each subcommittee meeting to which a
member is appointed. Attendance of Commissioners shall be entered in the minutes of each
meeting.
ARTICLE III -– OFFICERS AND EXECUTIVE DIRECTOR
Edina HRA Bylaws – Page 2
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Section 1. Officers. The officers of the Authority shall be a Chairpersonman, Vice-
Chairrperson, and Secretaryman and Executive Director.
Section 2. Chairperson. The Chairperson shall preside at all meetings of the Authority.
Except as otherwise authorized by resolution of the Authority, the Chairperson shall sign all
contracts, deeds and other instruments to be entered into or given to the Authority. At each
meeting the Chairperson shall submit such recommendations and information as he/she may
consider proper concerning the business, affairs and policies of the Authority.
Section 3. Vice-Chairperson. The Vice-Chairperson shall perform the duties of the
Chairperson in the absence or incapacity of the Chairperson; and in case of the resignation or
death of the Chairperson, the Vice-Chairperson shall perform such duties as are imposed on
the Chairperson until such time as the Authority shall select a new Chairperson.
Section 4. Secretary. The Secretary shall perform the duties of a Secretary for the
Authority, and, when authorized and directed by resolution of the Authority, shall sign, with the
Chairperson, all contracts, deeds, and other instruments to be entered into or given by the
Authority.
a Secretary.
Section 2. Chairman. The Chairman shall preside at all meetings of the Authority. Except as
otherwise authorized by resolution of the Authority, the Chairman shall sign all contracts,
deeds and other instruments to be entered into or given by the Authority. At each meeting the
Chairman shall submit such recommendations and information as he may consider proper
concerning the business, affairs and policies of the Authority.
Section 3. Vice-Chairman. The Vice-Chairman shall perform the duties of the Chairman in
the absence or incapacity of the Chairman; and in case of the resignation or death of the
Chairman, the Vice-Chairman shall perform such duties as are imposed on the Chairman until
such time as the Authority shall select a new Chairman.
Section 4. Secretary. The Secretary shall perform the duties of a Secretary for the
Authority, and, when authorized and directed by resolution of the Authority, shall sign, with the
Chairman, all contracts, deeds, and other instruments to be entered into or given by the
Authority.
Section 5. Director and Executive Director.The Executive Director shall be
responsible for the execution of the planning and development of projects of the Authority,
shall act as an assistant to the Secretary, shall keep the records of the Authority, shall act as
secretary of the meetings of the Authority in a journal of proceedings to be kept for such a
purpose, and shall perform all duties properly and reasonably requested by the Director. He
shall keep in safe custody the seal of the Authority and shall have power to affix such seal to all
contracts and instruments authorized to be executed by the Authority. The Authority may
appoint and employ a Director and an Executive Director.
Edina HRA Bylaws – Page 3
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The Director shall have responsibility for the general supervision of the projects
and personnel of the Authority, including the Executive Director, subject to the direction of the
Authority. The Director also shall be responsible for the care and custody of all funds of the
Authority and for the deposit thereof in the name of the Authority in such bank or banks as the
Authority from time to time shall designate. The Director shall be responsible for the keeping
of regular books of accounts showing receipts and expenditures and shall be responsible for the
rendering to the Authority, at each regular meeting of the Authority, of an account of the
income and expenses of the Authority for the then prior month. He shall also be responsible
for the rendering of such additional financial and other reports as the Authority from time to
time shall request, including an annual budget for approval by the Authority.
The Executive Director shall be responsible for the execution of the planning and
development of projects of the Authority, shall act as an assistant to the Secretary, shall keep
the records of the Authority, shall act as secretary of the meetings of the Authority in a journal
of proceedings to be kept for such a purpose, and shall perform all duties properly and
reasonably requested by the Director. He shall keep in safe custody the seal of the Authority
and shall have power to affix such seal to all contracts and instruments authorized to be
executed by the Authority.
The Director and Executive Director shall each give such bond for the faithful
performance of their duties as the Authority may determine.
The Director of Executive Director shall sign all orders and checks for the payment of
money and shall pay out and disburse such moneys under the direction of the Authority. Except
as otherwise authorized by resolution of the Authority, all such orders and checks shall also be
countersigned by the Chairman or the Vice-Chairman.
Section 5. Executive Director. The Authority shall appoint an Executive Director. No
Commissioner of the Authority shall be eligible to serve as the Executive Director. The
Executive Director shall be the chief appointed executive officer of the Authority, and and shall
have such additional responsibilities and authority as the Commissioners may from time to time
by resolution prescribe. In addition, the Executive Director is responsible for recording and
maintaining accurate records of the meetings of the Board and of all official actions taken by or
on behalf of the Authority.
Section 65. Executive Compensation. The compensation and terms and conditions of
employment of the Director and Executive Director shall be determined by the Authority. The
Executive Director shall provide service to the Authority as part of the defined duties as an
employee of the City of Edina. As such, no additional compensation shall be due to the
Executive Director. Time and expenses incurred by the Executive Director when carrying out
duties of the Authority, shall be billed to the Authority and not to the City of Edina.
No Commissioner of the Authority shall be eligible to be employed as the Director or
Executive Director.
Edina HRA Bylaws – Page 4
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Section 76. Additional Duties. The officers of the Authority shall perform such other duties
and functions as may, from time to time be required by the Authority, or these bylaws, or the
rules and regulations of the Authority.
Section 87. Appointment and Election of Officers. The Chairman, Vice-Chairman and
Secretary shall be elected at each annual meeting of the Authority from among the
Commissioners of the Authority, and each shall hold office until the next succeeding annual
meeting and until his successor is elected and has qualified, unless he shall sooner resign, be
removed other otherwise disqualified to serve.
Section 8. Vacancies. The Chairperson, Vice-Chairperson and Secretary shall be appointed
by the Commissioners at the annual meeting. Should the office of Chairperson, Vice-
Chairperson or Secretary become vacant, the Authority shall appoint a successor from its
membership, and such appointment shall be for the unexpired term of the calendar year. Should
the office Chairman, Vice-Chairman or Secretary become vacant, the Authority shall elect a
successor from its membership at the next regular meeting, and such election shall be for the
unexpired term of said office.
Section 98. Additional Personnel. The Authority may from time to time employ such
personnel as it deems necessary to exercise its powers, duties and functions as prescribed by
the Municipal Housing and Redevelopment Act of Minnesota, subject to and pursuant to the
applicable laws of the State of Minnesota. Such personnel shall have such authority and perform
such duties as the Authority from time to time shall determine.
The Executive Director shall have the authority to appoint staff to complete the work of the
Authority. Staff time dedicated to purposes of the Authority shall be considered part of the
regular work load and shall not cause compensation above and beyond that of the exempt
staff’s regular employment with the City. Staff classified as nonexempt are eligible for overtime,
with prior approval from their supervisor. When carrying out the duties of the Authority, staff
time shall be billed to the Authority and not to the City of Edina.
ARTICLE IVII – MEETINGS
Section 1. Annual Meeting. There shall be an annual meeting of the Authority which shall be
the first regular meeting of the Authority in January of each year.
Appointment of Election of Officers. The Chairpersonman, Vice-Chairperson,
manSecretary and Executive Director of the Authority and Secretary shall be appointed from
among the elected at each annual meeting of the Authority from among the Commissioners of
the Authority. Each officer shall hold , and each shall hold office until the next succeeding annual
meeting and until his/her successor is elected and has qualified, unless he/she shall sooner
resign, be removed other otherwise disqualified to serve.
Edina HRA Bylaws – Page 5
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Section 2. Conduct of Business at the Annual Meeting. The following, among any other
appropriate matters, may be considered at the annual meeting:
a. Appointment of Officers, Commissioners, Executive Director and establishment of
their terms.
b. Determination of new committees and assignment of Commissioners if needed.
c. Designation of official newspaper.
d. Designation of official depository.
e. Receipt of Annual Report.
f. Designation of a fixed place for regular meetings to be held until the next annual
meeting.
g. Determination of dates for regular meetings until the next annual meeting.
h. Discussion of bylaws and any suggested amendments.
Section 32. Public Notice of Meeting. Public notice of all meetings of the Authority shall
comply with the Open Meetings Law, Minnesota Statute 13D.
Section 4. Public Participation. All regular meetings of the Authority shall include an
opportunity for members of the public to address the Commissioners on matters related to
the official business of the Authority.
Section 53. Regular Meetings. Regular meetings of the Authority shall be held at the City
Hall, City of Edina, in the City Council Chambers on the same days as regular meetings of the
City Council of the City of Edina, Minnesota.
shall be held without notice at the regular meeting place of the Authority on the first Tuesday
of each month, at 7:30 o’clock p.m. unless the same shall be a legal holiday, in which event said
meeting shall be held on an alternate daythe next succeeding Tuesday.
Section 43. Regular Meeting Place. The regular meeting place of the Authority shall be at the
address of its offices as set out in Article I, Section 3 hereof.
Section 64. Special Meetings. Special meetings of the Authority may be called by the
Chairpersonman, any two members of the Authority, the Director, or the Executive Director,
for the purpose of transacting any business designated in the call. The call for as special meeting
shall be delivered personally to each member of the Authority not later than two (2) days prior
to the date of such special meeting, or shall be mailed to the business or home address of each
member of the Authority at least three (3) days prior to the date of such special meeting.
Notice of such special meeting need not be given to any member who shall be present at such
meeting. At such special meeting no business shall be considered other than that designated n
the call; but if all of the members of the Authority are present at a special meeting, it shall be a
legal meeting even though no notice thereof was given, and any and all business may be
Edina HRA Bylaws – Page 6
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transacted at such special meeting. Special meetings shall be held in the regular meeting place of
the Authority.
Section 7. Meeting Location. The Authority may hold its regular or special meetings at such
place as it may designate in advance.
Section8. Rules of Order. To efficiently transact public business in compliance with
Minnesota Statute and fairness, Robert’s Rules of Order shall be used as a parliamentary guide.
Section 95. Quorum. A quorum of the Authority shall consist of three of the five
Commissioners. In the absence of a quorum, no officeofficial action may be taken by, on behalf
of, or in the name of the Authority.
The powers of the Authority shall be vested in the Commissioners thereof from time to time in
office. A majority of the Commissioners shall constitute a quorum for the purpose of
conducting the business and exercising the powers and functions of the Authority, and for all
other purposes, and action may be taken by the Authority only upon the vote of a majority of
all of the Commissioners; provided, that less than a quorum may adjourn from time to time
until a quorum is obtained.
Section 6. Order of Business. At the annual and regular meetings of the Authority the
following shall be the order of business.
1. Roll Call.
2. Reading and approval of the minutes from the previous meeting
3. Public hearings of which notice has been given as required by law.
4. Award of contracts.
5. Hearings upon individual request.
6. Communications, including petitions.
7. Recommendations and reports by officers, Director, Executive Director, employees,
and advisory committees.
8. Accounts and claims against the Authority.
9. Adjournment.
Section 107. Adoption of Resolutions. RAll resolutions of the Authority shall be in writing and
shall be deemed adopted if approved by not less than a simple majority of all Commissioners
present, except as otherwise required by law. Resolutions must be read aloud prior to vote
taken thereon and may but need not be executed after passage.shall be in writing and shall be
copied in the journal of the proceedings of the Authority.
Section 11. Conflict of Interest. Any Commissioner or employee who has a financial interest
in any matter that is before the Authority shall publicly state the nature of the interest, excuse
himself or herself from participation in the discussion or any decision-making process regarding
the matter, and comply with the requirements of Minnesota Statutes, Section 469.009, as
amended.
Edina HRA Bylaws – Page 7
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Section 8. Manner of Voting. The voting on all questions coming before the Authority shall
be by roll call, and the yeas and nays shall be entered upon the minutes of each meeting.
Section 9. Public Notice of Meetings. The Authority shall give public notice of its meetings
whenever feasible, but publication of its then next meeting agenda, or posing of such agenda in a
conspicuous place at its regular meeting place, but failure to give such notice shall not make
void any such meeting, not any action taken thereat.
ARTICLE IV – COMMITTEES
The Authority may, from time to time, appoint such committees as it deems appropriate
to assist it in carrying out its powers, duties and functions. All such committees shall be
advisory only to the Authority. Members of such committees need not be members of the
Authority but shall be residents or property owners of the City of Edina. All members of such
committees shall serve at the pleasure of the Authority. Each such committee shall exist for
such period and perform such activities as the Authority, from time to time, shall determine.
ARTICLE VI – AMENDMENTS
The bylaws of the Authority may be amended at any meeting of the Authority and shall
be amended only with the approval of a majority of all of the Commissioners. shall be reviewed
for compliance with Minnesota State Statutes and with changes in business customs every four
years.
may be amended at any meeting of the Authority but shall be amended only with the approval
of a majority of all of the Commissioners.
Established March 4, 1974
Amended March 17, 1986
Amended _____, 2016
Date: April 5, 2016 Agenda Item #: IV.C.
To:Chair & Commissioners of the Edina HRA Item Type:
Report / Recommendation
From:Bill Neuendorf, Economic Development Manager
Item Activity:
Subject:Resolution 2016-03 Establishing 66 West Tax
Increment Financing District and Modifying Southdale
2 Tax Increment Financing Plan
Action
Edina Housing and Redevelopment
Authority
Established 1974
CITY OF EDINA
HOUSING & REDEVELOPMENT AUTHORITY
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
ACTION REQUESTED:
Adopt HRA Resolution 2016-03.
INTRODUCTION:
This item establishes the 66 West Tax Increment Financing (TIF) District and modifies the existing Southdale 2
TIF Plan.
ATTACHMENTS:
Description
Res 2016-03 66 West - Southdale 2 Staff Report
HRA Res 2016-03 Establishing 66 West TIF
66 West TIF Plan DRAFT 3-31-16
Southdale 2 TIF mod DRAFT 3-31-16
SD 273 letter
April 5, 2016
Commissioners of the Edina Housing & Redevelopment Authority
Bill Neuendorf, Economic Development Manager
Resolution 2016-03 - Establishing 66 West Tax Increment Financing District and
Modifying Southdale 2 Tax Increment Financing Plan
Information / Background:
As recommended by the Edina Housing and Redevelopment Authority (HRA), a financial plan has
been prepared to consider the creation of a new 66 West Tax Increment Financing (TIF) District to
advance the community goal of creating affordably-priced housing units.
This action is responsive to City Council Resolution 2015-48, approved in May 2015, which pledged
the consideration of TIF financing to support the construction of affordably-priced housing at 3330
West 66th Street.
The City retained Ehlers & Associates to prepare the new TIF Plan and necessary modifications to
the Southdale 2 TIF Plan and Southeast Edina Redevelopment Project Area.
The proposed Tax Increment Financing Districts conform to the requirements of Section 469 of the
Minnesota Statutes and are based on the following activities and findings:
• Parcels are located within the boundaries of the Southeast Edina Redevelopment Project
Area,
• Identified as “potential area of change” in Comprehensive Plan (page 4-33),
• Implements pledge of TIF consideration issued in May 2015, and
• Aligned with several of the strategic actions identified in Vision Edina (page 7).
The proposed 66 West TIF District is approximately 0.9 acres in size and includes one parcel that is
anticipated to be redeveloped in the immediate future. The existing building on the site has been
vacant for nearly two years. The proposed re-use of this site is based on the zoning approvals and
modifications to the Comprehensive Plan that were completed in 2014. The new development will
consist of 39 new apartment units that are rented at affordable rates to teenagers and young adults
who were formerly homeless. The existing building is anticipated to be remodeled and expanded
based on the plans that were approved in 2014.
HOUSING AND
REDEVELOPMENT AUTHORITY
Established 1974
STAFF REPORT Page 2
The Southdale 2 TIF Plan is also proposed to be modified. The 66 West parcel at 3330 W. 66th Street
will be removed from Southdale 2 TIF and financial estimates adjusted accordingly. No other
changes are proposed to the Southdale 2 District at this time.
On March 4, 2016, in accordance with Minnesota Statutes, other taxing agencies, such as Hennepin
County, Richfield School District #280, and Edina School District #273, were notified of the potential
creation of the 66 West TIF District and potential changes to the existing Southdale 2 TIF District. To
date, comments have only been received from Edina School District (see attached correspondence).
The Edina Planning Commission discussed the proposed TIF Plans on March 23, 2016 and found
that the proposal is consistent with the City’s Comprehensive Plan.
The proposed Resolution 2016-03, proposed 66 West TIF Plan and revised Southdale 2 TIF Plan are
attached for your review and consideration. Representatives from Ehlers & Associates, the City’s
public financing and redevelopment advisors will be available to answer questions.
RESOLUTION NO. 2016-03
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF EDINA
HENNEPIN COUNTY
STATE OF MINNESOTA
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN
FOR THE SOUTHEAST EDINA REDEVELOPMENT PROJECT AREA; ADOPTING
A MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE
SOUTHDALE 2 TAX INCREMENT FINANCING DISTRICT THEREIN;
ESTABLISHING 66 WEST 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"), adopt a
Modification to the Tax Increment Financing Plan (the "TIF Plan Modification") for the Southdale
2 Tax Increment Financing District, establish the 66 West Tax Increment Financing District (the
"District") and adopt a Tax Increment Financing Plan (the "TIF Plan") therefor (the
Redevelopment Plan Modification, TIF Plan Modification and the TIF Plan are referred to
collectively herein as the "Plans"), 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 Plans and has caused the
Plans to be prepared; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to
the adoption of the Plans. The HRA has also requested the City Planning Commission to provide
for review of and written comment on Plans and that the Council schedule a public hearing on
the Plans upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The HRA hereby finds that the District is in the public interest and is a "housing district"
under Minnesota Statutes, Section 469.174, Subd. 11, and finds that the adoption of the
proposed Plans conform in all respects to the requirements of the Act and will help fulfill
HRA Resolution No. 2016-03
Page 2
a need to develop an area of the State of Minnesota for affordable and high quality
housing.
2. The HRA further finds that the Plans 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
Plans.
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. It is not anticipated that the District
will contain commercial/industrial property. As a result, there should be no impact due
to the fiscal disparities provision on the District.
6. Conditioned upon the approval thereof by the City Council following its public hearing
thereon, the Plans, 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 Plans by the City Council, the staff, the HRA's advisors and legal
counsel are authorized and directed to proceed with the implementation of the Plans
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 Plans does not constitute approval of any project or a
Development Agreement with any developer.
8. Upon approval of the Plans by the City Council, the Executive Director of the HRA is
authorized and directed to forward a copy of the Plans 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
Plans to the Hennepin County Auditor and request that the Auditor certify the original
tax capacity of the District as described in the Plans, all in accordance with Minnesota
Statutes 469.177.
Approved by the Housing & Redevelopment Authority on April 5, 2016.
Attest: _______________________________
HRA Resolution No. 2016-03
Page 3
Ann Swenson, Secretary James Hovland, Chair
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS
CITY OF EDINA )
CERTIFICATE OF EXECUTIVE DIRECTOR
I, the undersigned duly appointed and acting Executive Director for the Edina Housing and
Redevelopment Authority do hereby certify that the attached and foregoing Resolution is a true and
correct copy of the Resolution duly adopted by the Edina Housing and Redevelopment Authority at its
Regular Meeting of April 5, 2016, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this ______________ day of ___________________, 2016.
Executive Director
As of March 31, 2016
Draft for Public Hearing
Modification to the Redevelopment Plan
for the Southeast Edina Redevelopment Project Area
and the
Tax Increment Financing Plan
for the establishment of
the 66 West Tax Increment Financing District
(a housing district)
within
the Southeast Edina Redevelopment Project Area
Edina Housing and Redevelopment Authority
City of Edina
Hennepin County
State of Minnesota
Public Hearing: April 5, 2016
Adopted:
Prepared by: EHLERS & ASSOCIATES, INC.
3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105651-697-8500 fax: 651-697-8555 www.ehlers-inc.com
Table of Contents
(for reference purposes only)
Section 1 - Modification to the Redevelopment Planfor the Southeast Edina Redevelopment Project Area ........................... 1-1
Foreword ............................................................. 1-1
Section 1 - Municipal Action Taken ............................................ 1-1
Section 2 - Tax Increment Financing Plan
for the 66 West Tax Increment Financing District ............................... 2-1
Subsection 2-1. Foreword............................................... 2-1Subsection 2-2. Statutory Authority........................................ 2-1
Subsection 2-3. Statement of Objectives ................................... 2-1Subsection 2-4. Redevelopment Plan Overview .............................. 2-1
Subsection 2-5. Description of Property in the District and Property To Be Acquired . 2-2
Subsection 2-6. Classification of the District................................. 2-2Subsection 2-7. Duration and First Year of Tax Increment of the District ........... 2-3
Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax CapacityValue/Increment and Notification of Prior Planned Improvements ................ 2-4
Subsection 2-9. Budgeted Sources of Revenue/Bonds to be Issued .............. 2-5
Subsection 2-10. Budgeted Uses of Funds ................................... 2-6Subsection 2-11. Fiscal Disparities Election.................................. 2-6
Subsection 2-12. Business Subsidies....................................... 2-7Subsection 2-13. County Road Costs ....................................... 2-8
Subsection 2-14. Estimated Impact on Other Taxing Jurisdictions................. 2-9
Subsection 2-15. Supporting Documentation ................................ 2-11Subsection 2-16. Definition of Tax Increment Revenues ....................... 2-11
Subsection 2-17. Modifications to the District................................ 2-11Subsection 2-18. Administrative Expenses .................................. 2-12
Subsection 2-19. Limitation of Increment ................................... 2-12
Subsection 2-20. Use of Tax Increment .................................... 2-13Subsection 2-21. Excess Increments ...................................... 2-14
Subsection 2-22. Requirements for Agreements with the Developer .............. 2-14Subsection 2-23. Assessment Agreements ................................. 2-14
Subsection 2-24. Administration of the District ............................... 2-15
Subsection 2-25. Annual Disclosure Requirements ........................... 2-15Subsection 2-26. Reasonable Expectations ................................. 2-15
Subsection 2-27. Other Limitations on the Use of Tax Increment................. 2-15Subsection 2-28. Summary.............................................. 2-16
Appendix AProject Description ...................................................... A-1
Appendix B
Map of the Southeast Edina Redevelopment Project Area and the 66 West TIF District
..................................................................... B-1
Appendix CDescription of Property to be Included in the District ............................ C-1
Appendix DEstimated Cash Flow for the District ........................................ D-1
Appendix E
Housing Qualifications for the District........................................ E-1
Appendix F
Findings for the District................................................... F-1
Section 1 - Modification to the Redevelopment Plan
for the Southeast Edina Redevelopment Project Area
Foreword
This modification represents a continuation of the goals and objectives set forth in the Redevelopment Plan
for the Southeast Edina Redevelopment Project Area. Because the 66 West Tax Increment Financing District
(the “District”) is located within the Southeast Edina Redevelopment Project Area, the modification to the
District must be listed in the Redevelopment Plan. Therefore, the following bold-faced text represents a
Modification to the Redevelopment Plan.
Section 1 - Municipal Action Taken
Based upon the statutory authority described in the Redevelopment Plan attached hereto, the
public purpose findings by the City Council and for the purpose of fulfilling the City’s
development objects as set forth in the Redevelopment Plan, the City Council has created,
established and designated the Southeast Edina Redevelopment Plan pursuant to and in
accordance with the requirements of Minnesota Statutes, Section 469.001 to 469.047.
The original and amended Southeast Edina Redevelopment Plan documents and amendments
have designated the Southeast Edina Redevelopment Plan as a redevelopment project and
also a tax increment financing plan for tax increment districts created prior to 1988. The
Centennial Lakes Tax Increment Financing District was created in 1988 pursuant to Tax
Increment Financing Plan 88-1, which was subsequently renamed the Centennial Lakes Tax
Increment District and referred to by Hennepin County as District #1203 and #1249.
For purposes of clarification, this modification will refer to the Southeast Edina
Redevelopment Plan as the Southeast Edina Redevelopment Project Area Plan pursuant to
Minnesota Statutes 469.002. The following municipal action has been taken with regard to
the Southeast Edina Redevelopment Project Area Plan:
September 29, 1977: The Housing and Redevelopment Authority of Edina (the “HRA”)
approved the Southeast Edina Redevelopment Plan.
October 5, 1981: The Southeast Edina Redevelopment Plan was amended to identify project
costs and bonded indebtedness incurred to finance those costs.
May 6, 1985: The HRA and the City approved an amendment to the Southeast Edina
Redevelopment Plan which includes the establishment of an interest reduction program and
enlarges the project area to include the “1985 Project Area.”
August 19, 1985: The HRA and the City approve d the First Amendment to the 1985
Amendment to the Southeast Edina Redevelopment Plan to enlarge the 1985 Project Area
and to authorize the issuance of additional bonds to acquire land within the enlarged 1985
Project Area.
1987: The HRA and City approved the 1987 Amendments to the Southeast Edina
Redevelopment Plan to enlarge the project area to include the 1987 Project Area.
1988: The HRA and City approved the 1988 Amendments to the Southeast Edina
Redevelopment Plan provides and Interest Reduction Program in the amount of $2,500,000
Edina Housing and Redevelopment Authority Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area 1-1
to assist in the financing and construction of housing units, and authorizes the HRA and City
to incur bonded indebtedness.
February 21, 2012: The HRA and City expand the Southeast Edina Project Area as can be
seen in Appendix A.
February 18, 2014: The HRA and City establish the Pentagon Park Tax Increment Financing
District.
March 2, 2016: The HRA and City establish the Grandview 2 Tax Increment Financing
District.
(AS MODIFIED APRIL 5, 2016)
April 5, 2016: The HRA and City are modifying the Tax Increment Financing Plan for
the Southdale 2 Tax Increment Financing District and establishing the 66 West Tax
Increment Financing District.
For further information, a review of the Redevelopment Plan for the Southeast Edina Redevelopment
Project Area is recommended. It is available from the HRA Executive Director at the City of Edina. Other
relevant information is contained in the Tax Increment Financing Plans for the Tax Increment Financing
Districts located within the Southeast Edina Redevelopment Project Area.
Edina Housing and Redevelopment Authority Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area 1-2
Section 2 - Tax Increment Financing Plan
for the 66 West Tax Increment Financing District
Subsection 2-1. Foreword
The Edina Housing and Redevelopment Authority (the "HRA"), the City of Edina (the "City"), staff and
consultants have prepared the following information to establish the 66 West Tax Increment Financing
District (the "District"), a housing tax increment financing district, located in the Southeast Edina
Redevelopment Project Area.
Subsection 2-2. Statutory Authority
Within the City, there exist areas where public involvement is necessary to cause development or
redevelopment to occur or to promote a greater degree of development that allows City objectives to be
fulfilled. To this end, the HRA and City have certain statutory powers pursuant to Minnesota Statutes
("M.S."), Sections 469.001 to 469.047, inclusive, as amended, and M.S., Sections 469.174 to 469.1794,
inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs
related to this project.
This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant
information is contained in a separate document: the Redevelopment Plan for the Southeast Edina
Redevelopment Project Area, adopted September 29, 1977 and modified from time to time.
Subsection 2-3. Statement of Objectives
The District consists of one parcel of land and adjacent and internal rights-of-way. The District is being
created to facilitate the construction of approximately 39 affordable efficiency apartments in the City targeted
as housing for teenagers and young adults who have experienced homelessness. Please see Appendix A for
further description of the anticipated project. The HRA is considering an agreement with Beacon Interfaith
Housing Collaborative as developer at the time of preparation of this TIF Plan. Reconstruction is proposed
to begin in 2016 with completion in 2017. This TIF Plan is expected to achieve many of the objectives
outlined in Subsection 3-4 the Redevelopment Plan for the Southeast Edina Redevelopment Project Area.
The activities contemplated in the Modification to the Redevelopment Plan and the TIF Plan do not preclude
the undertaking of other qualified development or redevelopment activities. These activities are anticipated
to occur over the life of the Southeast Edina Redevelopment Project Area and the District.
Subsection 2-4. Redevelopment Plan Overview
Pursuant to the Redevelopment Plan and authorizing state statutes, the HRA or City is authorized to undertake
the following activities within the District:
1. Property to be Acquired - Selected property located within the District may be acquired by
the HRA or City and is further described in this TIF Plan.
2. Relocation - Relocation services, to the extent required by law, are available pursuant to
M.S., Chapter 117 and other relevant state and federal laws.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-1
3. Upon approval of a developer's plan relating to the project and completion of the necessary
legal requirements, the HRA or City may sell to a developer selected properties that it may
acquire within the District or may lease land or facilities to a developer.
4. The HRA or City may perform or provide for some or all necessary acquisition, construction,
relocation, demolition, and required utilities and public street work within the District.
Subsection 2-5. Description of Property in the District and Property To Be Acquired
The District encompasses all property and adjacent rights-of-way and abutting roadways identified by the
parcel listed in Appendix C of this TIF Plan. Please also see the map in Appendix B for further information
on the location of the District.
The HRA or City may acquire any parcel or portions of any parcel within the District including interior and
adjacent street rights of way. Property will be acquired by the HRA or City with tax incremement only to
accomplish one or more of the following: storm sewer improvements; provide land for needed public streets,
utilities, facilities, and other public transportation or circulation purposes; site assembly; site improvements,
clearance and/or development to accomplish the uses and objectives set forth in this TIF Plan.
The HRA or City may acquire property by gift, dedication, condemnation or direct purchase from willing
sellers in order to achieve the objectives of this TIF Plan. Such acquisitions will be undertaken only when
there is assurance of funding to finance the acquisition and related costs.
Subsection 2-6. Classification of the District
The HRA and City, in determining the need to create a tax increment financing district in accordance with
M.S., Sections 469.174 to 469.1794, as amended, inclusive, find that the District, to be established, is a
housing district pursuant to M.S., Section 469.174, Subd. 11 and M.S., Section 469.1761 as defined below:
M.S., Section 469.174, Subd.11:
"Housing district" means a type of tax increment financing district which consists of a
project, or a portion of a project, intended for occupancy, in part, by persons or families of
low and moderate income, as defined in chapter 462A, Title II of the National Housing Act
of 1934, the National Housing Act of 1959, the United States Housing Act of 1937, as
amended, Title V of the Housing Act of 1949, as amended, any other similar present or
future federal, state, or municipal legislation, or the regulations promulgated under any of
those acts, and that satisfies the requirements of M.S., Section 469.1761. Housing project
means a project, or portion of a project, that meets all the qualifications of a housing district
under this subdivision, whether or not actually established as a housing district.
M.S., Section 469.1761:
Subd. 1. Requirement imposed.
(a) In order for a tax increment financing district to qualify as a housing district:
(1) the income limitations provided in this section must be satisfied; and
(2) no more than 20 percent of the square footage of buildings that receive assistance
from tax increments may consist of commercial, retail, or other nonresidential uses.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-2
M.S., Section 469.1761 continued:
(b) The requirements imposed by this section apply to property receiving assistance financed
with tax increments, including interest reduction, land transfers at less than the authority’s
cost of acquisition, utility service or connections, roads, parking facilities, or other
subsidies. The provisions of this section do not apply to districts located within a targeted
area as defined in Section 462C.02 Subd 9, clause (e).
(c) For purposes of the requirements of paragraph (a), the authority may elect to treat an
addition to an existing structure as a separate building if:
(1) construction of the addition begins more than three years after construction of
the existing structure was completed; and
(2) for an addition that does not meet the requirements of paragraph (a), clause (2),if
it is treated as a separate building, the addition was not contemplated by the tax
increment financing plan which includes the existing structure.
Subd. 2. Owner occupied housing.
For owner occupied residential property, 95 percent of the housing units must be
initially purchased and occupied by individuals whose family income is less than or
equal to the income requirements for qualified mortgage bond projects under
section 143(f) of the Internal Revenue Code.
Subd. 3. Rental property.
For residential rental property, the property must satisfy the income requirements
for a qualified residential rental project as defined in section 142(d) of the Internal
Revenue Code. The requirements of this subdivision apply for the duration of the
tax increment financing district.
Subd. 4. Noncompliance; enforcement.
Failure to comply with the requirements of this section is subject to M.S., Section 469.1771.
In meeting the statutory criteria the HRA and City rely on the following facts and findings:
• The District consists of one parcel
• The development will consist of 39 units of affordable rental housing
• A minimum of 40% of the units will be occupied by person with incomes less than 60% of median
income
Pursuant to M.S., Section 469.176, Subd. 7, the District does not contain any parcel or part of a parcel that
qualified under the provisions of M.S., Sections 273.111, 273.112, or 273.114 or Chapter 473H for taxes
payable in any of the five calendar years before the filing of the request for certification of the District.
Subsection 2-7. Duration and First Year of Tax Increment of the District
Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration and first year of tax
increment of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. 1b.,
the duration of the District will be 25 years after receipt of the first increment by the HRA or City (a total of
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-3
26 years of tax increment collection). The HRA or City elects to receive the first tax increment in 2019, which
is no later than four years following the year of approval of the District.
Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or
other changes, would terminate after 2044, or when the TIF Plan is satisfied. The HRA or City reserves the
right to decertify the District prior to the legally required date.
Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity
Value/Increment and Notification of Prior Planned Improvements
Pursuant to M.S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd. 1, the Original Net Tax Capacity
(ONTC) as certified for the District will be based on the market values placed on the property by the assessor
in 2015 for taxes payable 2016.
Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning
in the payment year 2019) the amount by which the original value has increased or decreased as a result of:
1. Change in tax exempt status of property;
2. Reduction or enlargement of the geographic boundaries of the district;
3. Change due to adjustments, negotiated or court-ordered abatements;
4. Change in the use of the property and classification;
5. Change in state law governing class rates; or
6. Change in previously issued building permits.
In any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no
value will be captured and no tax increment will be payable to the HRA or City.
The original local tax rate for the District will be the local tax rate for taxes payable 2016, assuming the
request for certification is made before June 30, 2016. The ONTC and the Original Local Tax Rate for the
District appear in the table below.
Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated
Captured Net Tax Capacity (CTC) of the District, within the Southeast Edina Redevelopment Project Area,
upon completion of the projects within the District, will annually approximate tax increment revenues as
shown in the table below. The HRA and City request 100 percent of the available increase in tax capacity
for repayment of its obligations and current expenditures, beginning in the tax year payable 2019. The Project
Tax Capacity (PTC) listed is an estimate of values when the projects within the District are completed.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-4
Project Estimated Tax Capacity upon Completion (PTC) $43,189
Original Estimated Net Tax Capacity (ONTC) $15,315
Estimated Captured Tax Capacity (CTC) $27,874
Original Local Tax Rate 1.11679
EstimatedPay 2016
Estimated Annual Tax Increment (CTC x Local Tax Rate) $31,129
Percent Retained by the HRA 100%
Tax capacity includes a 2% inflation factor for the duration of the District. The tax capacity included in thischart is the estimated tax capacity of the District in year 25. The tax capacity of the District in year one isestimated to be $26,325. The Original Net Tax Capacity is based on the tax capacity rate for affordable housing.
Pursuant to M.S., Section 469.177, Subd. 4, the HRA shall, after a due and diligent search, accompany its
request for certification to the County Auditor or its notice of the District enlargement pursuant to M.S.,
Section 469.175, Subd. 4, with a listing of all properties within the District or area of enlargement for which
building permits have been issued during the eighteen (18) months immediately preceding approval of the
TIF Plan by the municipality pursuant to M.S., Section 469.175, Subd. 3. The County Auditor shall increase
the original net tax capacity of the District by the net tax capacity of improvements for which a building
permit was issued.
The City has reviewed the area to be included in the District and found no parcels for which building
permits have been issued during the 18 months immediately preceding approval of the TIF Plan by the
City.
Subsection 2-9. Budgeted Sources of Revenue/Bonds to be Issued
The total estimated tax increment revenues for the District are calculated in Appendix D and are shown in
the table below:
SOURCES OF FUNDS TOTAL
Tax Increment (net OSA fee) $543,250
Interest $54,325
TOTAL $597,575
The costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax
increments. The HRA or City reserves the right to incur bonds or other indebtedness to help achieve the
objectives of the TIF Plan. As currently proposed, the project within the District will be financed by an
interfund loan. Any refunding amounts will be deemed a budgeted cost without a formal TIF Plan
Modification. This provision does not obligate the HRA or City to incur debt. The HRA or City will issue
bonds or incur other debt only upon the determination that such action is in the best interest of the City.
The HRA or City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments
from the District in a maximum principal amount of $597,575. Such bonds may be in the form of pay-as-you-
go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of total bonded
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-5
indebtedness is a cumulative statement of authority under this TIF Plan as of the date of approval. Further
information can be found in Appendix D.
Subsection 2-10. Budgeted Uses of Funds
Currently under consideration for the District is a proposal to facilitate the development and construction of
approximately 39 affordable efficiency apartment units targeted as housing for teenagers and young adults
who have experienced homelessness. The HRA and City have determined that it will be necessary to provide
assistance to the project(s) for certain District costs, as described.
The HRA has studied the feasibility of the development or redevelopment of property in and around the
District. To facilitate the establishment and development or redevelopment of the District, this TIF Plan
authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate
of public costs and uses of funds associated with the District is outlined in the table below. These estimates
establish the maximum amount permitted to be expended, but the City/HRA is not obligated to expend this
full amount.
USES OF TAX INCREMENT FUNDS TOTAL
Site Improvements/Preparation $50,000
Other Qualifying Improvements $500,000
Administrative Costs (up to 10%)$47,575
PROJECT COST TOTAL $597,575
Interest $0
PROJECT AND INTEREST COSTS TOTAL $597,575
The total project cost, including financing costs (interest) listed in the table above does not exceed the total
projected tax increments for the District as shown in Subsection 2-9.
Estimated costs associated with the District are subject to change among categories without a modification
to this TIF Plan as permitted by M.S. Section 469.175, Subd. 4. The cost of all activities to be considered for
tax increment financing will not exceed, without formal modification, the budget above pursuant to the
applicable statutory requirements. The HRA may expend funds for qualified housing activities outside of
the District boundaries.
Subsection 2-11. Fiscal Disparities Election
Pursuant to M.S., Section 469.177, Subd. 3, the City may elect one of two methods to calculate fiscal
disparities. If the calculations pursuant to M.S., Section 469.177, Subd. 3, clause b, (inside the District) are
followed, the following method of computation shall apply:
(1) The original net tax capacity shall be determined before the application of the fiscal
disparity provisions of Chapter 276A or 473F. The current net tax capacity shall exclude
any fiscal disparity commercial-industrial net tax capacity increase between the original
year and the current year multiplied by the fiscal disparity ratio determined pursuant to
M.S., Section 276A.06, subdivision 7 or M.S., Section 473F.08, subdivision 6. Where the
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-6
original net tax capacity is equal to or greater than the current net tax capacity, there is no
captured tax capacity and no tax increment determination. Where the original tax capacity
is less than the current tax capacity, the difference between the original net tax capacity and
the current net tax capacity is the captured net tax capacity. This amount less any portion
thereof which the authority has designated, in its tax increment financing plan, to share with
the local taxing districts is the retained captured net tax capacity of the authority.
(2) The county auditor shall exclude the retained captured net tax capacity of the authority from
the net tax capacity of the local taxing districts in determining local taxing district tax rates.
The local tax rates so determined are to be extended against the retained captured net tax
capacity of the authority as well as the net tax capacity of the local taxing districts. The tax
generated by the extension of the less of (A) the local taxing district tax rates or (B) the
original local tax rate to the retained captured net tax capacity of the authority is the tax
increment of the authority.
The City chooses to calculate fiscal disparities by clause b. It is not anticipated that the District will
contain commercial/industrial property. As a result, there should be no impact due to the fiscal
disparities provision on the District.
According to M.S., Section 469.177, Subd. 3:
(c) The method of computation of tax increment applied to a district pursuant to paragraph (a)
or (b) shall remain the same for the duration of the district, except that the governing body
may elect to change its election from the method of computation in paragraph (a) to the
method in paragraph (b).
Subsection 2-12. Business Subsidies
M.S. Section 116J.993 to 116J.995 defines a business subsidy as a “grant, contribution of personal property,
real property, infrastructure, the principal amount of a loan at rates below those commercially available to
the recipient, any reduction or deferral of any tax or any fee, any guarantee of any payment under any loan,
lease or other obligation, or any preferential use of government facilities given to a business.” Also included
in the definition are many forms of economic assistance. Some forms of assistance, such as tax increment,
are specifically excluded from business subsidy requirements. Pursuant to M.S., Section 116J.993, Subd. 3,
the following forms of financial assistance are not considered a business subsidy:
(1) A business subsidy of less than $150,000;
(2) Assistance that is generally available to all businesses or to a general class of similar
businesses, such as a line of business, size, location, or similar general criteria;
(3) Public improvements to buildings or lands owned by the state or local government that serve
a public purpose and do not principally benefit a single business or defined group of
businesses at the time the improvements are made;
(4) Redevelopment property polluted by contaminants as defined in M.S., Section 116J.552,
Subd. 3;
(5) Assistance provided for the sole purpose of renovating old or decaying building stock or
bringing it up to code and assistance provided for designated historic preservation districts,
provided that the assistance is equal to or less than 50% of the total cost;
(6) Assistance to provide job readiness and training services if the sole purpose of the assistance
is to provide those services;
(7) Assistance for housing;
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-7
(8) Assistance for pollution control or abatement, including assistance for a tax increment
financing hazardous substance subdistrict as defined under M.S., Section 469.174, Subd. 23;
(9) Assistance for energy conservation;
(10) Tax reductions resulting from conformity with federal tax law;
(11) Workers' compensation and unemployment compensation;
(12) Benefits derived from regulation;
(13) Indirect benefits derived from assistance to educational institutions;
(14) Funds from bonds allocated under chapter 474A, bonds issued to refund outstanding bonds,
and bonds issued for the benefit of an organization described in section 501 (c) (3) of the
Internal Revenue Code of 1986, as amended through December 31, 1999;
(15) Assistance for a collaboration between a Minnesota higher education institution and a
business;
(16) Assistance for a tax increment financing soils condition district as defined under M.S.,
Section 469.174, Subd. 19;
(17) Redevelopment when the recipient's investment in the purchase of the site and in site
preparation is 70 percent or more of the assessor's current year's estimated market value;
(18) General changes in tax increment financing law and other general tax law changes of a
principally technical nature;
(19) Federal assistance until the assistance has been repaid to, and reinvested by, the state or
local government agency;
(20) Funds from dock and wharf bonds issued by a seaway port authority;
(21) Business loans and loan guarantees of $150,000 or less;
(22) Federal loan funds provided through the United States Department of Commerce, Economic
Development Administration; and
(23) Property tax abatements granted under M.S., Section 469.1813 to property that is subject
to valuation under Minnesota Rules, chapter 8100.
The HRA will comply with M.S., Sections 116J.993 to 116J.995 to the extent the tax increment assistance
under this TIF Plan does not fall under any of the above exemptions.
Subsection 2-13. County Road Costs
Pursuant to M.S., Section 469.175, Subd. 1a, the county board may require the HRA or City to pay for all or
part of the cost of county road improvements if the proposed development to be assisted by tax increment
will, in the judgment of the county, substantially increase the use of county roads requiring construction of
road improvements or other road costs and if the road improvements are not scheduled within the next five
years under a capital improvement plan or within five years under another county plan.
The county roads in the vicinity of the District include West 66th St. (County Road 53), France Avenue
(County Road 17), and Xerxes/York Avenue (County Road 31). The HRA and City are aware that the county
could claim that tax increment should be used for county roads, even after the public hearing. If the county
elects to use increments to improve county roads, it must notify the HRA or City within forty-five days of
receipt of this TIF Plan. In the opinion of the HRA and City and consultants, the proposed development
outlined in this TIF Plan will have little or no impact upon county roads, therefore the TIF Plan was not
forwarded to the county 45 days prior to the public hearing.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-8
Subsection 2-14. Estimated Impact on Other Taxing Jurisdictions
The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF
Plan would occur without the creation of the District. However, the HRA and City have determined that such
development or redevelopment would not occur "but for" tax increment financing and that, therefore, the
fiscal impact on other taxing jurisdictions is $0.
The estimated fiscal impact of the District would be as follows if the "but for" test was not met:
IMPACT ON TAX BASE IF “BUT FOR” NOT MET
Estimated
2015/Pay 2016
Total Net
Tax Capacity
Estimated Captured
Tax Capacity (CTC)
Upon Completion
Percent of CTC
to Entity Total
Hennepin County 1,467,566,893 27,874 0.0019%
City of Edina 112,555,594 27,874 0.0248%
Richfield ISD No. 280 37,281,530 27,874 0.0748%
IMPACT ON TAX RATES IF “BUT FOR” NOT MET
Estimated
Pay 2016
Extension Rates
Percent
of Total
Rate
CTC
Potential
Annual
Taxes
Hennepin County 0.453140 40.58% 27,874 12,631
City of Edina 0.271220 24.29% 27,874 7,560
Richfield ISD No. 280 0.279840 25.06% 27,874 7,800
Other 0.112590 10.08%27,874 3,138
Total 1.116790 100.00%31,129
The estimates listed above display the captured tax capacity (CTC) when all construction anticipated in
Appendix A is completed. The tax rate used for calculations is the estimated Pay 2016 rate as obtained from
Hennepin County. The total net capacity for the entities listed above are based on estimated Pay 2016 figures.
The District will be certified under the actual Pay 2016 rates, which were unavailable at the time this TIF Plan
was prepared.
Pursuant to M.S. Section 469.175 Subd. 2(b):
(1) Estimate of total tax increment. It is estimated that the total amount of tax increment that will be
generated over the life of the District is $543,250;
(2) Probable impact of the District on City provided services and ability to issue debt. Based upon input
from the Edina Police Department, an impact of the District on police protection is not expected.
With any addition of new residents or businesses, police calls for service will be increased. New
developments add an increase in traffic, and additional overall demands to the call load. The City
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-9
does not expect that the proposed development, in and of itself, will necessitate new capital
investment.
Based upon input from the Edina Fire Department, the probable impact of the District on fire
protection is not expected to be significant. The City expects costs of inspection and that the property
will generate few calls, if any, because the new building will be of superior construction with an
active fire protection system. The existing building, which will be completely remodeled by the new
development, is not currently sprinklered and is considered abandoned by the fire department.
Based upon input from the Edina Engineering Department, the impact of the District on public
infrastructure is expected to be minimal. The development is not expected to significantly impact
any traffic movements in the area. The current infrastructure for sanitary sewer, storm sewer and
water will be able to handle any additional volume generated from the proposed development. Based
on the approved development plans, there are no additional costs associated with street maintenance,
sweeping, plowing, lighting and sidewalks. The development in the District is expected to contribute
an estimated $96,915 in sanitary sewer (SAC) and water (WAC) connection fees.
It is not anticipated that there will be any general obligation debt issued in relation to this project,
therefore there will be no impact on the City's ability to issue future debt or on the City's debt limit.
(3) Estimated amount of tax increment attributable to school district levies. M.S., Section 469.175 Subd.
2(b) requires the TIF Plan to calculate “the estimated amount of tax increments over the life of the
District that would be attributable to school district levies, assuming the school district’s share of
the total local tax rate for all taxing jurisdictions remained the same.” The amount of tax increments
over the life of the District that would be attributable to school district levies, assuming the school
district's share of the total local tax rate for all taxing jurisdictions remained the same, is $136,138.
The amount is calculated by multiplying the total estimated increment of $543,250 by the percent
of the total tax rate attributable to the school district (based on the Pay 2016 tax rate) of 25.06%.
(4) Estimated amount of tax increment attributable to county levies. M.S., Section 469.175 Subd. 2(b)
requires the TIF Plan to calculate “the estimated amount of tax increments over the life of the District
that would be attributable to county levies, assuming the county’s share of the total local tax rate for
all taxing jurisdictions remained the same.” The amount of tax increments over the life of the District
that would be attributable to county levies, assuming the county's share of the total local tax rate for
all taxing jurisdictions remained the same, is $220,451. The amount is calculated by multiplying the
total estimated increment of $543,250 by the percent of the total tax rate attributable to the county
(based on the Pay 2016 tax rate) of 40.58%.
(5) Additional information requested by the county or school district. The City is not aware of any
standard questions in a county or school district written policy regarding tax increment districts and
impact on county or school district services. The county or school district must request additional
information pursuant to M.S. Section 469.175 Subd. 2(b) within 15 days after receipt of the tax
increment financing plan.
A copy of the proposed TIF Plan was furnished to the county and school district for comment on the
anticipated fiscal impacts. Edina Public Schools has requested additional information regarding the
proposed development for the District. The City Manager has responded and provided additional
information.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-10
Subsection 2-15. Supporting Documentation
Pursuant to M.S. Section 469.175, Subd. 1 (a), clause 7 the TIF Plan must contain identification and
description of studies and analyses used to make the findings that are required in the resolution approving the
District. Following is a list of reports and studies on file at the City that support the HRA and City's findings:
• Resolution 2015-48: Supporting Affordably-Priced Housing at 3330 West 66
th Street
• HRA Resolution 2015-01: Supporting Affordably-Priced Housing at 3330 West 66
th Street
• City Memo dated January 28, 2015 titled “66 West Apartments - Funding Request from Beacon
Interfaith Housing”
• City Memo dated April 7, 2015 titled “66 West Apartments Consideration of Public Funding”
Subsection 2-16. Definition of Tax Increment Revenues
Pursuant to M.S., Section 469.174, Subd. 25, tax increment revenues derived from a tax increment financing
district include all of the following potential revenue sources:
1. Taxes paid by the captured net tax capacity, but excluding any excess taxes, as computed under
M.S., Section 469.177;
2. The proceeds from the sale or lease of property, tangible or intangible, to the extent the property
was purchased by the authority with tax increments;
3. Principal and interest received on loans or other advances made by the authority with tax
increments;
4. Interest or other investment earnings on or from tax increments;
5. Repayments or return of tax increments made to the Authority under agreements for districts for
which the request for certification was made after August 1, 1993.
Subsection 2-17. Modifications to the District
In accordance with M.S., Section 469.175, Subd. 4, any:
1. Reduction or enlargement of the geographic area of the District, if the reduction does not meet
the requirements of M.S., Section 469.175, Subd. 4(e);
2. Increase in amount of bonded indebtedness to be incurred;
3. A determination to capitalize interest on debt if that determination was not a part of the original
TIF Plan;
4. Increase in the portion of the captured net tax capacity to be retained by the Authority;
5. Increase in the estimate of the cost of the District, including administrative expenses, that will
be paid or financed with tax increment from the District; or
6. Designation of additional property to be acquired by the Authority.
shall be approved upon the notice and after the discussion, public hearing and findings required for approval
of the original TIF Plan.
Pursuant to M.S. Section 469.175 Subd. 4(f), the geographic area of the District may be reduced, but shall not
be enlarged after five years following the date of certification of the original net tax capacity by the county
auditor. If a housing district is enlarged, the reasons and supporting facts for the determination that the
addition to the district meets the criteria of M.S., Section 469.174, Subd. 11 must be documented. The
requirements of this paragraph do not apply if (1) the only modification is elimination of parcel(s) from the
District and (2) (A) the current net tax capacity of the parcel(s) eliminated from the District equals or exceeds
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-11
the net tax capacity of those parcel(s) in the District's original net tax capacity or (B) the HRA agrees that,
notwithstanding M.S., Section 469.177, Subd. 1, the original net tax capacity will be reduced by no more than
the current net tax capacity of the parcel(s) eliminated from the District.
The HRA or City must notify the County Auditor of any modification to the District. Modifications to the
District in the form of a budget modification or an expansion of the boundaries will be recorded in the TIF
Plan.
Subsection 2-18. Administrative Expenses
In accordance with M.S., Section 469.174, Subd. 14, administrative expenses means all expenditures of the
HRA or City, other than:
1. Amounts paid for the purchase of land;
2. Amounts paid to contractors or others providing materials and services, including architectural and
engineering services, directly connected with the physical development of the real property in the
District;
3. Relocation benefits paid to or services provided for persons residing or businesses located in the
District;
4. Amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued
pursuant to M.S., Section 469.178; or
5. Amounts used to pay other financial obligations to the extent those obligations were used to finance
costs described in clauses (1) to (3).
Administrative expenses also include amounts paid for services provided by bond counsel, fiscal consultants,
and planning or economic development consultants. For districts for which certification was requested after
July 31, 2001, pursuant to M.S., Section 469.176, Subd. 3, tax increment may be used to pay any authorized
and documented administrative expenses for the District up to but not to exceed 10 percent of the total
estimated tax increment expenditures authorized by the TIF Plan or the total tax increments, as defined by
M.S., Section 469.174, Subd. 25, clause (1), from the District, whichever is less.
Pursuant to M.S., Section 469.176, Subd. 4h, tax increments may be used to pay for the County's actual
administrative expenses incurred in connection with the District and are not subject to the percentage limits
of M.S., Section 469.176, Subd. 3. The county may require payment of those expenses by February 15 of the
year following the year the expenses were incurred.
Pursuant to M.S., Section 469. 177, Subd. 11, the County Treasurer shall deduct an amount (currently 0.36
percent) of any increment distributed to the HRA or City and the County Treasurer shall pay the amount
deducted to the State Commissioner of Management and Budget for deposit in the state general fund to be
appropriated to the State Auditor for the cost of financial reporting of tax increment financing information
and the cost of examining and auditing authorities' use of tax increment financing. This amount may be
adjusted annually by the Commissioner of Revenue.
Subsection 2-19. Limitation of Increment
The tax increment pledged to the payment of bonds and interest thereon may be discharged and the District
may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow
account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or
redemption date.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-12
Pursuant to M.S., Section 469.176, Subd. 6:
if, after four years from the date of certification of the original net tax capacity of the tax
increment financing district pursuant to M.S., Section 469.177, no demolition, rehabilitation or
renovation of property or other site preparation, including qualified improvement of a street
adjacent to a parcel but not installation of utility service including sewer or water systems, has
been commenced on a parcel located within a tax increment financing district by the authority
or by the owner of the parcel in accordance with the tax increment financing plan, no additional
tax increment may be taken from that parcel, and the original net tax capacity of that parcel
shall be excluded from the original net tax capacity of the tax increment financing district. If the
authority or the owner of the parcel subsequently commences demolition, rehabilitation or
renovation or other site preparation on that parcel including qualified improvement of a street
adjacent to that parcel, in accordance with the tax increment financing plan, the authority shall
certify to the county auditor that the activity has commenced and the county auditor shall certify
the net tax capacity thereof as most recently certified by the commissioner of revenue and add
it to the original net tax capacity of the tax increment financing district. The county auditor must
enforce the provisions of this subdivision. The authority must submit to the county auditor
evidence that the required activity has taken place for each parcel in the district. The evidence
for a parcel must be submitted by February 1 of the fifth year following the year in which the
parcel was certified as included in the district. For purposes of this subdivision, qualified
improvements of a street are limited to (1) construction or opening of a new street, (2) relocation
of a street, and (3) substantial reconstruction or rebuilding of an existing street.
The HRA or City or a property owner must improve parcels within the District by approximately May 2020
and report such actions to the County Auditor.
Subsection 2-20. Use of Tax Increment
The HRA or City hereby determines that it will use 100 percent of the captured net tax capacity of taxable
property located in the District for the following purposes:
1. To pay the principal of and interest on bonds issued to finance a project;
2. To finance, or otherwise pay public redevelopment costs of the the Southeast Edina Redevelopment
Project Area pursuant to M.S., Sections 469.001 to 469.047;
3. To pay for project costs as identified in the budget set forth in the TIF Plan;
4. To finance, or otherwise pay for other purposes as provided in M.S., Section 469.176, Subd. 4;
5. To pay principal and interest on any loans, advances or other payments made to or on behalf of the
HRA or City or for the benefit of the Southeast Edina Redevelopment Project Area by a developer;
6. To finance or otherwise pay premiums and other costs for insurance or other security guaranteeing
the payment when due of principal of and interest on bonds pursuant to the TIF Plan or pursuant to
M.S., Chapter 462C. M.S., Sections 469.152 through 469.165, and/or M.S., Sections 469.178; and
7. To accumulate or maintain a reserve securing the payment when due of the principal and interest on
the tax increment bonds or bonds issued pursuant to M.S., Chapter 462C, M.S., Sections 469.152
through 469.165, and/or M.S., Sections 469.178.
Revenues derived from tax increment from a housing district must be used solely to finance the cost
of housing projects as defined in M.S., Sections 469.174, Subd. 11 and 469.1761. The cost of public
improvements directly related to the housing projects and the allocated administrative expenses of the
HRA or City may be included in the cost of a housing project.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-13
These revenues shall not be used to circumvent any levy limitations applicable to the City nor for other
purposes prohibited by M.S., Section 469.176, Subd. 4.
Tax increments generated in the District will be paid by Hennepin County to the HRA for the Tax Increment
Fund of said District. The HRA or City will pay annually an amount not to exceed an amount as specified
in a developer's agreement to reimburse the costs of the housing project. Remaining increment funds will be
used for HRA or City administration (up to 10 percent) and for the costs of public improvement activities
outside the District.
Subsection 2-21. Excess Increments
Excess increments, as defined in M.S., Section 469.176, Subd. 2, shall be used only to do one or more of the
following:
1. Prepay any outstanding bonds;
2. Discharge the pledge of tax increment for any outstanding bonds;
3. Pay into an escrow account dedicated to the payment of any outstanding bonds; or
4. Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in
proportion to their local tax rates.
Pursuant to M.S., Section 469.176, Subd. 2, “The authority shall annually determine the amount of excess
increments for a district, if any. This determination must be based on the tax increment financing plan in
effect on December 31 of the year and the increment and other revenues received as of December 31 of the
year. The authority must spend or return the excess increments under paragraph (c) within nine months after
the end of the year.” In addition, the HRA or City may, subject to the limitations set forth herein, choose to
modify the TIF Plan in order to finance additional public costs in the Southeast Edina Redevelopment Project
Area or the District.
Subsection 2-22. Requirements for Agreements with the Developer
The HRA or City will review any proposal for private development within the District to determine its
conformance with the Redevelopment Plan and with applicable municipal ordinances and codes. To facilitate
this effort, the following documents may be requested for review and approval: site plan, construction,
mechanical, and electrical system drawings, landscaping plan, grading and storm drainage plan, signage
system plan, and any other drawings or narrative deemed necessary by the HRA or City to demonstrate the
conformance of the development with City plans and ordinances. The HRA or City may also use the
Agreements to address other issues related to the development.
Pursuant to M.S., Section 469.176, Subd. 5, no more than 10 percent, by acreage, of the property to be
acquired in the District as set forth in the TIF Plan shall at any time be owned by the HRA or City as a result
of acquisition with the proceeds of bonds issued pursuant to M.S., Section 469.178 to which tax increments
from property acquired is pledged, unless prior to acquisition in excess of 10 percent of the acreage, the HRA
or City concluded an agreement for the development of the property acquired and which provides recourse
for the HRA or City should the development not be completed.
Subsection 2-23. Assessment Agreements
Pursuant to M.S., Section 469.177, Subd. 8, the HRA or City may enter into a written assessment agreement
in recordable form with the developer of property within the District which establishes a minimum market
value of the land and completed improvements for the duration of the District. The assessment agreement
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-14
shall be presented to the County Assessor who shall review the plans and specifications for the improvements
to be constructed, review the market value previously assigned to the land upon which the improvements are
to be constructed and, so long as the minimum market value contained in the assessment agreement appears,
in the judgment of the assessor, to be a reasonable estimate, the County Assessor shall also certify the
minimum market value agreement.
Subsection 2-24. Administration of the District
Administration of the District will be handled by the HRA Executive Director.
Subsection 2-25. Annual Disclosure Requirements
Pursuant to M.S., Section 469.175, Subds. 5, 6, and 6b the HRA or City must undertake financial reporting
for all tax increment financing districts to the Office of the State Auditor, County Board and County Auditor
on or before August 1 of each year. M.S., Section 469.175, Subd. 5 also provides that an annual statement
shall be published in a newspaper of general circulation in the City on or before August 15.
If the City fails to make a disclosure or submit a report containing the information required by M.S., Section
469.175 Subd. 5 and Subd. 6, the Office of the State Auditor will direct the County Auditor to withhold the
distribution of tax increment from the District.
Subsection 2-26. Reasonable Expectations
As required by the TIF Act, in establishing the District, the determination has been made that the anticipated
development would not reasonably be expected to occur solely through private investment within the
reasonably foreseeable future. In making said determination, reliance has been placed upon written
representation made by the developer to such effects and upon HRA and City staff awareness of the feasibility
of developing the project site(s) within the District.
Subsection 2-27. Other Limitations on the Use of Tax Increment
1. General Limitations. All revenue derived from tax increment shall be used in accordance with the TIF
Plan. The revenues shall be used to finance, or otherwise pay public redevelopment costs of the the
Southeast Edina Redevelopment Project Area pursuant to M.S., Sections 469.001 to 469.047. Tax
increments may not be used to circumvent existing levy limit law. No tax increment may be used for the
acquisition, construction, renovation, operation, or maintenance of a building to be used primarily and
regularly for conducting the business of a municipality, county, school district, or any other local unit of
government or the state or federal government. This provision does not prohibit the use of revenues
derived from tax increments for the construction or renovation of a parking structure.
2. Housing District Exceptions to Restriction on Pooling; Five Year Limit. Pursuant to M.S., Section
469.1763, (1) At least 80% of the tax increment derived from the District must be expended on Public
Costs incurred within said district, and up to 20% of said tax increments may be spent on public costs
incurred outside of the District but within the Southeast Edina Redevelopment Project Area; provided
that in the case of a housing district, a housing project, as defined in M.S., Section 469.174, Subd. 11, is
deemed to be an activity in the District, even if the expenditure occurred after five years.
The City has previously obtained special legislation to allow pooling in an amount above the pooling
limits in M.S., Section 469.173(1). The special legislation requires rauthorization. If the special legislation
is reauthorized, the City may pool increment in accordance with the special legislation.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-15
Subsection 2-28. Summary
The Edina Housing and Redevelopment Authority is establishing the District to provide an impetus for the
construction of a new affordable multi-family housing project which will provide safe and decent life cycle
housing in the City. The TIF Plan for the District was prepared by Ehlers & Associates, Inc., 3060 Centre
Pointe Drive, Roseville, Minnesota 55113-1105, telephone (651) 697-8500.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District 2-16
Appendix A
Project Description
Beacon Interfaith Housing Collaborative is proposing to construct and occupy a development consisting of
approximately 39 affordable efficiency apartments targeted as housing for teenagers and young adults who
have experienced homelessness. The development is situated on approximately 0.9 acres in the city re-zoned
for affordable housing with supportive service in the Regional Medical District. The project will renovate
approximately 18,000 square feet of existing two-story commercial space and add 10,500 square feet to create
39 small studio apartments each containing a full kitchen and bathroom. Additional indoor space will consist
of small offices for on-site service providers and property management and communal space for recreation,
fitness, computer lab and laundry.
Beacon Interfaith Housing Collaborative is a non-profit corporation providing housing and supportive
services at facilities throughout the Twin Cities region. Construction is expected to begin in the Summer of
2016 with completion and planned occupancy in 2017. Tax Increment from this TIF District will be utilized
alongside funding from Minnesota Housing Finance Agency, Metropolitan Council, Hennepin County and
private sources to provide financing for the estimated $11.2 million housing project.
100% of the units will be considered affordable housing. Under terms of the development agreement, the
developer will agree to maintain at least 40% of units occupied by households at or below 60% of the area
median income.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District A-1
Appendix B
Map of the Southeast Edina Redevelopment Project Area and the 66 West TIF District
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District B-1
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District B-2
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District B-3
Appendix C
Description of Property to be Included in the District
The 66 West TIF District encompasses all property and adjacent rights-of-way and abutting roadways
identified by the parcel number listed below.
Parcel Number Address Owner
29-028-24-24-0030 3330 66
th St. W 66 West LLC
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District C-1
Appendix D
Estimated Cash Flow for the District
This Appendix contains detailed calculations to estimate the cash flow of incremental taxes to be collected
over the life of the District.
These estimates are used to determine the revenue sources pursuant to M.S. Section 469.175, Subd. 1.
These calculations are estimates only. Actual increment collected may differ based on the actual market value
assigned to each parcel within the District as determined by the Assessor, the annual tax rates, and changes
to tax capacity rates. Please note that actual taxes levied against these parcels and collected could be higher
or lower than these estimates.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District D-1
3/3
1
/
2
0
1
6
Base Value Assumptions - Page 1
66
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6
Base Value Assumptions - Page 2
66
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t
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5
2
0
2
9
0
8
/
0
1
/
2
9
10
0
%
3
2
,
0
9
0
(
1
5
,
3
1
5
)
-
1
6
,
7
7
5
1
1
1
.
6
7
9
%
1
8
,
7
3
4
9,3
6
7
(
3
4
)
(
9
3
3
)
8
,
4
0
0
1
2
8
,
2
5
8
1
1
2
0
2
9
0
2
/
0
1
/
3
0
10
0
%
3
2
,
7
3
2
(
1
5
,
3
1
5
)
-
1
7
,
4
1
7
1
1
1
.
6
7
9
%
1
9
,
4
5
1
9
,
7
2
5
(
3
5
)
(
9
6
9
)
8
,
7
2
1
1
3
4
,
8
5
9
1
1
.
5
2
0
3
0
0
8
/
0
1
/
3
0
10
0
%
3
2
,
7
3
2
(
1
5
,
3
1
5
)
-
1
7
,
4
1
7
1
1
1
.
6
7
9
%
1
9
,
4
5
1
9,7
2
5
(
3
5
)
(
9
6
9
)
8
,
7
2
1
1
4
1
,
3
9
4
1
2
2
0
3
0
0
2
/
0
1
/
3
1
10
0
%
3
3
,
3
8
6
(
1
5
,
3
1
5
)
-
1
8
,
0
7
1
1
1
1
.
6
7
9
%
2
0
,
1
8
2
1
0
,
0
9
1
(
3
6
)
(
1
,
0
0
5
)
9
,
0
4
9
1
4
8
,
1
0
8
1
2
.
5
2
0
3
1
0
8
/
0
1
/
3
1
10
0
%
3
3
,
3
8
6
(
1
5
,
3
1
5
)
-
1
8
,
0
7
1
1
1
1
.
6
7
9
%
2
0
,
1
8
2
10
,
0
9
1
(
3
6
)
(
1
,
0
0
5
)
9
,
0
4
9
1
5
4
,
7
5
5
1
3
2
0
3
1
0
2
/
0
1
/
3
2
10
0
%
3
4
,
0
5
4
(
1
5
,
3
1
5
)
-
1
8
,
7
3
9
1
1
1
.
6
7
9
%
2
0
,
9
2
8
1
0
,
4
6
4
(
3
8
)
(
1
,
0
4
3
)
9
,
3
8
4
1
6
1
,
5
8
0
1
3
.
5
2
0
3
2
0
8
/
0
1
/
3
2
10
0
%
3
4
,
0
5
4
(
1
5
,
3
1
5
)
-
1
8
,
7
3
9
1
1
1
.
6
7
9
%
2
0
,
9
2
8
10
,
4
6
4
(
3
8
)
(
1
,
0
4
3
)
9
,
3
8
4
1
6
8
,
3
3
7
1
4
2
0
3
2
0
2
/
0
1
/
3
3
10
0
%
3
4
,
7
3
5
(
1
5
,
3
1
5
)
-
1
9
,
4
2
0
1
1
1
.
6
7
9
%
2
1
,
6
8
8
1
0
,
8
4
4
(
3
9
)
(
1
,
0
8
1
)
9
,
7
2
5
1
7
5
,
2
7
0
1
4
.
5
2
0
3
3
0
8
/
0
1
/
3
3
10
0
%
3
4
,
7
3
5
(
1
5
,
3
1
5
)
-
1
9
,
4
2
0
1
1
1
.
6
7
9
%
2
1
,
6
8
8
10
,
8
4
4
(
3
9
)
(
1
,
0
8
1
)
9
,
7
2
5
1
8
2
,
1
3
5
1
5
2
0
3
3
0
2
/
0
1
/
3
4
10
0
%
3
5
,
4
3
0
(
1
5
,
3
1
5
)
-
2
0
,
1
1
5
1
1
1
.
6
7
9
%
2
2
,
4
6
4
1
1
,
2
3
2
(
4
0
)
(
1
,
1
1
9
)
1
0
,
0
7
3
1
8
9
,
1
7
5
1
5
.
5
2
0
3
4
0
8
/
0
1
/
3
4
10
0
%
3
5
,
4
3
0
(
1
5
,
3
1
5
)
-
2
0
,
1
1
5
1
1
1
.
6
7
9
%
2
2
,
4
6
4
11
,
2
3
2
(
4
0
)
(
1
,
1
1
9
)
1
0
,
0
7
3
1
9
6
,
1
4
5
1
6
2
0
3
4
0
2
/
0
1
/
3
5
10
0
%
3
6
,
1
3
9
(
1
5
,
3
1
5
)
-
2
0
,
8
2
4
1
1
1
.
6
7
9
%
2
3
,
2
5
6
1
1
,
6
2
8
(
4
2
)
(
1
,
1
5
9
)
1
0
,
4
2
7
2
0
3
,
2
9
0
1
6
.
5
2
0
3
5
0
8
/
0
1
/
3
5
10
0
%
3
6
,
1
3
9
(
1
5
,
3
1
5
)
-
2
0
,
8
2
4
1
1
1
.
6
7
9
%
2
3
,
2
5
6
11
,
6
2
8
(
4
2
)
(
1
,
1
5
9
)
1
0
,
4
2
7
2
1
0
,
3
6
3
1
7
2
0
3
5
0
2
/
0
1
/
3
6
10
0
%
3
6
,
8
6
1
(
1
5
,
3
1
5
)
-
2
1
,
5
4
6
1
1
1
.
6
7
9
%
2
4
,
0
6
3
1
2
,
0
3
1
(
4
3
)
(
1
,
1
9
9
)
1
0
,
7
8
9
2
1
7
,
6
1
0
1
7
.
5
2
0
3
6
0
8
/
0
1
/
3
6
10
0
%
3
6
,
8
6
1
(
1
5
,
3
1
5
)
-
2
1
,
5
4
6
1
1
1
.
6
7
9
%
2
4
,
0
6
3
12
,
0
3
1
(
4
3
)
(
1
,
1
9
9
)
1
0
,
7
8
9
2
2
4
,
7
8
5
1
8
2
0
3
6
0
2
/
0
1
/
3
7
10
0
%
3
7
,
5
9
9
(
1
5
,
3
1
5
)
-
2
2
,
2
8
4
1
1
1
.
6
7
9
%
2
4
,
8
8
6
1
2
,
4
4
3
(
4
5
)
(
1
,
2
4
0
)
1
1
,
1
5
8
2
3
2
,
1
3
2
1
8
.
5
2
0
3
7
0
8
/
0
1
/
3
7
10
0
%
3
7
,
5
9
9
(
1
5
,
3
1
5
)
-
2
2
,
2
8
4
1
1
1
.
6
7
9
%
2
4
,
8
8
6
12
,
4
4
3
(
4
5
)
(
1
,
2
4
0
)
1
1
,
1
5
8
2
3
9
,
4
0
6
1
9
2
0
3
7
0
2
/
0
1
/
3
8
10
0
%
3
8
,
3
5
1
(
1
5
,
3
1
5
)
-
2
3
,
0
3
6
1
1
1
.
6
7
9
%
2
5
,
7
2
6
1
2
,
8
6
3
(
4
6
)
(
1
,
2
8
2
)
1
1
,
5
3
5
2
4
6
,
8
5
1
1
9
.
5
2
0
3
8
0
8
/
0
1
/
3
8
10
0
%
3
8
,
3
5
1
(
1
5
,
3
1
5
)
-
2
3
,
0
3
6
1
1
1
.
6
7
9
%
2
5
,
7
2
6
12
,
8
6
3
(
4
6
)
(
1
,
2
8
2
)
1
1
,
5
3
5
2
5
4
,
2
2
2
2
0
2
0
3
8
0
2
/
0
1
/
3
9
10
0
%
3
9
,
1
1
8
(
1
5
,
3
1
5
)
-
2
3
,
8
0
3
1
1
1
.
6
7
9
%
2
6
,
5
8
2
1
3
,
2
9
1
(
4
8
)
(
1
,
3
2
4
)
1
1
,
9
1
9
2
6
1
,
7
6
4
2
0
.
5
2
0
3
9
0
8
/
0
1
/
3
9
10
0
%
3
9
,
1
1
8
(
1
5
,
3
1
5
)
-
2
3
,
8
0
3
1
1
1
.
6
7
9
%
2
6
,
5
8
2
13
,
2
9
1
(
4
8
)
(
1
,
3
2
4
)
1
1
,
9
1
9
2
6
9
,
2
3
1
2
1
2
0
3
9
0
2
/
0
1
/
4
0
10
0
%
3
9
,
9
0
0
(
1
5
,
3
1
5
)
-
2
4
,
5
8
5
1
1
1
.
6
7
9
%
2
7
,
4
5
6
1
3
,
7
2
8
(
4
9
)
(
1
,
3
6
8
)
1
2
,
3
1
1
2
7
6
,
8
6
7
2
1
.
5
2
0
4
0
0
8
/
0
1
/
4
0
10
0
%
3
9
,
9
0
0
(
1
5
,
3
1
5
)
-
2
4
,
5
8
5
1
1
1
.
6
7
9
%
2
7
,
4
5
6
13
,
7
2
8
(
4
9
)
(
1
,
3
6
8
)
1
2
,
3
1
1
2
8
4
,
4
2
7
2
2
2
0
4
0
0
2
/
0
1
/
4
1
10
0
%
4
0
,
6
9
8
(
1
5
,
3
1
5
)
-
2
5
,
3
8
3
1
1
1
.
6
7
9
%
2
8
,
3
4
7
1
4
,
1
7
4
(
5
1
)
(
1
,
4
1
2
)
1
2
,
7
1
0
2
9
2
,
1
5
5
2
2
.
5
2
0
4
1
0
8
/
0
1
/
4
1
10
0
%
4
0
,
6
9
8
(
1
5
,
3
1
5
)
-
2
5
,
3
8
3
1
1
1
.
6
7
9
%
2
8
,
3
4
7
14
,
1
7
4
(
5
1
)
(
1
,
4
1
2
)
1
2
,
7
1
0
2
9
9
,
8
0
7
2
3
2
0
4
1
0
2
/
0
1
/
4
2
10
0
%
4
1
,
5
1
2
(
1
5
,
3
1
5
)
-
2
6
,
1
9
7
1
1
1
.
6
7
9
%
2
9
,
2
5
6
1
4
,
6
2
8
(
5
3
)
(
1
,
4
5
8
)
1
3
,
1
1
8
3
0
7
,
6
2
6
2
3
.
5
2
0
4
2
0
8
/
0
1
/
4
2
10
0
%
4
1
,
5
1
2
(
1
5
,
3
1
5
)
-
2
6
,
1
9
7
1
1
1
.
6
7
9
%
2
9
,
2
5
6
14
,
6
2
8
(
5
3
)
(
1
,
4
5
8
)
1
3
,
1
1
8
3
1
5
,
3
6
8
2
4
2
0
4
2
0
2
/
0
1
/
4
3
10
0
%
4
2
,
3
4
2
(
1
5
,
3
1
5
)
-
2
7
,
0
2
7
1
1
1
.
6
7
9
%
3
0
,
1
8
4
1
5
,
0
9
2
(
5
4
)
(
1
,
5
0
4
)
1
3
,
5
3
4
3
2
3
,
2
7
6
2
4
.
5
2
0
4
3
0
8
/
0
1
/
4
3
10
0
%
4
2
,
3
4
2
(
1
5
,
3
1
5
)
-
2
7
,
0
2
7
1
1
1
.
6
7
9
%
3
0
,
1
8
4
15
,
0
9
2
(
5
4
)
(
1
,
5
0
4
)
1
3
,
5
3
4
3
3
1
,
1
0
6
2
5
2
0
4
3
0
2
/
0
1
/
4
4
10
0
%
4
3
,
1
8
9
(
1
5
,
3
1
5
)
-
2
7
,
8
7
4
1
1
1
.
6
7
9
%
3
1
,
1
2
9
1
5
,
5
6
5
(
5
6
)
(
1
,
5
5
1
)
1
3
,
9
5
8
3
3
9
,
1
0
1
2
5
.
5
2
0
4
4
0
8
/
0
1
/
4
4
10
0
%
4
3
,
1
8
9
(
1
5
,
3
1
5
)
-
2
7
,
8
7
4
1
1
1
.
6
7
9
%
3
1
,
1
2
9
15
,
5
6
5
(
5
6
)
(
1
,
5
5
1
)
1
3
,
9
5
8
3
4
7
,
0
1
7
2
6
2
0
4
4
0
2
/
0
1
/
4
5
T
o
t
a
l
54
5
,
2
1
3
(
1
,
9
6
3
)
(
5
4
,
3
2
5
)
4
8
8
,
9
2
5
E
s
t
i
m
a
t
e
d
P
r
e
s
e
n
t
V
a
l
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e
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r
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m
0
8
/
0
1
/
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1
6
P
r
e
s
e
n
t
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a
l
u
e
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a
t
e
2
.
0
0
%
3
8
6
,
9
6
7
(
1
,
3
9
3
)
(
3
8
,
5
5
7
)
3
4
7
,
0
1
7
Pr
e
p
a
r
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b
y
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h
l
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s
&
A
s
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,
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.
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N:\
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IF Districts\66 West\2016 FI TIF Run (3.4.2016).xls
Appendix E
Housing Qualifications for the District
INCOME RESTRICTIONS - ADJUSTED FOR FAMILY SIZE
(HOUSING DISTRICT) - HENNEPIN COUNTY
HENNEPIN COUNTY MEDIAN INCOME: $85,800
No. of Persons 50% of Median Income 60% of Median
Income
1-person $30,350 $36,060
2-person $34,350 $41,220
3-person $38,650 $46,380
4-person $42,900 $51,480
Source: Department of Housing and Urban Development and Minnesota
Housing Finance Agency
The two options for income limits on a standard housing district are 20% of the units at 50% of median
income or 40% of the units at 60% of median income. There are no rent restrictions for a housing district.
Subject to the terms of a development agreement, at least 40% of the units within the 66 West TIF District
will be occupied by person with incomes less than 60% of median income.
***PLEASE NOTE: THESE NUMBERS ARE ADJUSTED ANNUALLY. ALL INCOME FIGURES
REPORTED ON THIS PAGE ARE FOR 2016.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District E-1
Appendix F
Findings for the District
The reasons and facts supporting the findings for the adoption of the Tax Increment Financing Plan for 66
West Tax Increment Financing District, as required pursuant to Minnesota Statutes, Section 469.175,
Subdivision 3 are as follows:
1. Finding that 66 West Tax Increment Financing District is a housing district as defined in M.S.,
Section 469.174, Subd. 11.
The 66 West TIF District consists of one parcel. The development will consist of approximately 39
units of affordable housing in the City. All or a portion of these units will receive tax increment
assistance and will meet income restrictions described in M.S. 469.1761. At least 40 percent of the
units/homes receiving assistance will have incomes at or below 60 percent of statewide median
income. Appendix E of the TIF Plan contains background for the above finding.
2. Finding that the proposed development, in the opinion of the City Council, would not reasonably be
expected to occur solely through private investment within the reasonably foreseeable future.
The proposed development, in the opinion of the City, would not reasonably be expected to occur
solely through private investment within the reasonably foreseeable future: This finding is supported
by the fact that the development proposed in this plan is a housing district that meets the City's
objectives for development and redevelopment and is intended for occupancy in part by low and
moderate income persons. All of the units will be both rent and income restricted and require
operating subsidy, which means that rental revenues are insufficient to make the project economically
feasible without public assistance. The necessity of public assistance is true for most affordable
rental housing developments in Minnesota.
Due to the high cost of building affordable new housing in the City, this project is feasible only
through assistance, in part, from tax increment financing. The affordable project also requires public
assistance beyond tax increment. The developer has applied for and received an allocation of federal
low income tax credits from the Minnesota Housing Finance Agency (MHFA). The City’s
expectation of providing assistance allowed this project to score high enough in the MHFA tax credit
allocation system to receive the tax credits. Therefore, the tax increment assistance is also necessary
in order to leverage the federal subsidy provided by low income tax credits.
The developer has provided its project budget and financial projections (on file in City Hall) that
demonstrate the need for tax increment assistance as described in this Plan.
3. Finding that the TIF Plan for 66 West Tax Increment Financing District conforms to the general plan
for the development or redevelopment of the municipality as a whole.
The Planning Commission reviewed the TIF Plan and found that the TIF Plan conforms to the
general development plan of the City.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District F-1
4. Finding that the TIF Plan for 66 West Tax Increment Financing District will afford maximum
opportunity, consistent with the sound needs of the City as a whole, for the development or
redevelopment of Southeast Edina Redevelopment Project Area by private enterprise.
Through the implementation of the TIF Plan, the HRA and City will provide an impetus for
residential development which is desirable or necessary for meeting housing needs of people with
a variety of incomes and provide housing that would otherwise not be available.
Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the 66 West Tax Increment Financing District F-2
As of March 31, 2016
Draft for Public Hearing
Modification to the Redevelopment Plan
for the Southeast Edina Redevelopment Project Area
and the
Modification to the Tax Increment Financing Plan
for the
Southdale 2 Tax Increment Financing District
(an economic development district)
within
the Southeast Edina Redevelopment Project Area
Edina Housing and Redevelopment Authority
City of Edina
Hennepin County
State of Minnesota
Adopted: April 17, 2012
Modification #1: April 5, 2016
Prepared by: EHLERS & ASSOCIATES, INC.3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105651-697-8500 fax: 651-697-8555 www.ehlers-inc.com
Introduction
The purpose of Modification #1 to the Tax Increment Financing Plan for the Southdale 2 Tax Increment
Financing District is to remove one parcel, administratively update notating the actual date of receipt of
first tax increment, and to authorize pooling dollars for affordable housing purposes pursuant to M.S.,
Section 469.1763, Subd. 2(d). The specific modifications are shown in bold print and are summarized below:
Subsection 2-3. Statement of Objectives
The District is being modified in order to remove one parcel and to authorize pooling dollars for
affordable housing purposes pursuant to M.S., Section 469.1763, Subd. 2(d). Because the current net tax
capacity of the parcel is lower than the frozen net tax capacity, the modification to the District must go
through the entire public hearing process pursuant to M.S., Section 469.175, Subd. 4.
Subsection 2-7. Duration and First Year of Tax Increment of the District
Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District
must be indicated within the Tax Increment Financing Plan. Pursuant to M.S., Section 469.176, Subd. 1b,
the duration of the District will be 8 years after receipt of the first increment by the HRA or City. The date
of receipt by the City of the first tax increment was August 2013. Thus, it is estimated that the District,
including any modification to the Tax Increment Financing Plan for subsequent phases or other changes,
would terminate after December 31, 2021, or when the Tax Increment Financing Plan is satisfied. The
City reserves the right to decertify the District prior to the legally required date.
Subsection 2-10. Uses of Funds
Pursuant to M.S., Section 469.1763, Subd. 2(d), the HRA and City may elect to increase by up to ten
percentage points the permitted amount of expenditures for activities located outside the geographic area
of the District. The HRA and City intend to pool $550,000 from the project costs of the District to be used
to assist housing that meets the requirements contained in M.S., Section 469.1763, Subd. 2(d).
Subsection 2-27. Other Limitations on the Use of Tax Increment
Pursuant to M.S., Statute 469.1763, Subd. 2, the HRA and City may elect to increase by up to ten
percentage points the permitted amount of expenditures for activities located outside the geographic area
of the District for qualifying housing purposes. Therefore, the pooling limitations with respect to this
District are increased to not more than 30 percent of tax increments from the District.
Appendix B – Modified Map of the Southdale 2 TIF District
Appendix C – Description of Property to be Included in the District
Parcel number 29-028-24-24-0030 is being removed from the District to be included in the 66 West Tax
Increment Financing District.
Table of Contents
(for reference purposes only)
Section 1 - Modification to the Redevelopment Planfor the Southeast Edina Redevelopment Project Area ........................... 1-4
Foreword ............................................................. 1-4
Section 2 - Tax Increment Financing Plan
for the Southdale 2 Tax Increment Financing District ............................ 2-1Subsection 2-1. Foreword............................................... 2-1
Subsection 2-2. Statutory Authority........................................ 2-1
Subsection 2-3. Statement of Objectives ................................... 2-1Subsection 2-4. Redevelopment Plan Overview .............................. 2-1
Subsection 2-5. Description of Property in the District and Property To Be Acquired . 2-2Subsection 2-6. Classification of the District................................. 2-2
Subsection 2-7. Duration and First Year of Tax Increment of the District ........... 2-3
Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax CapacityValue/Increment and Notification of Prior Planned Improvements ................ 2-3
Subsection 2-9. Sources of Revenue/Bonds to be Issued ...................... 2-4Subsection 2-10. Uses of Funds ........................................... 2-5
Subsection 2-11. Fiscal Disparities Election.................................. 2-5
Subsection 2-12. Business Subsidies....................................... 2-6Subsection 2-13. County Road Costs ....................................... 2-7
Subsection 2-14. Estimated Impact on Other Taxing Jurisdictions................. 2-7Subsection 2-15. Supporting Documentation ................................. 2-9
Subsection 2-16. Definition of Tax Increment Revenues ........................ 2-9
Subsection 2-17. Modifications to the District................................ 2-10Subsection 2-18. Administrative Expenses .................................. 2-10
Subsection 2-19. Limitation of Increment ................................... 2-11Subsection 2-20. Use of Tax Increment .................................... 2-12
Subsection 2-21. Excess Increments ...................................... 2-12
Subsection 2-22. Requirements for Agreements with the Developer .............. 2-13Subsection 2-23. Assessment Agreements ................................. 2-13
Subsection 2-24. Administration of the District ............................... 2-13Subsection 2-25. Annual Disclosure Requirements ........................... 2-13
Subsection 2-26. Reasonable Expectations ................................. 2-13
Subsection 2-27. Other Limitations on the Use of Tax Increment................. 2-14Subsection 2-28. Summary.............................................. 2-14
Appendix A
Project Description ...................................................... A-1
Appendix B
Map(s) of the Southeast Edina Redevelopment Project Area and the District ......... B-1
Appendix C
Description of Property to be Included in the District ............................ C-1
Appendix DEstimated Cash Flow for the District ........................................ D-1
Appendix E
Minnesota Business Assistance Form ....................................... E-1
Appendix F
Findings Including But/For Qualifications..................................... F-1
Appendix GPrior Improvements ..................................................... G-1
Section 1 - Modification to the Redevelopment Plan
for the Southeast Edina Redevelopment Project Area
Foreword
This modification represents a continuation of the goals and objectives set forth in the Redevelopment Plan
for the Southeast Edina Redevelopment Project Area. Because the Southdale 2 Tax Increment Financing
District (the “District”) is located within the Southeast Edina Redevelopment Project Area, the modification
to the District must be listed in the Redevelopment Plan. Therefore, the following bold-faced text represents
a Modification to Section 1 of the Redevelopment Plan.
Section 1 - Municipal Action Taken
Based upon the statutory authority described in the Redevelopment Plan attached hereto, the
public purpose findings by the City Council and for the purpose of fulfilling the City’s
development objects as set forth in the Redevelopment Plan, the City Council has created,
established and designated the Southeast Edina Redevelopment Plan pursuant to and in
accordance with the requirements of Minnesota Statutes, Section 469.001 to 469.047.
The original and amended Southeast Edina Redevelopment Plan documents and amendments
have designated the Southeast Edina Redevelopment Plan as a redevelopment project and also
a tax increment financing plan for tax increment districts created prior to 1988. The
Centennial Lakes Tax Increment Financing District was created in 1988 pursuant to Tax
Increment Financing Plan 88-1, which was subsequently renamed the Centennial Lakes Tax
Increment District and referred to by Hennepin County as District #1203 and #1249.
For purposes of clarification, this modification will refer to the Southeast Edina
Redevelopment Plan as the Southeast Edina Redevelopment Project Area Plan pursuant to
Minnesota Statutes 469.002. The following municipal action has been taken with regard to
the Southeast Edina Redevelopment Project Area Plan:
September 29, 1977: The Housing and Redevelopment Authority of Edina (the “HRA”)
approved the Southeast Edina Redevelopment Plan.
October 5, 1981: The Southeast Edina Redevelopment Plan was amended to identify project
costs and bonded indebtedness incurred to finance those costs.
May 6, 1985: The HRA and the City approved an amendment to the Southeast Edina
Redevelopment Plan which includes the establishment of an interest reduction program and
enlarges the project area to include the “1985 Project Area.”
August 19, 1985: The HRA and the City approve d the First Amendment to the 1985
Amendment to the Southeast Edina Redevelopment Plan to enlarge the 1985 Project Area and
to authorize the issuance of additional bonds to acquire land within the enlarged 1985 Project
Area.
1987: The HRA and City approved the 1987 Amendments to the Southeast Edina
Redevelopment Plan to enlarge the project area to include the 1987 Project Area.
1988: The HRA and City approved the 1988 Amendments to the Southeast Edina
Redevelopment Plan provides and Interest Reduction Program in the amount of $2,500,000
Edina HRA Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area 1-1
to assist in the financing and construction of housing units, and authorizes the HRA and City
to incur bonded indebtedness.
February 21, 2012: The HRA and City expand the Southeast Edina Project Area as can be
seen in Appendix A.
February 18, 2014: The HRA and City establish the Pentagon Park Tax Increment Financing
District.
March 2, 2016: The HRA and City establish the Grandview 2 Tax Increment Financing
District.
(AS MODIFIED APRIL 5, 2016)
April 5, 2016: The HRA and City are modifying the Tax Increment Financing Plan for
the Southdale 2 Tax Increment Financing District and establishing the 66 West Tax
Increment Financing District.
For further information, a review of the Redevelopment Plan for the Southeast Edina Redevelopment Project
Area is recommended. It is available from the HRA Executive Director at the City of Edina. Other relevant
information is contained in the Tax Increment Financing Plans for the Tax Increment Financing Districts
located within the Southeast Edina Redevelopment Project Area.
Edina HRA Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area 1-2
Section 2 - Tax Increment Financing Plan
for the Southdale 2 Tax Increment Financing District
Subsection 2-1. Foreword
The Edina Housing and Redevelopment Authority (the "HRA"), the City of Edina (the "City"), staff and
consultants have prepared the following information to expedite the establishment of the Southdale 2 Tax
Increment Financing District (the "District"), an economic development tax increment financing district,
located in the Southeast Edina Redevelopment Project Area (the "Project Area").
Subsection 2-2. Statutory Authority
Within the City, there exist areas where public involvement is necessary to cause development or
redevelopment to occur. To this end, the HRA and City have certain statutory powers pursuant to Minnesota
Statutes ("M.S."), Sections 469.001 to 469.047, inclusive, as amended, and M.S., Sections 469.174 to
469.1799, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing
public costs related to this project.
This District is being created pursuant to M.S., Section 469.176, Subd. 4c(d).
This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant
information is contained in the Modification to the Redevelopment Plan for the Southeast Edina
Redevelopment Project Area.
Subsection 2-3. Statement of Objectives
The District currently consists of 300 parcels of land and adjacent and internal rights-of-way. The District
is being created to facilitate renovations to the common areas of Southdale Mall in the City. Please see
Appendix A for further District information. The HRA and City are considering entering into a
redevelopment agreement that would designate Southdale Limited Partnership as the developer. This TIF
Plan is expected to achieve many of the objectives outlined in the Redevelopment Plan for the Southeast
Edina Redevelopment Project Area.
The activities contemplated in the Modification to the Redevelopment Plan and the TIF Plan do not preclude
the undertaking of other qualified development or redevelopment activities. These activities are anticipated
to occur over the life of the Southeast Edina Redevelopment Project Area and the District.
(AS MODIFIED APRIL 5, 2016)
The District is being modified in order to remove one parcel and to authorize pooling dollars for
affordable housing purposes pursuant to M.S., Section 469.1763, Subd. 2(d). Because the current net
tax capacity of the parcel is lower than the frozen net tax capacity, the modification to the District must
go through the entire public hearing process pursuant to M.S., Section 469.175, Subd. 4.
Subsection 2-4. Redevelopment Plan Overview
1. Property to be Acquired - Selected property located within the District may be acquired by
the HRA or City and is further described in this TIF Plan.
2. Relocation - Relocation services, to the extent required by law, are available pursuant to
M.S., Chapter 117 and other relevant state and federal laws.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-1
3. Upon approval of a developer's plan relating to the project and completion of the necessary
legal requirements, the HRA or City may sell to a developer selected properties that it may
acquire within the District or may lease land or facilities to a developer.
4. The HRA or City may perform or provide for some or all necessary acquisition, construction,
relocation, demolition, and required utilities and public street work within the District.
5. The City proposes both public and private infrastructure within the District. The proposed
improvements to private property within the District will be for a renovation to a retail mall,
and there will be continued operation of the Southeast Edina Redevelopment Project Area
after the capital improvements within the Southeast Edina Redevelopment Project Area have
been completed.
Subsection 2-5. Description of Property in the District and Property to be Acquired
The District encompasses all property and adjacent rights-of-way and abutting roadways identified by the
parcels listed in Appendix C of this TIF Plan. Please also see the map in Appendix B for further information
on the location of the District.
The City currently owns parcels to be included in the District and intends to acquire land easements and/or
additional property within the District. The HRA and City are authorized to use tax increments to acquire
any parcel listed in Appendix C of this TIF Plan.
Subsection 2-6. Classification of the District
The District is an economic development district as defined in M.S. 469.174, Subd. 12, as modified by M.S.,
Section 469.176, Subd. 4c(d). In order to create an economic development district under general law (M.S.,
Section 469.174 Subd. 12), the HRA or City must find that the District is in the public interest because:
(1) it will discourage commerce, industry, or manufacturing from moving their operations
to another state or municipality; or
(2) it will result in increased employment in the state; or
(3) it will result in preservation and enhancement of the tax base of the state.
In addition, M.S., Section 469.176, Subd. 4c provides that assistance from an economic development district
may not be used to provide assistance to development if more than 15 percent of the buildings and ancillary
facilities (determined on a square footage basis), are used for other than certain specified purposes (largely
manufacturing, warehousing and distribution facilities).
However, M.S., Section 469.176, Subd. 4c(d) provides a limited-time exception to these general law rules.
Under this provision (originally enacted in 2010 legislature and extended in 2011 legislature), a City may
establish an economic development of any kind, notwithstanding the normal findings required under M.S.,
Section 469.174, Subd. 12, and notwithstanding the limitation on types of assisted development under M.S.,
Section 469.176, Subd. 4c.
To satisfy the requirement of M.S., Section 469.176, Subd. 4c(d), the City finds that:
(1) the project will create or retain jobs in this state, including construction jobs and that
construction of the project would not have commenced before July 1, 2012, without the City
and HRA providing assistance under the provisions of this paragraph;
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-2
(2) construction of the project will begin no later than July 1, 2012; and
(3) the request for certification of the district is made no later than June 30, 2012; and
In meeting the statutory criteria the HRA and City rely on the following facts and findings:
The City’s findings in creating the District is pursuant to M.S. Sections 469.176, Subd. 4c(d) in order to assist
in the renovations to the common areas of Southdale Mall. If construction does not commence on or before
July 1, 2012, the proposed facility will need to meet the criteria in M.S., Section 469.176, Subd. 4c(a), and
must satisfy the findings required under M.S., Section 469.174, Subd. 12.
Pursuant to M.S., Section 469.176, Subd. 7, the District does not contain any parcel or part of a parcel that
qualified under the provisions of M.S., Sections 273.111 or 273.112 or Chapter 473H for taxes payable in
any of the five calendar years before the filing of the request for certification of the District.
Subsection 2-7. Duration and First Year of Tax Increment of the District
Pursuant to M.S., Section 469.175, Subd. 1, and M.S., Section 469.176, Subd. 1, the duration of the District
must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. 1b., the duration of the
District will be 8 years after receipt of the first increment by the HRA or City. The date of receipt by the City
of the first tax increment is expected to be 2014. Thus, it is estimated that the District, including any
modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2022, or when
the TIF Plan is satisfied. If increment is received in 2013, the term of the District will be 2021. The HRA
or City reserves the right to decertify the District prior to the legally required date.
(AS MODIFIED APRIL 5, 2016)
Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District
must be indicated within the Tax Increment Financing Plan. Pursuant to M.S., Section 469.176, Subd.
1b, the duration of the District will be 8 years after receipt of the first increment by the HRA or City.
The date of receipt by the City of the first tax increment was August 2013. Thus, it is estimated that the
District, including any modification to the Tax Increment Financing Plan for subsequent phases or
other changes, would terminate after December 31, 2021, or when the Tax Increment Financing Plan
is satisfied. The City reserves the right to decertify the District prior to the legally required date.
Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity
Value/Increment and Notification of Prior Planned Improvements
Pursuant to M.S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd. 1, the Original Net Tax Capacity
(ONTC) as certified for the District will be based on the market values placed on the property by the assessor
in 2011 for taxes payable 2012.
Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning
in the payment year 2014) the amount by which the original value has increased or decreased as a result of:
1. Change in tax exempt status of property;
2. Reduction or enlargement of the geographic boundaries of the district;
3. Change due to adjustments, negotiated or court-ordered abatements;
4. Change in the use of the property and classification;
5. Change in state law governing class rates; or
6. Change in previously issued building permits.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-3
In any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no
value will be captured and no tax increment will be payable to the HRA or City.
The original local tax rate for the District will be the local tax rate for taxes payable 2012, assuming the
request for certification is made on or before June 30, 2012. The ONTC and the Original Local Tax Rate for
the District appear in the table below.
Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated
Captured Net Tax Capacity (CTC) of the District, within the Southeast Edina Redevelopment Project Area,
upon completion of the projects within the District, will annually approximate tax increment revenues as
shown in the table below. The HRA and City request 100 percent of the available increase in tax capacity
for repayment of its obligations and current expenditures, beginning in the tax year payable 2014. The
Project Tax Capacity (PTC) listed is an estimate of values when the projects within the District are completed.
Southdale 2 Tax Increment District Parcels in School District No. 273
Project Estimated Tax Capacity upon Completion (PTC) $4,714,500
Original Estimated Net Tax Capacity (ONTC) $4,457,873
Fiscal Disparities Reduction $65,592
Estimated Captured Tax Capacity (CTC) $191,035
Original Local Tax Rate 1.08160
EstimatedPay 2012
Estimated Annual Tax Increment (CTC x Local Tax Rate) $206,623
Percent Retained by the HRA and City 100%
The tax capacity included in this chart is the estimated tax capacity of the District in year 9. The tax capacityof the parcels located in School District 273 in year one is estimated to be $4,458,033.The fiscal disparitiesreduction will vary from year to year.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-4
Southdale 2 Tax Increment District Parcels in School District No. 280
Project Estimated Tax Capacity upon Completion (PTC) $5,858,175
Original Estimated Net Tax Capacity (ONTC) $4,121,297
Fiscal Disparities Reduction $504,487
Estimated Captured Tax Capacity (CTC) $1,232,391
Original Local Tax Rate 1.14351
EstimatedPay 2012
Estimated Annual Tax Increment (CTC x Local Tax Rate) $1,409,251
Percent Retained by the HRA and City 100%
The tax capacity included in this chart is the estimated tax capacity of the District in year 9. The tax capacity
of the parcels in the District located in School District 280 in year one is estimated to be $4,887,371. The fiscal
disparities reduction will vary from year to year.
Pursuant to M.S., Section 469.177, Subd. 4, the HRA shall, after a due and diligent search, accompany its
request for certification to the County Auditor or its notice of the District enlargement pursuant to M.S.,
Section 469.175, Subd. 4, with a listing of all properties within the District or area of enlargement for which
building permits have been issued during the eighteen (18) months immediately preceding approval of the
TIF Plan by the municipality pursuant to M.S., Section 469.175, Subd. 3. The County Auditor shall increase
the original net tax capacity of the District by the net tax capacity of improvements for which a building
permit was issued.
The City has reviewed the area to be included in the District and has found building permits that were
issued in the past 18 months prior to the public hearing. Please see Appendix G for the building
permits that were issued.
Subsection 2-9. Sources of Revenue/Bonds to be Issued
The costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax
increments. The HRA or City reserves the right to incur bonds or other indebtedness as a result of the TIF
Plan. As presently proposed, the projects within the District will be financed by an interfund loan. Any
refunding amounts will be deemed a budgeted cost without a formal TIF Plan Modification. This provision
does not obligate the HRA or City to incur debt. The HRA or City will issue bonds or incur other debt only
upon the determination that such action is in the best interest of the City.
The total estimated tax increment revenues for the District are shown in the table below:
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-5
SOURCES OF FUNDS TOTAL
Tax Increment $11,702,217
Interest $250,000
Land Sale Proceeds/Lease Revenue $0
TOTAL $11,952,217
The HRA or City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments
from the District in a maximum principal amount of $8,374,296. Such bonds may be in the form of pay-as-
you-go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of total
bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of approval.
Subsection 2-10. Uses of Funds
Currently under consideration for the District is a proposal to facilitate renovations to the common areas of
Southdale Mall. The HRA and City have determined that it will be necessary to provide assistance to the
project(s) for certain District costs, as described. The HRA has studied the feasibility of the development or
redevelopment of property in and around the District. To facilitate the establishment and development or
redevelopment of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost
of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is
outlined in the following table.
USES OF TAX INCREMENT FUNDS TOTAL
Land/Building Acquisition $0
Site Improvements/Preparation $2,274,296
Utilities $0
Other Qualifying Improvements $5,000,000
Administrative Costs (up to 10%)$1,100,000
PROJECT COST TOTAL $8,374,296
Interest $3,577,921
PROJECT AND INTEREST COSTS TOTAL $11,952,217
The total project cost, including financing costs (interest) listed in the table above does not exceed the total
projected tax increments for the District as shown in Appendix D.
Estimated capital and administrative costs listed above are subject to change among categories by
modification of the TIF Plan without hearings and notices as required for approval of the initial TIF Plan, so
long as the total capital and administrative costs combined do not exceed the total listed above. Further, the
HRA or City may spend up to 20 percent of the tax increments from the District for activities (described in
the table above) located outside the boundaries of the District but within the boundaries of the Project Area
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-6
(including administrative costs, which are considered to be spend outside the District), subject to all other
terms and conditions of this TIF Plan.
(AS MODIFIED APRIL 5, 2016)
Pursuant to M.S., Section 469.1763, Subd. 2(d), the HRA and City may elect to increase by up to ten
percentage points the permitted amount of expenditures for activities located outside the geographic
area of the District. The HRA and City intend to pool $550,000 from the project costs of the District
to be used to assist housing that meets the requirements contained in M.S., Section 469.1763, Subd. 2(d).
Subsection 2-11. Fiscal Disparities Election
Pursuant to M.S., Section 469.177, Subd. 3, clause b, the HRA or City must calculate fiscal disparities using
the following method of computation:
(1) The original net tax capacity shall be determined before the application of the fiscal disparity
provisions of Chapter 276A or 473F. The current net tax capacity shall exclude any fiscal
disparity commercial-industrial net tax capacity increase between the original year and the
current year multiplied by the fiscal disparity ratio determined pursuant to M.S., Section
276A.06, subdivision 7 or M.S., Section 473F.08, subdivision 6. Where the original net tax
capacity is equal to or greater than the current net tax capacity, there is no captured tax capacity
and no tax increment determination. Where the original tax capacity is less than the current tax
capacity, the difference between the original net tax capacity and the current net tax capacity
is the captured net tax capacity. This amount less any portion thereof which the authority has
designated, in its tax increment financing plan, to share with the local taxing districts is the
retained captured net tax capacity of the authority.
(2) The county auditor shall exclude the retained captured net tax capacity of the authority from the
net tax capacity of the local taxing districts in determining local taxing district tax rates. The
local tax rates so determined are to be extended against the retained captured net tax capacity
of the authority as well as the net tax capacity of the local taxing districts. The tax generated by
the extension of the less of (A) the local taxing district tax rates or (B) the original local tax rate
to the retained captured net tax capacity of the authority is the tax increment of the authority.
Subsection 2-12. Business Subsidies
Pursuant to M.S., Section 116J.993, Subd. 3, the following forms of financial assistance are not considered
a business subsidy:
(1) A business subsidy of less than $150,000;
(2) Assistance that is generally available to all businesses or to a general class of similar businesses,
such as a line of business, size, location, or similar general criteria;
(3) Public improvements to buildings or lands owned by the state or local government that serve a
public purpose and do not principally benefit a single business or defined group of businesses at
the time the improvements are made;
(4) Redevelopment property polluted by contaminants as defined in M.S., Section 116J.552, Subd. 3;
(5) Assistance provided for the sole purpose of renovating old or decaying building stock or bringing
it up to code and assistance provided for designated historic preservation districts, provided that
the assistance is equal to or less than 50% of the total cost;
(6) Assistance to provide job readiness and training services if the sole purpose of the assistance is to
provide those services;
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-7
(7) Assistance for housing;
(8) Assistance for pollution control or abatement, including assistance for a tax increment financing
hazardous substance subdistrict as defined under M.S., Section 469.174, Subd. 23;
(9) Assistance for energy conservation;
(10) Tax reductions resulting from conformity with federal tax law;
(11) Workers' compensation and unemployment compensation;
(12) Benefits derived from regulation;
(13) Indirect benefits derived from assistance to educational institutions;
(14) Funds from bonds allocated under chapter 474A, bonds issued to refund outstanding bonds, and
bonds issued for the benefit of an organization described in section 501 (c) (3) of the Internal
Revenue Code of 1986, as amended through December 31, 1999;
(15) Assistance for a collaboration between a Minnesota higher education institution and a business;
(16) Assistance for a tax increment financing soils condition district as defined under M.S., Section
469.174, Subd. 19;
(17) Redevelopment when the recipient's investment in the purchase of the site and in site preparation
is 70 percent or more of the assessor's current year's estimated market value;
(18) General changes in tax increment financing law and other general tax law changes of a principally
technical nature;
(19) Federal assistance until the assistance has been repaid to, and reinvested by, the state or local
government agency;
(20) Funds from dock and wharf bonds issued by a seaway port authority;
(21) Business loans and loan guarantees of $150,000 or less;
(22) Federal loan funds provided through the United States Department of Commerce, Economic
Development Administration; and
(23) Property tax abatements granted under M.S., Section 469.1813 to property that is subject to
valuation under Minnesota Rules, chapter 8100.
The HRA will comply with M.S., Sections 116J.993 to 116J.995 to the extent the tax increment assistance
under this TIF Plan does not fall under any of the above exemptions.
Subsection 2-13. County Road Costs
Pursuant to M.S., Section 469.175, Subd. 1a, the county board may require the HRA or City to pay for all or
part of the cost of county road improvements if the proposed development to be assisted by tax increment
will, in the judgment of the county, substantially increase the use of county roads requiring construction of
road improvements or other road costs and if the road improvements are not scheduled within the next five
years under a capital improvement plan or within five years under another county plan.
If the county elects to use increments to improve county roads, it must notify the HRA or City within forty-
five days of receipt of this TIF Plan. In the opinion of the HRA and City and consultants, the proposed
development outlined in this TIF Plan will have little or no impact upon county roads, therefore the TIF Plan
was not forwarded to the county 45 days prior to the public hearing. The HRA and City are aware that the
county could claim that tax increment should be used for county roads, even after the public hearing.
Subsection 2-14. Estimated Impact on Other Taxing Jurisdictions
The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF
Plan would occur without the creation of the District. However, the HRA or City has determined that such
development or redevelopment would not occur "but for" tax increment financing and that, therefore, the
fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as
follows if the "but for" test was not met:
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-8
IMPACT ON TAX BASE FOR PARCELS LOCATED IN SCHOOL
DISTRICT NO. 273
Estimated
2011/Pay 2012
Total Net
Tax Capacity
Estimated Captured
Tax Capacity (CTC)
Upon Completion
Percent of CTC
to Entity Total
Hennepin County 1,253,423,199 191,035 0.0152%
City of Edina 96,048,515 191,035 0.1989%
Edina ISD No. 273 81,542,007 191,035 0.2343%
IMPACT ON TAX RATES
Estimated Pay
2012
Extension Rates
Percent
of Total CTC
Potential
Taxes
Hennepin County 0.487770 45.10% 191,035 93,181
City of Edina 0.259080 23.95% 191,035 49,493
Edina ISD No. 273 0.224280 20.74% 191,035 42,845
Other 0.110470 10.21%191,035 21,104
Total 1.081600 100.00%206,623
IMPACT ON TAX BASE FOR PARCELS LOCATED IN SCHOOL
DISTRICT NO. 280
Estimated
2011/Pay 2012
Total Net
Tax Capacity
Estimated Captured
Tax Capacity (CTC)
Upon Completion
Percent of CTC
to Entity Total
Hennepin County 1,253,423,199 1,232,391 0.0983%
City of Edina 96,048,515 1,232,391 1.2831%
Richfield ISD No. 280 29,902,478 1,232,391 4.1214%
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-9
IMPACT ON TAX RATES
Estimated Pay
2012
Extension Rates
Percent
of Total CTC
Potential
Taxes
Hennepin County 0.487770 42.66% 1,232,391 601,123
City of Edina 0.259080 22.66% 1,232,391 319,288
Richfield ISD No. 280 0.282900 24.74% 1,232,391 348,643
Other 0.113760 9.95%1,232,391 140,197
Total 1.143510 100.00%1,409,251
The estimates listed above display the captured tax capacity when all construction is completed. The tax rate
used for calculations is the estimated Pay 2012 rate. The total net capacity for the entities listed above are
based on estimated Pay 2012 figures. The District will be certified under the actual Pay 2012 rates, which
were unavailable at the time this TIF Plan was prepared.
Pursuant to M.S. Section 469.175 Subd. 2(b):
(1) Estimate of total tax increment. It is estimated that the total amount of tax increment that will be
generated over the life of the District is $11,702,217;
(2) Probable impact of the District on city provided services and ability to issue debt. An impact of the
District on police protection is expected. The Edina Police Department does track all calls for service
including property-type calls and crimes. With increased traffic at Southdale Center mall, police
calls for service will be increased. However, the proposed mall renovations include changes to
common areas designed, in part, to reduce security concerns and police calls, such as the relocation
of the transit facility to mall property outside of the mall itself. In addition, proposed housing
developments will generate increased police calls. The City does not expect that the proposed
development, in and of itself, will necessitate new capital investment in vehicles.
The probable impact of the District on fire protection is not expected to be significant. Typically new
buildings generate few calls, if any, and are of superior construction. Several of the existing
buildings, proposed to be replaced or renovated , have public safety concerns that include several
unprotected old buildings with issues such as access, hydrant locations, and lack of sprinkling.
The impact of the District on public infrastructure is expected to be minimal. The development is
not expected to significantly impact any traffic movements in the area, and is expected to enhance
the flow of public transit vehicles in and around the Southdale area. The current infrastructure for
sanitary sewer, storm sewer and water will be able to handle the additional volume generated from
the proposed development. Potential housing development will generate in excess of $180,000 in
sewer and water access charges. Based on the development plans, there are no additional costs
associated with street maintenance, sweeping, plowing, lighting and sidewalks. The developer will
negotiate maintenance of the proposed transit hub with the Metropolitan Council.
The probable impact of any District general obligation tax increment bonds on the ability to issue
debt for general fund purposes is expected to be minimal. It is not anticipated that there will be any
general obligation debt issued in relation to this project, therefore there will be no impact on the
City's ability to issue future debt or on the City's debt limit.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-10
(3) Estimated amount of tax increment attributable to Edina ISD No. 273 levies. It is estimated that the
amount of tax increments over the life of the District that would be attributable to school district
levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions
remained the same, is $293,548;
(4) Estimated amount of tax increment attributable to Richfield ISD No. 280 levies. It is estimated that
the amount of tax increments over the life of the District that would be attributable to school district
levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions
remained the same, is $2,544,966;
(5) Estimated amount of tax increment attributable to county levies. It is estimated that the amount of
tax increments over the life of the District that would be attributable to county levies, assuming the
county's share of the total local tax rate for all taxing jurisdictions remained the same, is $5,026,701;
(6) Additional information requested by the county or school district. The City is not aware of any
standard questions in a county or school district written policy regarding tax increment districts and
impact on county or school district services. The county or school district must request additional
information pursuant to M.S. Section 469.175 Subd. 2(b) within 15 days after receipt of the tax
increment financing plan.
No requests for additional information from the county or school district regarding the proposed
development for the District have been received.
(AS MODIFIED APRIL 5, 2016)
There are no additional fiscal impacts associated with the Modification of this TIF Plan. A copy
of the proposed TIF Plan Modification was furnished to the county and school district for
comment. Edina Public Schools has requested additional information regarding the proposed
development for the 66 West TIF District. The City Manager has responded and provided
additional information.
Subsection 2-15. Supporting Documentation
Pursuant to M.S. Section 469.175, Subd. 1 (a), clause 7 the TIF Plan must contain identification and
description of studies and analyses used to make the determination set forth in M.S. Section 469.175, Subd.
3, clause (b)(2) and the findings are required in the resolution approving the District. Following is a list of
reports and studies on file at the City that support the HRA and City's findings:
• Greater Southdale Area Land Use and Transportation Study, December 2005
• Edina Comprehensive Plan Update 2008
• Developer correspondance and Summary of Renovation Costs, February 2011
Subsection 2-16. Definition of Tax Increment Revenues
Pursuant to M.S., Section 469.174, Subd. 25, tax increment revenues derived from a tax increment financing
district include all of the following potential revenue sources:
1. Taxes paid by the captured net tax capacity, but excluding any excess taxes, as computed under M.S.,
Section 469.177;
2. The proceeds from the sale or lease of property, tangible or intangible, to the extent the property was
purchased by the Authority with tax increments;
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-11
3. Principal and interest received on loans or other advances made by the Authority with tax increments;
4. Interest or other investment earnings on or from tax increments;
5. Repayments or return of tax increments made to the Authority under agreements for districts for
which the request for certification was made after August 1, 1993; and
6. The market value homestead credit paid to the Authority under M.S., Section 273.1384.
Subsection 2-17. Modifications to the District
In accordance with M.S., Section 469.175, Subd. 4, any:
1. Reduction or enlargement of the geographic area of the District, if the reduction does not meet the
requirements of M.S., Section 469.175, Subd. 4(e);
2. Increase in amount of bonded indebtedness to be incurred;
3. A determination to capitalize interest on debt if that determination was not a part of the original TIF
Plan;
4. Increase in the portion of the captured net tax capacity to be retained by the HRA or City;
5. Increase in the estimate of the cost of the District, including administrative expenses, that will be paid
or financed with tax increment from the District; or
6. Designation of additional property to be acquired by the HRA or City,
shall be approved upon the notice and after the discussion, public hearing and findings required for approval
of the original TIF Plan. If the District qualifies for certification only under M.S. Section 469.176, Subd.
4c(d), than the District boundaries may not be enlarged after July 1, 2012.
Pursuant to M.S., Section 469.175 Subd. 4(f), the geographic area of the District may be reduced following
the date of certification of the original net tax capacity by the county auditor, but shall not be enlarged after
five years following the date of certification of the original net tax capacity by the county auditor. The
requirements of this paragraph do not apply if (1) the only modification is elimination of parcel(s) from the
District and (2) (A) the current net tax capacity of the parcel(s) eliminated from the District equals or exceeds
the net tax capacity of those parcel(s) in the District's original net tax capacity or (B) the HRA agrees that,
notwithstanding M.S., Section 469.177, Subd. 1, the original net tax capacity will be reduced by no more than
the current net tax capacity of the parcel(s) eliminated from the District.
The HRA or City must notify the County Auditor of any modification to the District. Modifications to the
District in the form of a budget modification or an expansion of the boundaries will be recorded in the TIF
Plan.
Subsection 2-18. Administrative Expenses
In accordance with M.S., Section 469.174, Subd. 14, administrative expenses means all expenditures of the
HRA or City, other than:
1. Amounts paid for the purchase of land;
2. Amounts paid to contractors or others providing materials and services, including architectural and
engineering services, directly connected with the physical development of the real property in the
District;
3. Relocation benefits paid to or services provided for persons residing or businesses located in the
District; or
4. Amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued
pursuant to M.S., Section 469.178; or
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-12
5. Amounts used to pay other financial obligations to the extent those obligations were used to finance
costs described in clauses (1) to (3).
For districts for which the request for certification were made before August 1, 1979, or after June 30, 1982,
and before August 1, 2001, administrative expenses also include amounts paid for services provided by bond
counsel, fiscal consultants, and planning or economic development consultants. Pursuant to M.S., Section
469.176, Subd. 3, tax increment may be used to pay any authorized and documented administrative
expenses for the District up to but not to exceed 10 percent of the total estimated tax increment expenditures
authorized by the TIF Plan or the total tax increments, as defined by M.S., Section 469.174, Subd. 25, clause
(1), from the District, whichever is less.
For districts for which certification was requested after July 31, 2001, no tax increment may be used to pay
any administrative expenses for District costs which exceed ten percent of total estimated tax increment
expenditures authorized by the TIF Plan or the total tax increments, as defined in M.S., Section 469.174, Subd.
25, clause (1), from the District, whichever is less.
Pursuant to M.S., Section 469.176, Subd. 4h, tax increments may be used to pay for the County's actual
administrative expenses incurred in connection with the District and are not subject to the percentage limits
of M.S., Section 469.176, Subd. 3. The county may require payment of those expenses by February 15 of the
year following the year the expenses were incurred.
Pursuant to M.S., Section 469. 177, Subd. 11, the County Treasurer shall deduct an amount (currently .36
percent) of any increment distributed to the HRA or City and the County Treasurer shall pay the amount
deducted to the State Commissioner of Management and Budget for deposit in the state general fund to be
appropriated to the State Auditor for the cost of financial reporting of tax increment financing information
and the cost of examining and auditing authorities' use of tax increment financing. This amount may be
adjusted annually by the Commissioner of Revenue.
Subsection 2-19. Limitation of Increment
The tax increment pledged to the payment of bonds and interest thereon may be discharged and the District
may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow
account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or
redemption date.
Pursuant to M.S., Section 469.176, Subd. 6:
if, after four years from the date of certification of the original net tax capacity of the tax
increment financing district pursuant to M.S., Section 469.177, no demolition, rehabilitation
or renovation of property or other site preparation, including qualified improvement of a
street adjacent to a parcel but not installation of utility service including sewer or water
systems, has been commenced on a parcel located within a tax increment financing district
by the authority or by the owner of the parcel in accordance with the tax increment financing
plan, no additional tax increment may be taken from that parcel and the original net tax
capacity of that parcel shall be excluded from the original net tax capacity of the tax
increment financing district. If the authority or the owner of the parcel subsequently
commences demolition, rehabilitation or renovation or other site preparation on that parcel
including qualified improvement of a street adjacent to that parcel, in accordance with the
tax increment financing plan, the authority shall certify to the county auditor that the activity
has commenced and the county auditor shall certify the net tax capacity thereof as most
recently certified by the commissioner of revenue and add it to the original net tax capacity
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-13
of the tax increment financing district. The county auditor must enforce the provisions of this
subdivision. The authority must submit to the county auditor evidence that the required
activity has taken place for each parcel in the district. The evidence for a parcel must be
submitted by February 1 of the fifth year following the year in which the parcel was certified
as included in the district. For purposes of this subdivision, qualified improvements of a
street are limited to (1) construction or opening of a new street, (2) relocation of a street,
and (3) substantial reconstruction or rebuilding of an existing street.
The HRA or City or a property owner must improve parcels within the District by approximately April 2016
and report such actions to the County Auditor.
Subsection 2-20. Use of Tax Increment
The HRA or City hereby determines that it will use 100 percent of the captured net tax capacity of taxable
property located in the District for the following purposes:
1. To pay the principal of and interest on bonds issued to finance a project;
2. to finance, or otherwise pay public redevelopment costs of the the Southeast Edina Redevelopment
Project Area pursuant to M.S., Sections 469.001 to 469.047;
3. To pay for project costs as identified in the budget set forth in the TIF Plan;
4. To finance, or otherwise pay for other purposes as provided in M.S., Section 469.176, Subd. 4;
5. To pay principal and interest on any loans, advances or other payments made to or on behalf of the
HRA or City or for the benefit of the Southeast Edina Redevelopment Project Area by a developer;
6. To finance or otherwise pay premiums and other costs for insurance or other security guaranteeing
the payment when due of principal of and interest on bonds pursuant to the TIF Plan or pursuant to
M.S., Chapter 462C. M.S., Sections 469.152 through 469.165, and/or M.S., Sections 469.178; and
7. To accumulate or maintain a reserve securing the payment when due of the principal and interest on
the tax increment bonds or bonds issued pursuant to M.S., Chapter 462C, M.S., Sections 469.152
through 469.165, and/or M.S., Sections 469.178.
These revenues shall not be used to circumvent any levy limitations applicable to the City nor for other
purposes prohibited by M.S., Section 469.176, Subd. 4.
Tax increments generated in the District will be paid by Hennepin County to the HRA for the Tax Increment
Fund of said District. The HRA or City will pay to the developer(s) annually an amount not to exceed an
amount as specified in a developer's agreement to reimburse the costs of land acquisition, public
improvements, demolition and relocation, site preparation, and administration. If the request for certification
of the District was made after June 30, 2009 and no later than June 30, 2012 and construction commenced
in the District by July 1, 2012, tax increments from the District may also be used to provide improvements,
loans, subsidies, grants, interest rate subsidies, or assistance in any form to developments consisting of
buildings and ancillary facilities. Remaining increment funds will be used for HRA or City administration
(up to 10 percent) and for the costs of public improvement activities outside the District.
Subsection 2-21. Excess Increments
Excess increments, as defined in M.S., Section 469.176, Subd. 2, shall be used only to do one or more of the
following:
1. Prepay any outstanding bonds;
2. Discharge the pledge of tax increment for any outstanding bonds;
3. Pay into an escrow account dedicated to the payment of any outstanding bonds; or
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-14
4. Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in
proportion to their local tax rates.
The HRA or City must spend or return the excess increments under paragraph (c) within nine months after
the end of the year. In addition, the HRA or City may, subject to the limitations set forth herein, choose to
modify the TIF Plan in order to finance additional public costs in the Southeast Edina Redevelopment Project
Area or the District.
Subsection 2-22. Requirements for Agreements with the Developer
The HRA or City will review any proposal for private development to determine its conformance with the
Redevelopment Plan and with applicable municipal ordinances and codes. To facilitate this effort, the
following documents may be requested for review and approval: site plan, construction, mechanical, and
electrical system drawings, landscaping plan, grading and storm drainage plan, signage system plan, and any
other drawings or narrative deemed necessary by the HRA or City to demonstrate the conformance of the
development with City plans and ordinances. The HRA or City may also use the Agreements to address other
issues related to the development.
Pursuant to M.S., Section 469.176, Subd. 5, no more than 10 percent, by acreage, of the property to be
acquired in the District as set forth in the TIF Plan shall at any time be owned by the HRA or City as a result
of acquisition with the proceeds of bonds issued pursuant to M.S., Section 469.178 to which tax increments
from property acquired is pledged, unless prior to acquisition in excess of 10 percent of the acreage, the HRA
or City concluded an agreement for the development of the property acquired and which provides recourse
for the HRA or City should the development not be completed.
Subsection 2-23. Assessment Agreements
Pursuant to M.S., Section 469.177, Subd. 8, the HRA or City may enter into a written assessment agreement
in recordable form with the developer of property within the District which establishes a minimum market
value of the land and completed improvements for the duration of the District. The assessment agreement
shall be presented to the County Assessor who shall review the plans and specifications for the improvements
to be constructed, review the market value previously assigned to the land upon which the improvements are
to be constructed and, so long as the minimum market value contained in the assessment agreement appears,
in the judgment of the assessor, to be a reasonable estimate, the County Assessor shall also certify the
minimum market value agreement.
Subsection 2-24. Administration of the District
Administration of the District will be handled by the Executive Director.
Subsection 2-25. Annual Disclosure Requirements
Pursuant to M.S., Section 469.175, Subds. 5, 6, and 6b the HRA or City must undertake financial reporting
for all tax increment financing districts to the Office of the State Auditor, County Board and County Auditor
on or before August 1 of each year. M.S., Section 469.175, Subd. 5 also provides that an annual statement
shall be published in a newspaper of general circulation in the City on or before August 15.
If the City fails to make a disclosure or submit a report containing the information required by M.S., Section
469.175 Subd. 5 and Subd. 6, the OSA will direct the County Auditor to withhold the distribution of tax
increment from the District.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-15
Subsection 2-26. Reasonable Expectations
As required by the TIF Act, in establishing the District, the determination has been made that the anticipated
development would not reasonably be expected to occur solely through private investment within the
reasonably foreseeable future and that the increased market value of the site that could reasonably be expected
to occur without the use of tax increment financing would be less than the increase in the market value
estimated to result from the proposed development after subtracting the present value of the projected tax
increments for the maximum duration of the District permitted by the TIF Plan. In making said
determination, reliance has been placed upon written representation made by the developer to such effects
and upon HRA and City staff awareness of the feasibility of developing the project site(s) within the District.
A comparative analysis of estimated market values both with and without establishment of the District and
the use of tax increments has been performed as described above. Such analysis is included with the cashflow
in Appendix D, and indicates that the increase in estimated market value of the proposed development (less
the indicated subtractions) exceeds the estimated market value of the site absent the establishment of the
District and the use of tax increments.
Subsection 2-27. Other Limitations on the Use of Tax Increment
1. General Limitations. All revenue derived from tax increment shall be used in accordance with the TIF
Plan. The revenues shall be used to finance, or otherwise pay public redevelopment costs of the the
Southeast Edina Redevelopment Project Area pursuant to M.S., Sections 469.001 to 469.047. Tax
increments may not be used to circumvent existing levy limit law. No tax increment may be used for the
acquisition, construction, renovation, operation, or maintenance of a building to be used primarily and
regularly for conducting the business of a municipality, county, school district, or any other local unit of
government or the state or federal government. This provision does not prohibit the use of revenues
derived from tax increments for the construction or renovation of a parking structure.
2. Pooling Limitations. At least 80 percent of tax increments from the District must be expended on
activities in the District or to pay bonds, to the extent that the proceeds of the bonds were used to finance
activities within said district or to pay, or secure payment of, debt service on credit enhanced bonds. Not
more than 20 percent of said tax increments may be expended, through a development fund or otherwise,
on activities outside of the District except to pay, or secure payment of, debt service on credit enhanced
bonds. For purposes of applying this restriction, all administrative expenses must be treated as if they
were solely for activities outside of the District.
3. Five Year Limitation on Commitment of Tax Increments. Tax increments derived from the District shall
be deemed to have satisfied the 80 percent test set forth in paragraph (2) above only if the five year rule
set forth in M.S., Section 469.1763, Subd. 3, has been satisfied; and beginning with the sixth year
following certification of the District, 80 percent of said tax increments that remain after expenditures
permitted under said five year rule must be used only to pay previously committed expenditures or credit
enhanced bonds as more fully set forth in M.S., Section 469.1763, Subd. 5.
(AS MODIFIED APRIL 5, 2016)
Pursuant to M.S., Statute 469.1763, Subd. 2, the HRA and City may elect to increase by up to ten
percentage points the permitted amount of expenditures for activities located outside the geographic
area of the District for qualifying housing purposes. Therefore, the pooling limitations with respect to
this District are increased to not more than 30 percent of tax increments from the District.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-16
Subsection 2-28. Summary
The Edina Housing and Redevelopment Authority is establishing the District to preserve and enhance the tax
base, redevelop substandard areas, and provide employment opportunities in the City. The TIF Plan for the
District was prepared by Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota 55113,
telephone (651) 697-8500.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-17
Appendix A
Project Description
The City and HRA will be facilitating improvements to the 1.2 million square foot Southdale Center mall
which was originally constructed in the 1960's. The redeveloper plans to renovate the interior common area
and make exterior improvements to the shopping center. The renovations will consist of new entrance
structures, flooring, lighting, signage, restrooms, parking deck lighting, and exterior seating, columns and
interior wall treatments.
Improvements are planned to be substantially completed by December 31, 2012. The City and HRA intend
to finance a portion of the total renovation costs.
The HRA will be loaning $5 million to Southdale Center, $250,000 of which is forgiven if a transit station
is constructed. Tax increments collected from the Southdale Center parcels will be used to write down
principal of the loan and adjacent development will pay for interest on the loan and for the transit station
improvements.
Appendix A-1
Appendix B
Maps of the Southeast Edina Redevelopment Project Area and the District
Appendix B-1
(AS MODIFIED APRIL 5, 2016)
Appendix B-2
(AS ORIGINALLY ADOPTED)
Appendix B-3
Appendix C
Description of Property to be Included in the District
The District encompasses all property and adjacent rights-of-way and abutting roadways identified by the
parcel(s) listed below.
(AS MODIFIED APRIL 5, 2016)
Parcel number 29-028-24-24-0030 is being removed from the District to be included in the 66 West Tax
Increment Financing District.
Appendix C-1
Parcel ID Address Parcel ID Address Parcel ID Address
29-028-24-33-0001 ADDRESS UNASSIGNED 30‐028‐24‐44‐0003 3950 70TH ST W 30‐028‐24‐14‐0073 6566 France
29-028-24-33-0004 3500 69TH ST W 30‐028‐24‐44‐0004 4040 70TH ST W 30‐028‐24‐14‐0074 6566 France
29-028-24-33-0014 ADDRESS UNASSIGNED 30‐028‐24‐44‐0005 6950 FRANCE AVE S 30‐028‐24‐14‐0077 6566 France
29‐028‐24‐33‐0021 3503 GALLERIA 30-028-24-44-0006 3910 70th Street West 30‐028‐24‐14‐0078 6566 France
29‐028‐24‐33‐0022 3460 GALLERIA 30‐028‐24‐44‐0057 6900 FRANCE AVE S 30‐028‐24‐14‐0079 6566 France
29‐028‐24‐33‐0023 3501 GALLERIA 30‐028‐24‐44‐0058 3905 69TH ST W 30‐028‐24‐14‐0080 6566 France
29‐028‐24‐34‐0002 6825 YORK AVE S 30‐028‐24‐44‐0059 3939 69TH ST W 30‐028‐24‐14‐0081 6566 France
29‐028‐24‐34‐0007 3100 70TH ST W 29‐028‐24‐23‐0001 ADDRESS UNASSIGNED 30‐028‐24‐14‐0082 6566 France
29‐028‐24‐34‐0010 6975 YORK AVE S 29‐028‐24‐23‐0007 6533 Drew Avenue South 30‐028‐24‐14‐0083 6566 France
29-028-24-34-0019 ADDRESS UNASSIGNED 29‐028‐24‐23‐0008 6525 Drew Avenue S 30‐028‐24‐14‐0084 6566 France
29‐028‐24‐34‐0020 6775 YORK AVE S 29‐028‐24‐23‐0009 6517 DREW AVE S 30‐028‐24‐14‐0085 6566 France
29‐028‐24‐34‐0021 6803 YORK AVE S 29‐028‐24‐23‐0010 3625 65TH ST W 30‐028‐24‐14‐0086 6566 France
29‐028‐24‐34‐0022 6805 YORK AVE S 29‐028‐24‐23‐0011 ADDRESS UNASSIGNED 30‐028‐24‐14‐0087 6566 France
29‐028‐24‐34‐0024 3210 GALLERIA 29‐028‐24‐23‐0012 3400 66TH ST W 30‐028‐24‐14‐0088 6566 France
29‐028‐24‐34‐0025 6905 YORK AVE S 29‐028‐24‐23‐0167 ADDRESS UNASSIGNED 30‐028‐24‐14‐0089 6566 France
29‐028‐24‐34‐0026 3121 69TH ST W 29‐028‐24‐23‐0172 6545 FRANCE 30‐028‐24‐14‐0090 6566 France
29‐028‐24‐34‐0033 3209 Galleria 29‐028‐24‐23‐0173 6525 FRANCE AVE S 30‐028‐24‐14‐0091 6566 France
29‐028‐24‐34‐0034 3209 Galleria 29-028-24-24-0001 3316 66th Street West 30‐028‐24‐14‐0092 6566 France
29‐028‐24‐34‐0035 3209 Galleria 29‐028‐24‐24‐0002 ADDRESS UNASSIGNED 30‐028‐24‐14‐0093 6566 France
29‐028‐24‐34‐0036 3209 Galleria 29-028-24-24-0004 Thrivent Financial - No Address 30‐028‐24‐14‐0094 6566 France
29‐028‐24‐34‐0037 3209 Galleria 29-028-24-24-0005 3250 66th Street West 30‐028‐24‐14‐0095 6566 France
29‐028‐24‐34‐0038 3209 Galleria 29-028-24-24-0007 6550 York Avenue 30‐028‐24‐14‐0096 6566 France
29‐028‐24‐34‐0039 3209 Galleria 29-028-24-24-0025 6515 Barrie Road 30‐028‐24‐14‐0097 6566 France
29‐028‐24‐34‐0040 3209 Galleria 29-028-24-24-0026 6525 Barrie Road 30‐028‐24‐14‐0098 6566 France
29‐028‐24‐34‐0041 3209 Galleria 29-028-24-24-0027 6519 Barrie Road 30‐028‐24‐14‐0099 6566 France
29‐028‐24‐34‐0042 3209 Galleria 29-028-24-24-0030 3330 66th Street West 30‐028‐24‐14‐0100 6566 France
29‐028‐24‐34‐0043 3209 Galleria 29‐028‐24‐24‐0031 ADDRESS UNASSIGNED 30‐028‐24‐14‐0101 6566 France
29‐028‐24‐34‐0044 3209 Galleria 29‐028‐24‐24‐0032 6500 BARRIE RD 30‐028‐24‐14‐0102 6566 France
29‐028‐24‐34‐0045 3209 Galleria 29‐028‐24‐24‐0120 6444 Xerxes Avenue South 30‐028‐24‐14‐0103 6566 France
29‐028‐24‐34‐0046 3209 Galleria 29-028-24-24-0121 6500 Xerxes Avenue 30‐028‐24‐14‐0104 6566 France
29‐028‐24‐34‐0047 3209 Galleria 29‐028‐24‐24‐0223 6525 YORK AVE S 30‐028‐24‐14‐0105 6566 France
29‐028‐24‐34‐0048 3209 Galleria 29‐028‐24‐31‐0002 3101 66TH ST W 30‐028‐24‐14‐0106 6566 France
29‐028‐24‐34‐0049 3209 Galleria 29-028-24-31-0003 6725 York Avenue South 30‐028‐24‐14‐0107 6566 France
29‐028‐24‐34‐0050 3209 Galleria 29-028-24-31-0005 3425 66TH ST W 30‐028‐24‐14‐0108 6566 France
29‐028‐24‐34‐0051 3209 Galleria 29‐028‐24‐31‐0006 3230 SOUTHDALE CIR 30‐028‐24‐14‐0109 6566 France
29‐028‐24‐34‐0052 3209 Galleria 29‐028‐24‐31‐0007 3220 SOUTHDALE CIR 30‐028‐24‐14‐0110 6566 France
29‐028‐24‐34‐0053 3209 Galleria 29‐028‐24‐31‐0008 3210 SOUTHDALE CIR 30‐028‐24‐14‐0111 6566 France
29‐028‐24‐34‐0054 3209 Galleria 29‐028‐24‐31‐0009 3200 SOUTHDALE CIR 30‐028‐24‐14‐0112 6566 France
29‐028‐24‐34‐0055 3209 Galleria 29‐028‐24‐31‐0010 3240 SOUTHDALE CIR 30‐028‐24‐14‐0113 6566 France
29‐028‐24‐34‐0056 3209 Galleria 29‐028‐24‐31‐0011 6612 XERXES AVE S 30‐028‐24‐14‐0114 6566 France
29‐028‐24‐34‐0057 3209 Galleria 29‐028‐24‐31‐0012 6616 XERXES AVE S 30‐028‐24‐14‐0115 6566 France
29‐028‐24‐34‐0058 3209 Galleria 29‐028‐24‐31‐0013 6620 XERXES AVE S 30‐028‐24‐14‐0116 6566 France
29‐028‐24‐34‐0059 3209 Galleria 29‐028‐24‐31‐0014 6624 XERXES AVE S 30‐028‐24‐14‐0117 6566 France
29‐028‐24‐34‐0060 3209 Galleria 29‐028‐24‐31‐0015 6628 XERXES AVE S 30‐028‐24‐14‐0118 6566 France
29‐028‐24‐34‐0061 3209 Galleria 29‐028‐24‐31‐0016 6700 XERXES AVE S 30‐028‐24‐14‐0119 6566 France
29‐028‐24‐34‐0062 3209 Galleria 29‐028‐24‐31‐0017 6704 XERXES AVE S 30‐028‐24‐14‐0120 6566 France
29‐028‐24‐34‐0063 3209 Galleria 29‐028‐24‐31‐0018 6708 XERXES AVE S 30‐028‐24‐14‐0123 6566 France
29‐028‐24‐34‐0064 3209 Galleria 29‐028‐24‐31‐0019 6712 XERXES AVE S 30‐028‐24‐14‐0125 6566 France
29‐028‐24‐34‐0065 3209 Galleria 29-028-24-31-0024 300 SOUTHDALE CENTER 30‐028‐24‐14‐0127 6566 France
29‐028‐24‐34‐0066 3209 Galleria 29-028-24-31-0025 6636 YORK AVE S 30‐028‐24‐14‐0128 6566 France
Appendix C-2
Parcel ID Address Parcel ID Address Parcel ID Address
29‐028‐24‐34‐0067 3209 Galleria 29‐028‐24‐31‐0026 6755 YORK AVE S 30‐028‐24‐14‐0129 6566 France
29‐028‐24‐34‐0068 3209 Galleria 29‐028‐24‐31‐0027 6775 YORK AVE S 30‐028‐24‐14‐0130 6566 France
29‐028‐24‐34‐0069 3209 Galleria 29-028-24-32-0001 3501 66TH ST W 30‐028‐24‐14‐0131 6566 France
29‐028‐24‐34‐0070 3209 Galleria 29-028-24-32-0003 200 SOUTHDALE CENTER 30‐028‐24‐14‐0133 6566 France
29‐028‐24‐34‐0071 3209 Galleria 29-028-24-32-0008 100 SOUTHDALE CENTER 30‐028‐24‐14‐0135 6566 France
29‐028‐24‐34‐0072 3209 Galleria 29-028-24-32-0009 10 SOUTHDALE CENTER 30‐028‐24‐14‐0137 6566 France
29‐028‐24‐34‐0073 3209 Galleria 30-028-24-14-0007 4005 65th Street 30‐028‐24‐14‐0139 6566 France
29‐028‐24‐34‐0074 3209 Galleria 30-028-24-14-0008 6500 France Avenue South 30‐028‐24‐14‐0140 6566 France
29‐028‐24‐34‐0075 3209 Galleria 30‐028‐24‐14‐0009 6566 France 30‐028‐24‐14‐0141 6566 France
29‐028‐24‐34‐0076 3209 Galleria 30‐028‐24‐14‐0010 6566 France 30‐028‐24‐14‐0142 6566 France
29‐028‐24‐34‐0077 3209 Galleria 30‐028‐24‐14‐0011 6566 France 30‐028‐24‐14‐0147 6566 France
29‐028‐24‐34‐0078 3209 Galleria 30‐028‐24‐14‐0012 6566 France 30‐028‐24‐14‐0149 6566 France
29‐028‐24‐34‐0079 3209 Galleria 30‐028‐24‐14‐0013 6566 France 30‐028‐24‐14‐0151 6566 France
29‐028‐24‐34‐0080 3209 Galleria 30‐028‐24‐14‐0014 6566 France 30‐028‐24‐14‐0152 6566 France
29‐028‐24‐34‐0081 3209 Galleria 30‐028‐24‐14‐0015 6566 France 30‐028‐24‐14‐0153 6566 France
29‐028‐24‐34‐0082 3209 Galleria 30‐028‐24‐14‐0016 6566 France 30‐028‐24‐14‐0154 6566 France
29‐028‐24‐34‐0083 3209 Galleria 30‐028‐24‐14‐0017 6566 France 30‐028‐24‐14‐0155 6566 France
29‐028‐24‐34‐0084 3209 Galleria 30‐028‐24‐14‐0018 6566 France 30‐028‐24‐14‐0156 6566 France
29‐028‐24‐34‐0085 3209 Galleria 30‐028‐24‐14‐0019 6566 France 30‐028‐24‐14‐0157 6566 France
29‐028‐24‐34‐0086 3209 Galleria 30‐028‐24‐14‐0020 6566 France 30‐028‐24‐14‐0158 6566 France
29‐028‐24‐34‐0087 3209 Galleria 30‐028‐24‐14‐0021 6566 France 30‐028‐24‐14‐0159 6566 France
29‐028‐24‐34‐0088 3209 Galleria 30‐028‐24‐14‐0022 6566 France 30‐028‐24‐14‐0160 4015 65th Street West
29‐028‐24‐34‐0089 3209 Galleria 30‐028‐24‐14‐0023 6566 France 30‐028‐24‐14‐0161 6566 France
29‐028‐24‐34‐0090 3209 Galleria 30‐028‐24‐14‐0024 6566 France 30‐028‐24‐14‐0162 6566 France
29‐028‐24‐34‐0091 3209 Galleria 30‐028‐24‐14‐0025 6566 France 30‐028‐24‐14‐0163 6566 France
29‐028‐24‐34‐0092 3209 Galleria 30‐028‐24‐14‐0026 6566 France 30‐028‐24‐14‐0164 6566 France
29‐028‐24‐34‐0093 3209 Galleria 30‐028‐24‐14‐0027 6566 France 30‐028‐24‐14‐0165 6566 France
29‐028‐24‐34‐0094 3209 Galleria 30‐028‐24‐14‐0028 6566 France 30‐028‐24‐14‐0166 6566 France
29‐028‐24‐34‐0095 3209 Galleria 30‐028‐24‐14‐0029 6566 France 30‐028‐24‐14‐0167 6566 France
29‐028‐24‐34‐0096 3209 Galleria 30‐028‐24‐14‐0030 6566 France 30‐028‐24‐14‐0168 6566 France
29‐028‐24‐34‐0097 3209 Galleria 30‐028‐24‐14‐0031 6566 France 30‐028‐24‐14‐0049 6566 France
29‐028‐24‐34‐0098 3209 Galleria 30‐028‐24‐14‐0032 6566 France 30‐028‐24‐14‐0050 6566 France
29‐028‐24‐34‐0099 3209 Galleria 30‐028‐24‐14‐0033 6566 France 30‐028‐24‐14‐0051 6566 France
29‐028‐24‐34‐0100 3209 Galleria 30‐028‐24‐14‐0034 6566 France 30‐028‐24‐14‐0052 6566 France
29‐028‐24‐34‐0101 3209 Galleria 30‐028‐24‐14‐0035 6566 France 30‐028‐24‐14‐0053 6566 France
29‐028‐24‐34‐0102 3209 Galleria 30‐028‐24‐14‐0036 6566 France 30‐028‐24‐14‐0054 6566 France
29‐028‐24‐34‐0103 3209 Galleria 30‐028‐24‐14‐0037 6566 France 30‐028‐24‐14‐0055 6566 France
29‐028‐24‐34‐0104 3209 Galleria 30‐028‐24‐14‐0038 6566 France 30‐028‐24‐14‐0056 6566 France
29‐028‐24‐34‐0105 3209 Galleria 30‐028‐24‐14‐0041 6566 France 30‐028‐24‐14‐0057 6566 France
29‐028‐24‐34‐0106 3209 Galleria 30‐028‐24‐14‐0042 6566 France 30‐028‐24‐14‐0058 6566 France
29‐028‐24‐34‐0107 3209 Galleria 30‐028‐24‐14‐0043 6566 France 30‐028‐24‐14‐0059 6566 France
29‐028‐24‐34‐0108 3209 Galleria 30‐028‐24‐14‐0044 6566 France 30‐028‐24‐14‐0060 6566 France
29‐028‐24‐34‐0109 3209 Galleria 30‐028‐24‐14‐0045 6566 France 30‐028‐24‐14‐0061 6566 France
29‐028‐24‐34‐0110 3209 Galleria 30‐028‐24‐14‐0046 6566 France 30‐028‐24‐14‐0062 6566 France
29‐028‐24‐34‐0111 3209 Galleria 30‐028‐24‐14‐0047 6566 France 30‐028‐24‐14‐0063 6566 France
29‐028‐24‐34‐0112 3209 Galleria 30‐028‐24‐14‐0048 6566 France 30‐028‐24‐14‐0064 6566 France
29‐028‐24‐34‐0113 3209 Galleria 30‐028‐24‐14‐0069 6566 France 30‐028‐24‐14‐0065 6566 France
29‐028‐24‐34‐0114 3209 Galleria 30‐028‐24‐14‐0070 6566 France 30‐028‐24‐14‐0066 6566 France
30-028-24-41-0001 6600 France Avenue South 30‐028‐24‐14‐0071 6566 France 30‐028‐24‐14‐0067 6566 France
30-028-24-44-0001 6996 France Avenue South 30‐028‐24‐14‐0072 6566 France 30‐028‐24‐14‐0068 6566 France
Appendix C-3
Appendix D
Estimated Cash Flow for the District
Appendix D-1
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N
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n
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27
3
29
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8
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1
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32
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9
Ga
ll er
i
a
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N
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FR
A
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,
4
7
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,
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6
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4
5
7
,
8
7
3
No
t
e
:
1.
B
a
s
e
v
a
l
u
e
s
a
r
e
b
a
s
e
d
u
p
o
n
r
e
v
i
e
w
o
f
C
o
u
n
t
y
w
e
b
s
i
t
e
o
n
3
/
7
/
1
2
o
f
v
a
l
u
e
s
a
s
s
e
s
s
e
d
1
/
2
/
1
1
f
o
r
t
a
x
e
s
p
a
y
a
b
l
e
2
0
1
2
.
2.
P
a
r
c
e
l
s
a
r
e
l
o
c
a
t
e
d
w
i
t
h
i
n
S
c
h
o
o
l
d
i
s
t
r
i
c
t
2
7
3
a
n
d
W
a
t
e
r
s
h
e
d
D
i
s
t
r
i
c
t
1
.
BA
S
E
V
A
L
U
E
I
N
F
O
R
M
A
T
I
O
N
(Or
i
g in
a
l
T
a
x
C
a
p ac
i
t
y)
So
u
t
h
d
a
l
e
M
a
l
l
R
e
n
o
v
a
t
i
o
n
a
n
d
M
i
x
e
d
U
s
e
D
e
v
e
l
o
p
m
e
n
t
Cit
y
o
f
E
d
i
n
a
S ou
th
d
a l e
M a ll
R en
o
v
a
ti
on
a
n
d Ad
j
ac
e
n
t D ev
e
l op
m
e
n
t
S c h oo
l Di
s t r i c t 27
3
Es
t
i
m
a
t
e
d
T
a
x
a
b
l
e
T
o
t
a
l
T
a
x
a
b
l
e
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r
o
p
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y
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e
r
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t
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r
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a
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a
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o
t
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x
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r
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t
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t
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a
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o
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p
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o
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d
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o
m
p
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d
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u
l
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a
x
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s
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e
a
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h
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w
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1
2
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5
P
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y
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5
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C
/
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9
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9
7
%
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7
%
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1
7
A pa
r
t
m
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r
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9
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R
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5
%
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7
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f
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2
0
1
5
Re
t
a
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5
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4
9
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5
0
9
6
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6
%
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2
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1
6
Co
n
d
o
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/
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p
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s
.
C
o
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d
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m
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n
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u
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s
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9
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0
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2
,
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0
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m
s
t
d
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8
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9
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0
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0
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1
0
0
%
2
0
1
4
TO
T
A
L
28
1
,
3
8
0
,
0
0
0
4
,
7
1
4
,
5
0
0
Su
b
t
o
t
a
l
R
e
s
i
d
e
n
t
i
a
l
#
V
A
L
U
E
!
1
0
7
,
8
8
0
,
0
0
0
1
,
2
4
6
,
0
0
0
Su
b
t
o
t
a
l
C
o
m
m
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r
c
i
a
l
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I
n
d
.
3
1
7
3
,
5
0
0
,
0
0
0
3
,
4
6
8
,
5
0
0
No
t
e
:
1.
R
e
n
o
v
a
t
e
d
m
a
l
l
m
a
r
k
e
t
v
a
l
u
e
b
a
s
e
d
u
p
o
n
t
a
x
e
s
t
i
m
a
t
e
s
f
r
o
m
m
a
l
l
o
w
n
e
r
.
2.
O
t
h
e
r
d
e
v
e
l
o
p
m
e
n
t
v
a
l
u
e
s
b
a
s
e
d
o
n
p
r
o
p
o
s
a
l
s
r
e
c
e
i
v
e
d
b
y
t
h
e
C
i
t
y
o
f
E
d
i
n
a
a
n
d
e
s
t
i
m
a
t
e
s
f
r
o
m
C
i
t
y
A
s
s
e
s
s
o
r
To
t
a
l
F
i
s
c
a
l
L
o
c
a
l
L
o
c
a
l
F
i
s
c
a
l
S
t
a
t
e
-
w
i
d
e
M
a
r
k
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t
Ta
x
D
i
s
p
a
r
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t
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e
s
Ta
x
P
r
o
p
e
r
t
y
D
i
s
p
a
r
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t
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e
s
Pr
o
p
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t
y
V alu
e
T
o
t
a
l
Ne
w
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s
e
Ca
p
a
c
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t
y
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x
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a
p
a
c
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a
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s
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s
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s
Re
t
a
i
l
7
0
0
,
0
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2
4
3
,
1
8
9
4
5
6
,
8
1
1
4
9
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8
7
3
4
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9
5
3
6
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7
No
t
e
:
1.
B
a
s
e
v
a
l
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s
a
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b
a
s
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d
u
p
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w
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C
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y
w
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b
s
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o
n
3
/
7
/
1
2
o
f
v
a
l
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s
a
s
s
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s
s
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1
/
2
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1
1
f
o
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t
a
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s
p
a
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a
b
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2
0
1
2
.
2.
P
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l
s
a
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l
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c
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d
w
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h
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c
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d
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2
8
0
a
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D
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1
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3
.
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f
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W
a
t
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s
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d
3
BA
S
E
V
A
L
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I
N
F
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M
A
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I
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(Or
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TO
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32
7
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Su
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Su
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6/
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1
2
Base Value Assumptions - Page 1
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Appendix E
Minnesota Business Assistance Form(Minnesota Department of Employment and Economic Development)
A Minnesota Business Assistance Form (MBAF) should be used to report and/or update each calendar year's
activity by April 1 of the following year.
Please see the Minnesota Department of Employment and Economic Development (DEED) website at
http://www.deed.state.mn.us/Community/subsidies/MBAFForm.htm for information and forms.
Appendix E-1
Appendix F
Findings Including But/For Qualifications
But-For Analysis
Current Market Value 489,660,200
New Market Value - Estimate 608,772,510
Difference 119,112,310
Present Value of Tax Increment 7,873,815
Difference 111,238,495
Value Likely to Occur Without TIF is Less Than: 111,238,495
(AS MODIFIED APRIL 5, 2016)
The Council hereby reaffirms the original findings for the District, namely that the when the District
was established, it was established as an "economic development district" under M.S., Section 469.174,
Subd. 12, as modified by M.S., Section 469.176, Subd. 4c(d).
In addition, the City makes the following findings:
(a) The TIF Plan Modification conforms to the general plan for development or
redevelopment of the City as a whole. The reason for supporting this finding is that the
TIF Plan Modification will generally complement and serve to implement policies
adopted in the City's comprehensive plan.
(b)The TIF Modification will afford maximum opportunity, consistent with the sound
needs of the City as a whole, for the development or redevelopment of the Southeast
Edina Redevelopment Project Area by private enterprise. The TIF Plan Modification
will allow for the City to establish the 66 West Tax Increment Financing District, and
the development activities are necessary so that development and redevelopment by
private enterprise can occur within Southeast Edina Redevelopment Project Area.
(c)The City reaffirms the original findings of the Southdale 2 Tax Increment Financing
District, namely that the development and redevelopment efforts, in the opinion of the
City, would not reasonably be expected to occur solely through private investment
within the reasonably foreseeable future and therefor the use of tax increment
financing is deemed necessary.
Appendix F-1
Appendix G
Prior Improvements
The complete list of permits issued are on file with the City Planner
Appendix G-1
Date: April 5, 2016 Agenda Item #: IV.D.
To:Chair & Commissioners of the Edina HRA Item Type:
Report / Recommendation
From:Bill Neuendorf, Economic Development Manager
Item Activity:
Subject:66 West - Redevelopment Agreement with Beacon
Interfaith Housing Collaborative
Action
Edina Housing and Redevelopment
Authority
Established 1974
CITY OF EDINA
HOUSING & REDEVELOPMENT AUTHORITY
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
ACTION REQUESTED:
Approve the Redevelopment Agreement and authorize staff to execute the terms of the agreement.
INTRODUCTION:
This item concerns local public financing to support a new affordable-housing project in the Greater Southdale
area.
ATTACHMENTS:
Description
66 West TIF funding - staff report
Proposed redevelopment agreement
HRA Resolution 2015-01
April 5, 2016
Chair & Commissioners of the Edina Housing & Redevelopment Authority
Bill Neuendorf, Economic Development Manager
66 West - Redevelopment Agreement with Beacon Interfaith Housing Collaborative
Information / Background:
The Edina Housing and Redevelopment Authority previously approved Resolution 2015-01 which
pledged the consideration of public financing to support the construction of affordably-priced
housing at 3330 West 66th Street.
As previously discussed, financing new housing that is affordably-priced is a challenging endeavor.
Typical affordable housing projects require the financial commitments from 8 to 12 sources and can
take years of planning.
The 66 West Apartments will consist of 39 units that are affordably-priced and targeted to teens
and young adults who were formerly homeless. In addition to the new efficiency-sized apartments, a
variety of supportive services will be available on site to help the residents through the transition.
In addition to the pledge from the City of Edina, this project has gained the support of faith-based
organizations, private fundraising, Hennepin County, Metropolitan Council, and Minnesota Housing
Finance Agency. The developer secured all funding commitments for the $11.2 million project in Fall
2015.
The City has prepared a Redevelopment Agreement to establish the terms and conditions of
financial support for this project. The City retained public finance advisors (Ehlers Associates) and
special legal counsel (Dorsey & Whitney) to assist in the preparation of the redevelopment
agreement. The cost of these professional services will be borne by the developer.
Key provisions in the Redevelopment Agreement include:
• A new Tax Increment Financing (TIF) District is to be considered.
• $550,000 in TIF monies will be provided to support the project.
• TIF monies will be borrowed (aka pooled) from Southdale 2 TIF District.
HOUSING AND REDEVELOPMENT
AUTHORITY
Established 1974
STAFF REPORT Page 2
• Loan from Southdale 2 will be repaid, but the term and interest rate will depend on the
actual tax increment generated from the completed building.
• TIF funds will be provided in two installments during the construction of the project – half at
closing and the other half upon full enclosure of the building shell.
• The developer will construct the project in accordance with approved plans.
• The developer commits to long-term affordability of the apartment units.
• The developer agrees to keeping property on tax rolls, with likely re-classification as
affordable housing.
• Project must begin before year-end 2016 and be fully completed before year-end 2017.
The proposed Redevelopment Agreement is attached for your review and consideration. Staff
recommends approval of this Agreement. This same request will be presented for consideration by
the City of Edina.
Representatives from Beacon Interfaith Housing, Ehlers Associates, and Dorsey & Whitney will be
available to answer questions.
Final for City Council/HRA Review
66 West Apartments Housing Redevelopment Agreement
66 WEST APARTMENTS
HOUSING REDEVELOPMENT AGREEMENT
by and among
THE CITY OF EDINA, MINNESOTA,
THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF EDINA, MINNESOTA,
and
BEACON INTERFAITH HOUSING COLLABORATIVE
Dated as of
April 5, 2016
THIS DOCUMENT WAS DRAFTED BY:
Dorsey & Whitney LLP (JRL)
50 South Sixth Street, Suite 1500
Minneapolis, MN 55402-1498
i
66 West Apartments Housing Redevelopment Agreement
TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS ............................................................................................................2
Section 1.1 Definitions..........................................................................................................2
ARTICLE II REPRESENTATIONS AND WARRANTIES ..........................................................6
Section 2.1 Representations and Warranties of the City .......................................................6
Section 2.2 Representations and Warranties of the Authority ..............................................6
Section 2.3 Representations and Warranties of the Developer .............................................7
ARTICLE III LAND USE AND DEVELOPMENT CONTROLS .................................................9
Section 3.1 Restrictions on Development .............................................................................9
Section 3.2 Zoning and Land Use Approvals .......................................................................9
Section 3.3 Building and Construction Permits ....................................................................9
Section 3.4 City/Authority Approval ....................................................................................9
ARTICLE IV TAX INCREMENT ASSISTANCE FOR CONSTRUCTION OF THE
PROJECT ...........................................................................................................................10
Section 4.1 Commencement and Completion of the Project ..............................................10
Section 4.2 Project Financing .............................................................................................10
Section 4.3 Tax Increment Assistance for Construction of the Project ..............................10
Section 4.4 Additional Responsibilities of the Developer ..................................................10
Section 4.5 Certificate of Completion ................................................................................11
ARTICLE V DEVELOPER REIMBURSEMENT OBLIGATIONS ...........................................11
Section 5.1 Developer Reimbursement Obligations ...........................................................11
ARTICLE VI ENCUMBRANCE OF MINIMUM IMPROVEMENTS AREA ...........................12
Section 6.1 Encumbrance of the Property ...........................................................................12
Section 6.2 Copy of Notice of Default to Mortgagee .........................................................12
Section 6.3 Mortgagee’s Option to Cure Events of Default ...............................................12
Section 6.4 Defaults Under Mortgage ................................................................................13
Section 6.5 Subordination of Agreement ............................................................................13
Section 6.6 Unit Mortgages ................................................................................................14
ARTICLE VII INSURANCE AND CONDEMNATION .............................................................14
Section 7.1 Insurance ..........................................................................................................14
Section 7.2 Condemnation ..................................................................................................15
ARTICLE VIII DEVELOPER COVENANTS .............................................................................15
ii
66 West Apartments Housing Redevelopment Agreement
Section 8.1 Maintenance and Operation of the Property ....................................................15
Section 8.2 Business Subsidy Agreement ...........................................................................15
ARTICLE IX TRANSFER LIMITATIONS AND INDEMNIFICATION...................................15
Section 9.1 Representation as to the Project .......................................................................15
Section 9.2 Limitations on Transfer....................................................................................16
Section 9.3 Indemnification ................................................................................................17
Section 9.4 Limitation .........................................................................................................17
ARTICLE X EVENTS OF DEFAULT AND REMEDIES ..........................................................17
Section 10.1 Events of Default Defined ...............................................................................17
Section 10.2 Developer Events of Default ............................................................................17
Section 10.3 City and Authority Events of Default ..............................................................18
Section 10.4 Cure Rights ......................................................................................................18
Section 10.5 Authority Remedies on Developer Events of Default .....................................18
Section 10.6 City Remedies on Developer Events of Default ..............................................19
Section 10.7 Developer Remedies on City or Authority Events of Default .........................19
Section 10.8 No Remedy Exclusive......................................................................................19
Section 10.9 No Additional Waiver Implied by One Waiver ...............................................19
Section 10.10 Reimbursement of Attorneys’ Fees .................................................................19
ARTICLE XI ADDITIONAL PROVISIONS ...............................................................................19
Section 11.1 Conflicts of Interest..........................................................................................19
Section 11.2 Titles of Articles and Sections .........................................................................20
Section 11.3 Notices and Demands ......................................................................................20
Section 11.4 Counterparts .....................................................................................................21
Section 11.5 Law Governing ................................................................................................21
Section 11.6 Legal Opinions .................................................................................................21
Section 11.7 Consents and Approvals ..................................................................................21
Section 11.8 Representatives ................................................................................................21
Section 11.9 Superseding Effect ...........................................................................................21
Section 11.10 Relationship of Parties .....................................................................................21
Section 11.11 Term .................................................................................................................21
Section 11.12 Provisions Surviving Rescission or Expiration................................................21
Section 11.13 Memorandum of Agreement ............................................................................21
Section 11.14 Conflicts Between this Agreement and the Development Contract ................22
iii
66 West Apartments Housing Redevelopment Agreement
LIST OF EXHIBITS
EXHIBIT A TIF Project Area Map
EXHIBIT A-1 Housing TIF District Map
EXHIBIT B Final Development Plan
EXHIBIT C Legal Description of Minimum Improvements Area
EXHIBIT D Preliminary Project Budget
EXHIBIT E Form of Project Funding Certificate
EXHIBIT F Form of Draw Request
EXHIBIT G Certificate of Completion
EXHIBIT H Memorandum of Agreement
66 West Apartments Housing Redevelopment Agreement
HOUSING REDEVELOPMENT AGREEMENT
THIS HOUSING REDEVELOPMENT AGREEMENT (this “Agreement”) is made
and entered into this 5th day of April, 2016, among the CITY OF EDINA, MINNESOTA, a
Minnesota statutory city (the “City”), the HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF EDINA, MINNESOTA, a public body corporate and
politic organized and existing under the laws of the State of Minnesota (the “Authority”) and
BEACON INTERFAITH HOUSING COLLABORATIVE, a Minnesota non-profit
corporation (the “Developer”).
RECITALS
WHEREAS, the capitalized terms used, but not defined, in these Recitals have the
meanings given in Article I of this Agreement; and
WHEREAS, the City and the Authority have determined there exists a public interest in
providing affordably-priced housing in the Southeast Edina Redevelopment Project Area (the
“TIF Project Area”); and
WHEREAS, the City and the Authority have determined that the TIF Project Area also
offers significant opportunity to support walkability in the Southdale district; and
WHEREAS, in October 2014, 66 West LLC, a limited liability company wholly owned
by the Developer acquired the property legally described in Exhibit 1 (the “Property”) in the TIF
Project Area, and proposes to develop 39 affordable efficiency apartment units that will be
targeted to provide housing for teenagers and young adults who are homeless or formerly
homeless (“the Project”); and
WHEREAS, in November 2014 the Edina City Council, in concurrence with the
Metropolitan Council, approved the re-zoning of the Property and modified the Comprehensive
Plan to allow this type of use on the Property; and
WHEREAS, the Project will be developed consistent with Resolution 2014-139 and
Ordinance 2014-17 allowing affordable housing with supportive services; and
WHEREAS, the Project will be designed to encourage increased walkability in the
Southdale district; and
WHEREAS, the Project will be developed in accordance with the requirements of
Minnesota Statutes Sections 469.174 through 469.1794 (the “TIF Act”); and
WHEREAS, the Project is estimated to cost approximately $11,200,000; and
WHEREAS, the Developer has arranged funding, including grants and other financial
assistance, necessary to construct the Project; and
2
66 West Apartments Housing Redevelopment Agreement
WHEREAS, the Project will be owned by 66 West Housing LP, which has 66 West
LLC, a limited liability company owned by the Developer as its general partner; and
WHEREAS, the Developer is requesting $500,000 plus an amount not to exceed
$50,000 for reimbursable expenses, for a maximum of $550,000, in tax increment from the City
as reflected in the “Preliminary Project Budget” (attached as Exhibit D); and
WHEREAS, the City will establish a new housing TIF district pursuant to the TIF Act
that will include the Property (the “Housing TIF District”); and
WHEREAS, the City may utilize additional tax increment from the Housing TIF District
to provide public infrastructure improvements the City deems beneficial to the Project; and
WHEREAS, the City recognizes that, pursuant to Minn. Stat. § 273.138, the Developer
will file with the Minnesota Housing Finance Agency an application for certification of the
Property as class 4d low-income rental property under Minn. Stat. § 273.13, subdivision 25 or
any successor or comparable statute (“LIRC Classification”); and
WHEREAS, the City has agreed to act as sponsor for a Metropolitan Council Livable
Communities Demonstration Account (LCDA) grant for the Project; and
WHEREAS, the City has agreed to make the Metropolitan Council LHIA Grant
available to the Project; and
WHEREAS, the City will commence the establishment of the Housing TIF District; and
WHEREAS, the Agreement is applicable only to the development of the Project on the
Property.
NOW, THEREFORE, in consideration of the premises and the mutual obligations of the
parties hereto, each of them does hereby covenant and agree with the others as follows:
ARTICLE I
DEFINITIONS
Section 1.1 Definitions. All capitalized terms used and not otherwise defined herein
shall have the following meanings unless a different meaning clearly appears from the context:
“Agreement” means this Housing Redevelopment Agreement.
“Architect” means UrbanWorks Architecture.
“Authority” means the Edina Housing and Redevelopment Authority.
“Authority Representative” means the Executive Director of the Authority or his or her
designee.
“Board” means the Board of Commissioners of the Authority.
3
66 West Apartments Housing Redevelopment Agreement
“Certificate of Completion” means the certificate specified in Section 4.5 and in
substantially the form attached as Exhibit G, signed by the Authority Representative.
“City” means the City of Edina.
“City Consultants” means the financial, engineering, legal, TIF eligibility and other
similar advisors to the City and the Authority regarding the Project.
“City Council” means the Edina City Council.
“City Parties” means the City and the Authority, and their respective members,
employees, agents, independent contractors and attorneys.
“Closing” means July 1, 2016 or another date agreed to by the Parties.
“Commencement” means the date on which actual physical construction of the Project
begins.
“Commencement Date” means the date of Commencement.
“Completion” means Developer receipt of a Certificate of Completion.
“Completion Date” means the date a Certificate of Completion with respect to the final
building within any Phase of the Minimum Improvements.
“County” means the County of Hennepin, Minnesota.
“Cure Rights” means the rights to cure a Default as specified in Section 10.4.
“Default” means an act or omission by the City, the Authority or the Developer which
becomes an Event of Default under this Agreement if it is not cured.
“Developer” means Beacon Interfaith Housing Collaborative.
“Development Contract” means the contract between the Developer and the City
regarding the Final Development Plan.
“Draw Request” means a request for payment of tax increment assistance made by the
Developer to the Authority in accordance with Section 4.3 and consistent with the form attached
as Exhibit F.
“Eligible Reimbursable Expenses” mean the Owner’s Project-related activities eligible
for TIF Assistance, as specified in Section 4.3 and as authorized by this Agreement and the TIF
Act.
“Environmental Law” means any federal, state or local law, rule, regulation, ordinance,
or other legal requirement relating to (a) a Release or threatened Release of any Hazardous
Material, (b) pollution or protection of public health or the environment or (c) the manufacture,
handling, transport, use, treatment, storage, or disposal of Hazardous Materials.
4
66 West Apartments Housing Redevelopment Agreement
“Event of Default” means any of the events by the City, the Authority or the Developer
described in Article XI.
“Final Development Plan” means the approvals granted by the City Council under
resolution NO. 2014-139 on November 18, 2014, as shown in Exhibit B.
“Financing Commitment” means a commitment from a mortgage lender for the Project
in a form reasonably satisfactory to the Authority.
“Fully Enclosed” means that the shell of the Project has been completed, including the
installation of all windows and siding, as certified by the Architect.
“Hazardous Material” means petroleum, asbestos-containing materials, and any
substance, waste, pollutant, contaminant or material that is defined as hazardous or toxic in any
Environmental Law.
“Housing TIF District” or “District” means the new 66 West Tax Increment Financing
District (a housing district) that will be established by the City and the Authority pursuant to the
TIF Act, as shown in Exhibit A-1.
“HRA Act” means Minnesota Statutes, Sections 469.001 to 469.047, as amended.
“LCDA Grant” means the grant from the Metropolitan Council to the City in the
anticipated amount of $900,000.
“LCDA Loan” means the loan in the amount of $900,000 which the City intends to make
to Owner with the LCDA Grant.
“LHIA Grant” means the grant from the Metropolitan Council to the City in the
anticipated amount of $400,000.
“LHIA Loan” means the loan in the amount of $400,000 which the City intends to make
with the LHIA Grant.
“Limited Partner” means the Minnesota Equity Fund, or its affiliate.
“Master Disbursement Agreement” means the agreement by and among the Owner, the
Developer, the City, Family Housing Fund, Minnesota Housing Finance Agency, Hennepin
County, Hennepin County Housing and Redevelopment Authority, [Construction Lender, ]and
Title.
“Memorandum of Agreement” means that memorandum of agreement required under
Section 11.13 and in substantially the form attached as Exhibit H.
“Mortgage” means any mortgage loan that is secured, in whole or in part, by any portion
of the Property and which is an approved encumbrance under Article VI.
“Owner” means 66 West Housing LP, a Minnesota limited partnership.
5
66 West Apartments Housing Redevelopment Agreement
“Project” means the 39 affordable efficiency apartment units that will be developed
under this Agreement in accordance with the Final Development Plan.
“Project Funding Certificate” mean the certificate (in the form attached as Exhibit E)
required to be delivered by the Developer to the City and the Authority in accordance with
Section 4.2.
“Redevelopment Plan” means the redevelopment plan for the Southeast Edina
Redevelopment Project Area adopted by the Authority pursuant to Resolution No. 2016-03 in
accordance with Minnesota Statutes, Section 469.027 and approved by the City Council pursuant
to Resolution No. 2016-40 in accordance with Minnesota Statutes, Sections 469.028 and
469.175, subdivision 3.
“State” means the State of Minnesota.
“Tax Increment” means the tax increment from the Housing TIF District as calculated in
accordance with the TIF Act.
“TIF” means tax increment financing.
“TIF Act” means Minnesota Statutes, Sections 469.174 to 469.1799, as amended.
“TIF Payment” means the payment by the Authority to the Developer of amounts
derived from Tax Increment in accordance with Article IV of this Agreement.
“TIF Plan” means the Tax Increment Financing plan for the Housing TIF District to be
adopted by the Authority in accordance with the TIF Act.
“TIF Project Area” means the defined term “Southeast Edina Redevelopment Project
Area”.
“TIF Project Area Map” means the map depicting the TIF Project Area, attached as
Exhibit A.
“Title” means Land Title, Inc.
“Transfer” means any total or partial sale, assignment, conveyance, or lease, or any trust
or power, or transfer in any other mode or form of or with respect to this Agreement or the
Project property or any part thereof or any interest therein, or any contract or agreement to do
any of the same, to any person or entity.
“Unavoidable Delays” means delays, outside the control of the party claiming its
occurrence, which are the direct result of (a) unusually severe or prolonged bad weather, (b) acts
of God, fire or other casualty to the Project, (c) litigation commenced by third parties which
directly results in delays, (d) acts of any federal, State, or local government unit which directly
result in delays, (e) strikes, other labor trouble, (f) acts of war or terrorism, or (g) delays in
delivery of materials for the Project.
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ARTICLE II
REPRESENTATIONS AND WARRANTIES
Section 2.1 Representations and Warranties of the City. The City makes the
following representations and warranties:
(a) The City is a Minnesota municipal corporation and has the power to enter into this
Agreement and carry out its obligations hereunder. The City has duly authorized the
execution, delivery and performance of this Agreement.
(b) Other than items disclosed by the City to the Developer before the execution of
this Agreement, there is not pending, nor to the best of the City’s knowledge is there
threatened, any suit, action or proceeding against the City before any court, arbitrator,
administrative agency or other governmental authority that materially and adversely
affects the validity of any of the transactions contemplated hereby, the ability of the City
to perform its obligations hereunder, or as contemplated hereby or thereby, or the validity
or enforceability of this Agreement.
(c) To the best of the City’s knowledge and belief, no member of the City Council or
officer of the City, has either a direct or indirect financial interest in this Agreement, nor
will any City Councilmember or officer of the City, benefit financially from this
Agreement within the meaning of Minnesota Statutes, Section 469.009, as amended.
(d) The City will reasonably cooperate with the Developer with respect to any
litigation commenced by third parties with respect to the Project; however, this provision
does not obligate the City to incur costs, except as otherwise provided in this Agreement
or elsewhere.
(e) The execution, delivery and performance of this Agreement, and any other
documents, instruments or actions required or contemplated pursuant to this Agreement by
the City does not, and consummation of the transactions contemplated therein and the
fulfillment of the terms thereof will not conflict with or constitute on the part of the City a
breach of or default under any existing agreement or instrument to which the City is a
party or violate any law, charter or other proceeding or action establishing or relating to
the establishment and powers of the City or its officers, officials or resolutions.
Section 2.2 Representations and Warranties of the Authority. The Authority
makes the following representations and warranties:
(a) The Authority is a public body corporate and politic and a governmental
subdivision of the State, duly organized and existing under State law and the Authority has
the authority to enter into this Agreement and carry out its obligations hereunder.
(b) The execution, delivery and performance of this Agreement and any other
documents or instruments required pursuant to this Agreement by the Authority does not,
and consummation of the transactions contemplated therein and the fulfillment of the
terms thereof will not, conflict with or constitute on the part of the Authority a breach of
or default under any existing (i) indenture, mortgage, deed of trust or other agreement or
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instrument to which the Authority is a party or by which the Authority or any of its
property is or may be bound, or (ii) legislative act, constitution or other proceeding
establishing or relating to the establishment of the Authority or its officers or its
resolutions.
(c) Other than items disclosed by the Authority to the Developer before execution of
this Agreement, there is not pending, nor to the best of the Authority’s knowledge is there
threatened, any suit, action or proceeding against the Authority before any court,
arbitrator, administrative agency or other governmental authority that materially and
adversely affects the validity of any of the transactions contemplated hereby, the ability of
the Authority to perform its obligations hereunder, or as contemplated hereby or thereby,
or the validity or enforceability of this Agreement.
(d) To the best of the Authority’s knowledge and belief, no member of the Board of
the Authority or officer of the Authority, has either a direct or indirect financial interest in
this Agreement, nor will any Commissioner of the Authority or officer of the Authority,
benefit financially from this Agreement within the meaning of Minnesota Statutes,
Section 469.009, as amended.
(e) The Authority will reasonably cooperate with the Developer with respect to any
litigation commenced by third parties with respect to the Project; however, this provision
does not obligate the Authority to incur costs, except as otherwise provided in this
Agreement or elsewhere.
Section 2.3 Representations and Warranties of the Developer. The Developer
represents and warrants that:
(a) The Developer is a non-profit corporation organized and in good standing under
the laws of the State, is not in violation of any provisions of its operating agreement or
other organizational documents or the laws of the State, has power to enter into this
Agreement and has duly authorized the execution, delivery and performance of this
Agreement by proper action of its members.
(b) The execution and delivery of this Agreement and the consummation of the
transactions contemplated thereby, and the fulfillment of the terms and conditions thereof
do not and will not conflict with or result in a breach of any of the terms or conditions of
the Developer’s organizational documents, any restriction or any agreement or instrument
to which the Developer is now a party or by which it is bound or to which any property of
the Developer is subject, and do not and will not constitute a default under any of the
foregoing or a violation of any order, decree, statute, rule or regulation of any court or of
any state or Federal regulatory body having jurisdiction over the Developer or its
properties, including its interest in the Project, and do not and will not result in the
creation or imposition of any lien, charge or encumbrance of any nature upon any of the
property or assets of the Developer contrary to the terms of any instrument or agreement
to which Developer is a party or by which it is bound.
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(c) To the best of the Developer’s knowledge and belief, the execution and delivery of
this Agreement will not create a conflict of interest prohibited by Minnesota Statutes,
Section 469.009, as amended.
(d) 66 West LLC, which is wholly owned by the Developer, currently has fee title to
the Property and 66 West LLC will transfer title to the Property to the Owner.
(e) The Developer would not develop the Project but for the execution of this
Agreement and the TIF Assistance for the Eligible Reimbursable Expenses and other
public assistance contemplated.
(f) The Developer will reasonably cooperate with the City and the Authority with
respect to any litigation commenced by third parties with respect to the Project; however,
this provision does not obligate the Developer to incur costs, except as otherwise provided
in this Agreement or elsewhere.
(g) Other than items disclosed by the Developer to the City and the Authority before
execution of this Agreement, there are no pending or threatened legal proceedings, of
which the Developer has notice, contemplating the liquidation or dissolution of the
Developer or threatening its existence, or seeking to restrain or enjoin the transactions
contemplated by the Agreement, or questioning the authority of the Developer to execute
and deliver this Agreement or the validity of this Agreement.
(h) The Developer has not received any notice from any local, state or federal official
that the activities of the Developer or the Authority with respect to the Property may or
will be in violation of any Environmental Law, except as has been identified in any report,
audit, inspection or survey, undertaken by or provided to the City and the Authority. The
Developer is not aware of any state or federal claim filed or planned to be filed by any
party relating to any violation of any local, state or federal Environmental Law, regulation
or review procedure, and the Developer is not aware of any violation of any local, state or
federal law, regulation or review procedure which would give any person a valid claim
under any Environmental Law, including the Minnesota Environmental Rights Act or the
Minnesota Environmental Policy Act.
(i) The Developer reasonably expects that the Owner will be able to obtain financing
in the amount shown on Exhibit D, which amounts will be sufficient to fund the Project.
(j) The Developer represents and warrants that it will not, without the consent of the
City, voluntarily take any action to reduce the amount of ad valorem taxes generated from
the Property during the term of the Housing TIF District, except that the Owner may apply
for LIRC Classification;
(k) The Developer represents that no more than twenty percent of the square footage
of the Project will consist of commercial, retail, or other nonresidential uses, pursuant to
Minnesota Statutes § 469.1761, subd. 1(a)(2), as amended.
(l) The Developer represents and warrants, pursuant to Minnesota Statutes
§ 469.1761, subd. 3, as amended, that for the duration of the Housing TIF District it will
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cause the Owner to have at least forty percent of the residential units in the Project
occupied by individuals whose income is sixty percent or less of area median gross
income.
ARTICLE III
LAND USE AND DEVELOPMENT CONTROLS
Section 3.1 Restrictions on Development. The Developer may not construct or
permit construction on the Project until the Developer satisfies the following conditions:
(a) The Developer obtains approval of the Final Development Plan for the Project;
(b) The Developer satisfies all of the conditions established by the City in the Final
Development Plan for the Project;
(c) The Developer satisfies all of the conditions in the Development Contract; and
(d) The Developer provides the City a Master Disbursement Agreement, acceptable to
the City, that demonstrates that there are sufficient funds available for construction of the
Project.
Section 3.2 Zoning and Land Use Approvals. Nothing in this Agreement shall limit
the authority of the City with respect to zoning and land use approvals. Subject to the foregoing,
the staff of the City and the Authority shall cooperate with the Developer and assist the
Developer in the processing and obtaining of zoning and land use approvals. The Developer, on
behalf of the Owner, shall be responsible for applying for and obtaining all land use and zoning
approvals necessary for the Project. All zoning and land use approvals shall be by the City
Council or the City Planning Commission in accordance with the ordinances of the City.
Section 3.3 Building and Construction Permits. Nothing in this Agreement shall
limit the governmental authority of the City with respect to its building and construction
permitting process for the Project. The Developer shall cause the Owner to comply with all
applicable City building codes and construction requirements, shall be responsible for obtaining
all building permits prior to construction, and shall pay all required City fees.
Section 3.4 City/Authority Approval. Unless the City Council determines otherwise
in its discretion, whenever this Agreement provides for approval by the City or the Authority,
such approval shall be given by, respectively, the City Manager or the Executive Director of the
Authority (or in either case his/her designee), unless (a) this Agreement explicitly provides for
approval by the City Council or the Board of the Authority, (b) approval by the Council or Board
is required by law or (c) the approval, in the opinion of the City Manager or the Executive
Director, would result in a material change in the terms of this Agreement.
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ARTICLE IV
ASSISTANCE FOR CONSTRUCTION OF THE PROJECT
Section 4.1 Commencement and Completion of the Project.
(a) The Project includes construction of 39 efficiency apartments targeted to provide
affordable housing for teenagers and young adults who are homeless or formerly
homeless.
(b) Project Commencement and Completion. The Developer must achieve
Commencement of the Project and must be Fully Enclosed as a condition precedent to the
full TIF Payment as specified in Section 4.3.
(c) Project Timeline. The Developer will commence construction of the Project no
later than December 31, 2016 and complete construction no later than December 31, 2017.
Section 4.2 Project Financing. The Developer shall certify to the City and the
Authority no later than September 1, 2016, that all the Project funding sources identified in
Exhibit E (and in amounts in substantial compliance with Exhibit D and, in any event, sufficient
to complete the Project) have been received by (or otherwise remain available to) the Developer
by delivering the Project Funding Certificate to the City and the Authority. The Developer shall
enter into a Master Disbursement Agreement for the disbursement by Title of the TIF and other
funds for completion of the Project.
Section 4.3 Tax Increment Assistance for Construction of the Project.
(a) Upon establishment of the Housing TIF District and delivery to the City and the
Authority of the Project Funding Certificate, the Authority shall provide tax increment
assistance for construction of the Project in the amount of $500,000 (plus reimbursable tax
increment expenses) by means of the following payments:
Closing $250,000
The Project is Fully Enclosed $250,000
The funds shall be deposited with Title and disbursed pursuant to the Master
Disbursement Agreement.
(b) In addition, the Developer shall receive a payment of up to $25,000 upon
commencement of construction as reimbursement for payments made pursuant to Section
5.1 below. The Developer shall receive an additional payment at completion of
construction for reimbursement of payments made under Section 5.1, provided that the
total reimbursement under this Section 4.3(b) shall not exceed $50,000.
Section 4.4 Loans.
(a) The City agrees to make the LHIA Loan to the Owner provided that it receives the
LHIA Grant from the Metropolitan Council. The LHIA Loan shall be for a term of thirty
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(30) years and shall not bear interest. The LHIA Loan shall be subject to the terms of the
Grant Agreement between the City and the Metropolitan Council.
(b) The City agrees to make the LCDA Loan to the Owner provided that it receives the
LCDA Grant from the Metropolitan Council. The LCDA Loan shall be for a term of
thirty (30) years and shall not bear interest. The LCDA Loan shall be subject to the terms
of the Grant Agreement between the City and the Metropolitan Council.
Section 4.5 Additional Responsibilities of the Developer.
(a) The Developer will ensure the Project is constructed, operated and maintained in
substantial accordance with the terms of this Agreement and all local, State, and federal
laws and regulations (including, but not limited to zoning, building code and public health
laws and regulations).
(b) The Developer will obtain, in a timely manner, all required permits, licenses, and
approvals, and will meet, in a timely manner, all requirements of all applicable local,
State, and Federal laws and regulations which must be obtained or met before the Project
may be lawfully constructed.
(c) The Developer will not construct any building or other structures on, over, or
within the boundary lines of any public utility easement unless such construction is
provided for in such easement or has been approved by the utility involved.
(d) The Developer will comply or assure compliance with all applicable
Environmental Law as they relate to the Property and the Project.
(e) The Developer will provide the Authority annually with evidence satisfactory to
the Authority that all required income restrictions have been met for the annual period
immediately preceding.
Section 4.6 Certificate of Completion. The Developer shall notify the Authority
when the final certificate of occupancy is received for the Project. Upon receipt of the final
certificate of occupancy for the Project, the Authority will furnish to the Owner a recordable
Certificate of Completion in the form shown in Exhibit G, certifying the completion of the
Project. The Certificate of Completion shall conclusively satisfy and terminate the agreements
and covenants of the Developer in this Agreement to construct the Project covered by the
Certificate of Completion.
ARTICLE V
DEVELOPER REIMBURSEMENT OBLIGATIONS
Section 5.1 Developer Reimbursement Obligations. The Developer is obligated to
pay all out of pocket costs of the City and the Authority for the City Consultants in connection
with the Project, including but not limited to costs of the development of this Agreement, the
Redevelopment Plan, the TIF Plan and creation of the Housing TIF District, the Final
Development Plan, the Development Contract, fiscal analysis, legal fees and all costs and
expenses related thereto. The Developer is also obligated to pay to the City Two Thousand and
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No/100 Dollars ($2,000) to cover the internal City staff costs related to establishing the Housing
TIF District. The Developer must pay such costs monthly upon presentation of invoices and
other documentation of such costs, not more than thirty (30) days after the request for payment is
delivered to the Developer. All such costs will be Eligible Reimbursable Expenses.
ARTICLE VI
ENCUMBRANCE OF MINIMUM IMPROVEMENTS AREA
Section 6.1 Encumbrance of the Property.
(a) Until the Completion Date of the Project, neither the Developer, nor any successor
in interest to the Developer, will engage in any financing or any other transaction creating
any mortgage (a “Mortgage”) or other encumbrance or lien upon the Property, or portion
thereof, whether by express agreement or operation of law, or suffer any encumbrance or
lien to be made on or attach to the Property except for the purpose of obtaining funds only
to the extent necessary for constructing and developing the Project (including, but not
limited to, land and building acquisition, labor and materials, professional fees, real estate
taxes, construction interest, organization, marketing and other direct or indirect costs of
Project, costs of constructing the Project, and an allowance for contingencies).
(b) This restriction on encumbrance shall terminate with respect to the Project, upon
delivery of the Certificate of Completion for the Project. The Developer or any successor
in interest to the Project or portion thereof, may not sell or engage in financing or any
other transaction creating a mortgage or encumbrance or lien on the Project until receipt of
the Certificate of Completion has been obtained, without obtaining the prior written
approval of the Authority.
Section 6.2 Copy of Notice of Default to Mortgagee. If the Authority delivers any
notice or demand to the Developer, or any successor in interest to the Developer, with respect to
any Event of Default under this Agreement, the Authority will use its best efforts to also deliver
a copy of such notice or demand to the mortgagee of any Mortgage at the address of such
mortgagee provided to the Authority in a written notice from the Developer, any successor in
interest to the Developer or the mortgagee, provided that failure of the Authority to give any
such notice shall not limit the Authority’s ability to exercise any of its remedies hereunder.
Section 6.3 Mortgagee’s Option to Cure Events of Default. Upon the occurrence of
an Event of Default, the mortgagee under any Mortgage will have the right at its option, to cure
or remedy such Event of Default within the cure periods set forth herein. An individual or entity
who acquires title to the Project through the foreclosure of a mortgage or deed in lieu of
foreclosure on the Property remains subject to each of the restrictions set forth in this Agreement
and remains subject to all of the obligations of the Developer, or any successor in interest to the
Developer, under the terms of this Agreement, but the purchaser at a foreclosure sale or grantee
under a deed in lieu of foreclosure shall have no personal liability for a breach of such
obligations under this Agreement so long as:
(a) The party acquiring title through foreclosure or deed in lieu of foreclosure
observes all of the restrictions set forth in the Agreement;
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(b) The party who acquired title through foreclosure or deed in lieu of foreclosure does
not undertake or permit any other party to undertake any redevelopment on the Property;
(c) The City has no obligation to approve any plans for the Project for the foreclosing
mortgagee (or mortgagee obtaining a deed in lieu of foreclosure) owns or to issue any
related building permits.
The purpose of this Section is to permit a foreclosing lender (or mortgagee obtaining a deed in
lieu of foreclosure) to hold title to the Property it acquires through foreclosure or deed in lieu of
foreclosure, subject to, but without personal liability for the obligations under this Agreement,
until it can sell the portion it holds to a third party who will assume the obligations of the
Developer under the terms of this Agreement and proceed with the construction of the Project
pursuant to the terms of this Agreement. If, rather than passively holding title to the portion of
the Property it acquires through foreclosure or deed in lieu of foreclosure, the foreclosing lender
(or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a foreclosure sale
desires to sell the Property for construction of the Project, the purchaser at the foreclosure sale
(or mortgagee obtaining a deed in lieu of foreclosure) must assume and perform each of the
obligations of the Developer, or the applicable successor to the interest of the Developer, under
this Agreement. This Section does not restrict the authority of the Authority to pursue its rights
under any outstanding security, exercise remedies otherwise available under this Agreement or
suspend the performance of the obligations of the Authority or the Developer under this
Agreement as otherwise allowed. The Authority agrees to reasonably cooperate with any
foreclosing lender (or mortgagee obtaining a deed in lieu of foreclosure) or other purchaser at a
foreclosure sale in pursuing the Project in accordance with this Agreement, including evaluation
of such person as a successor to the rights of the Developer hereunder and taking appropriate
actions to allow the benefits and rights hereunder to be realized by such person, should the
Authority approve such person as a successor in accordance with this Agreement.
Section 6.4 Defaults Under Mortgage. The Developer, or its successor or assign,
will use its best efforts to obtain an agreement from any mortgagee under a Mortgage that in the
event the Developer is in default under any Mortgage, the mortgagee will use its best efforts,
within ten (10) days after it becomes aware of any such default and prior to exercising any
remedy available to it due to such default, to notify the Authority in writing of (i) the fact of
default; (ii) the elements of default; and (iii) the actions required to cure the default. The
Developer, or its successor or assign, will use its best efforts to obtain an agreement in any such
Mortgage, that if, within the time period required by the Mortgage, the Authority cures any
default under the Mortgage, the mortgagee will pursue none of its remedies under the Mortgage
based on such default.
Section 6.5 Subordination of Agreement. In order to facilitate the obtaining of
financing for the construction of the Minimum Improvements, the Authority agrees to
subordinate the provisions hereof to the documents executed in connection with any Mortgage
securing a Financing Commitment, provided that such subordination shall not deprive the
Authority or otherwise limit any of the Authority’s remedies which do not create a lien on the
Property upon the occurrence of an Event of Default by the Developer.
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Section 6.6 Unit Mortgages. The provisions of this Article do not apply to loans and
mortgages to a purchaser of a unit in a common interest community within the Project.
ARTICLE VII
INSURANCE AND CONDEMNATION
Section 7.1 Insurance.
(a) The Developer, and any successor in interest to the Developer, shall obtain and
continuously maintain insurance on the Project and, from time to time at the request of the
Authority, furnish proof to the Authority that the premiums for such insurance have been
paid and the insurance is in effect. The insurance coverage described below is the
minimum insurance coverage that the Developer must obtain and continuously maintain,
provided that the Developer shall obtain the insurance described in clause (i) below prior
to the Commencement of construction of the Project:
(i) Builder’s risk insurance, written on the so-called “Builder’s Risk—
Completed Value Basis,” in an amount equal to one hundred percent (100%) of the
insurable value of the Project at the date of Completion, and with coverage available in
non-reporting form on the so-called “all risk” form of policy.
(ii) Comprehensive general liability insurance (including operations,
contingent liability, operations of subcontractors, completed operations and contractual
liability insurance) together with an Owner’s/Contractor’s Policy naming the Authority,
and the City as an additional insured, with limits against bodily injury and property
damage of not less than $2,500,000 for each occurrence (to accomplish the above-
required limits, an umbrella excess liability policy may be used), written on an
occurrence basis.
(iii) Workers compensation insurance, with statutory coverage.
(b) All insurance required in this Article shall be obtained and continuously
maintained in responsible insurance companies selected by the Developer or its successors
that are authorized under the laws of the State to assume the risks covered by such
policies. Unless otherwise provided in this Article, each policy must contain a provision
that the insurer will not cancel nor modify the policy without giving written notice to the
insured at least thirty (30) days before the cancellation or modification becomes effective.
Not less than fifteen (15) days prior to the expiration of any policy, the Developer, or its
successor or assign, must renew the existing policy or replace the policy with another
policy conforming to the provisions of this Article. In lieu of separate policies, the
Developer or its successor or assign, may maintain a single policy, blanket or umbrella
policies, or a combination thereof, having the coverage required herein.
(c) The Developer, its successor or assign, agrees to notify the Authority promptly in
the case of damage exceeding $250,000 in amount to, or destruction of the Project from
fire or other casualty.
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Section 7.2 Condemnation. In the event that title to or possession of the Property or
the Project, or both, or any material part thereof, is threatened with a taking through the exercise
of the power of eminent domain, the Developer, or its successor or assign, will notify the
Authority of the threatened taking with reasonable promptness. The Developer, or its successor
or assign, will cooperate with the Authority if the Authority elects to assert any interests the
Authority may have in the Property and the Project in any condemnation action undertaken
against the Property and the Project.
ARTICLE VIII
DEVELOPER COVENANTS
Section 8.1 Maintenance and Operation of the Property. The Developer and its
successors or assigns will, at all times during the term of this Agreement, maintain and operate
the Project in a safe and secure way and in compliance with this Agreement and all federal, State
and local laws, regulations, rulings and ordinances applicable thereto. The Developer, or its
successors or assigns, will pay all of the reasonable and necessary expenses of the operation and
maintenance of the Project, including all premiums for insurance insuring against loss or damage
thereto and adequate insurance against liability for injury to persons or property arising from the
construction of the Project as required pursuant to this Agreement. During construction of the
Project, the Developer, or its successors or assigns, shall not knowingly cause any person
working in or attending the Project for any purpose, or any tenant of the Project, to be exposed to
any hazardous or unsafe condition; provided that such party shall not be in Default hereunder if it
has required the contractors employed to perform work on the Project to take such precautions as
may be available to protect the persons in and around the Project from hazards arising from the
work, and has further required each such contractor to obtain and maintain liability insurance
protecting against liability to persons for injury arising from the work. The expenses of
operation and maintenance of the Project shall be borne solely by the Developer, its successors
or assigns.
Section 8.2 Business Subsidy Agreement. The Authority and the Developer agree
that the Project is exempt from the requirement for entering into a business subsidy agreement
within the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections
116J.993 through 116J. 995, because the TIF Payment provides assistance for housing within the
meaning of Minnesota Statutes, Section 116J.993, subd. 3(7).
ARTICLE IX
TRANSFER LIMITATIONS AND INDEMNIFICATION
Section 9.1 Representation as to the Project. The Developer represents to the City
and the Authority that 66 West LLC’s purchase of the Property, and its other undertakings under
this Agreement, are for the purpose of developing the Project and not for the purpose of
speculation in land holding. The Developer acknowledges that, in view of the importance of the
Project to the general welfare of the City and the Authority, and the substantial financing and
other public aids that have been made available by the City and the Authority for the purpose of
making the Project possible, the qualifications and identity of the Developer are of particular
concern to the Authority. The Developer further acknowledges that the City and the Authority
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are willing to enter into this Agreement with the Developer because of the qualifications and
identity of the Developer.
Section 9.2 Limitations on Transfer. Until the issuance of a Certificate of
Completion and unless the Developer remains bound by all provisions of this Agreement:
(a) The Developer, 66West LLC, and its successors and assigns will not sell, assign,
convey, lease or transfer in any other mode or manner any of its right, title, and interest in
and to this Agreement, the Property or the Project, without the express written approval of
the Authority, provided that the consent of the Authority shall not be required for any of
the following:
(i) granting of a mortgage or other security interests in the Project as provided
in Article VI hereof;
(ii) the sale of units within a common interest community;
(iii) leasing the Project in the normal course of business in a manner consistent
with the corresponding Final Development Plan and Development Contract; and
(iv) a transfer to Owner.
(b) As a condition to approval by the City and the Authority of the transfer of the
Property, the Developer shall satisfy the following conditions, if required by the
Authority. The Authority shall be entitled to require, as conditions to approval of any
sale, assignment, conveyance, use or transfer of any rights, title, and interest in and to this
Agreement, the Property or the Project that:
(i) Any proposed transferee shall have the qualifications and financial
responsibility, as determined by the Authority, necessary and adequate to fulfill the
obligations undertaken in this Agreement by the Developer;
(ii) Any proposed transferee, by instrument in writing satisfactory to the
Authority and in form recordable among the land records shall, for itself and its
successors and assigns, and expressly for the benefit of the Authority have expressly
assumed all of the obligations of the Developer under this Agreement and agree to be
subject to all the conditions and restrictions to which the Developer is subject;
(iii) The Developer must submit all instruments and other legal documents
involved in effecting transfer to the Authority for review and written approval, which
shall not be unreasonably withheld;
(iv) The Developer and its transferee must comply with such other conditions
as the Authority may find desirable in order to achieve and safeguard the purposes of the
HRA Act and TIF Act, this Agreement, and the Project; and
(v) The transferee must demonstrate, in a manner satisfactory to the City and
the Authority, its ability to perform all assumed obligations in this Agreement.
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In the absence of specific written agreement by the City and the Authority to the contrary,
no such transfer or approval by the City and the Authority thereof shall be deemed to
relieve the Developer or any other party bound in any way by this Agreement or
otherwise with respect to its obligations under this Agreement.
Section 9.3 Indemnification.
(a) The Developer and its successors and assigns release and covenant and agree that
the City Parties shall not be liable for and agree, jointly and severally, to indemnify and
hold harmless the City Parties against any loss or damage to property or any injury to or
death of any person occurring at or about or resulting from any defect in the Project
constructed by the Developer to the extent not attributable to the negligence of the City
Parties.
(b) Except for negligence or willful misconduct of the City Parties, the Developer and
its successors and assigns agree to indemnify the City Parties, now and forever, and
further agrees to hold the aforesaid harmless from any claims, demands, suits, costs,
expenses (including reasonable attorney’s fees), actions or other proceedings whatsoever
by any person or entity whatsoever arising or purportedly arising from the actions or
inactions of the Developer (or if other persons acting on their behalf or under its direction
or control) under this Agreement, or the transactions contemplated hereby or the
acquisition, construction, installation, ownership, and operation of the Project constructed
by the Developer; provided, that this indemnification shall not apply to the warranties
made or obligations undertaken by the Authority in this Agreement.
Section 9.4 Limitation. All covenants, stipulations, promises, agreements and
obligations of the City, the Authority or the Developer contained in this Agreement shall be
deemed to be the covenants, stipulations, promises, agreements and obligations of the City, the
Authority and the Developer, and not of any governing body member, officer, agent, servant or
employee of the City, the Authority or the Developer in the individual capacity thereof.
ARTICLE X
EVENTS OF DEFAULT AND REMEDIES
Section 10.1 Events of Default Defined. Subject to applicable cure periods, “Events
of Default” under this Agreement include any one or more of the events listed in Sections 10.2
and 10.3.
Section 10.2 Developer Events of Default. The following shall be Events of Default
for the Developer or its successors and assigns:
(a) subject to Unavoidable Delays and Cure Rights, the Developer or its successors or
assigns fail to Commence or Complete the Project in accordance with this Agreement;
(b) the Developer or its successors or assigns is in default under the provision of the
Development Contract;
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66 West Apartments Housing Redevelopment Agreement
(c) there is, in violation of this Agreement, any conveyance, encumbrance or other
transfer of the Property or any part thereof, and such violation is not cured within 30 days
after written demand by the Authority to the Developer or its successors or assigns;
(d) subject to Cure Rights, failure by the Developer or its successors or assigns to
observe or perform any other covenant, condition, obligation or agreement on its part to be
observed or performed under this Agreement, and the continuation of such failure for a
period of thirty (30) days after written notice of such failure from any party hereto; and
(e) prior to the delivery of the Certificate of Completion, the Developer or its
successors or assigns shall (i) file any petition in bankruptcy or for any reorganization,
arrangement, composition, readjustment, liquidation, dissolution, or similar relief under
the United States Bankruptcy Act of 1978, as amended or under any similar federal or
State law; or (ii) make an assignment for the benefit of its creditors; or (iii) become
insolvent or adjudicated a bankrupt; or if a petition or answer proposing the adjudication
of Developer, as a bankrupt or its reorganization under any present or future Federal
bankruptcy act or any similar Federal or State law shall be filed in any court and such
petition or answer shall not be discharged or denied within ninety (90) days after the filing
thereof; or a receiver, trustee or liquidator of Developer, or of the Project, or part thereof,
shall be appointed in any proceeding brought against Developer, and shall not be
discharged within ninety (90) days after such appointed, or if Developer shall consent to
or acquiesce in such appointment.
Section 10.3 City and Authority Events of Default. Subject to Unavoidable Delays,
the failure of the City or the Authority to observe or perform any covenant, condition, obligation
or agreement on its part to be observed or performed under this Agreement, and the continuation
of such failure for a period of thirty (30) days after written notice of such failure from any party
hereto shall be an Event of Default for the City or the Authority.
Section 10.4 Cure Rights. Notwithstanding the foregoing, if the Default reasonably
requires more than thirty (30) days to cure, such Default shall not constitute an Event of Default,
provided that the curing of the Default is promptly commenced upon receipt by the defaulting
party of the notice of the Default, and with due diligence is thereafter continuously prosecuted to
completion and is completed within a reasonable period of time, and provided that the defaulting
party keeps the non-defaulting party well informed at all times of its progress in curing the
Default; provided in no event shall such additional cure period extend beyond 180 days.
Section 10.5 Authority Remedies on Events of Default. Whenever any Event of
Default occurs by the Developer or its successors or assigns, the Authority may take any one or
more of the following actions:
(a) terminate this Agreement except as otherwise provided herein;
(b) suspend performance under this Agreement until it receives assurances from the
Developer, deemed adequate by the Authority, that the Developer will cure the Default
and continue its performance under this Agreement, withhold the Certificate of
Completion for the Project, and take whatever action at law or in equity may appear
19
66 West Apartments Housing Redevelopment Agreement
necessary or desirable to the Authority to collect any payments due under this Agreement,
or to enforce performance and observance of any obligation, agreement, or covenant of the
Developer under this Agreement; and
(c) the Authority shall have all remedies normally available at law and in equity to
enforce performance of this Agreement including a right to specific performance.
Section 10.6 City Remedies on Events of Default. Whenever any Event of Default
occurs by the Developer or its successors or assigns, the City may suspend performance of its
obligations under this Agreement and take whatever action at law or in equity may appear
necessary or desirable to the City to enforce performance and observance of any obligation,
agreement, or covenant of the Developer under this Agreement, including an action for specific
performance.
Section 10.7 Developer Remedies on City or Authority Events of Default.
Whenever any Event of Default occurs by the City or the Authority, the Developer, may take
whatever action at law or in equity may appear necessary or desirable to enforce performance
and observance of any obligation, agreement, or covenant of the City or the Authority under this
Agreement, including an action for specific performance.
Section 10.8 No Remedy Exclusive. No remedy herein conferred upon or reserved to
the City, the Authority or the Developer is intended to be exclusive of any other available
remedy or remedies unless otherwise expressly stated, but each and every such remedy shall be
cumulative and shall be in addition to every other remedy given under this Agreement or now or
hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or
power accruing upon any Default shall impair any such right or power or shall be construed to be
a waiver thereof, but any such right and power may be exercised from time to time and as often
as may be deemed expedient. In order to entitle the Authority to exercise any remedy reserved to
it, it shall not be necessary to give notice, other than such notice as may be required in this
Article X.
Section 10.9 No Additional Waiver Implied by One Waiver. If any agreement
contained in this Agreement should be breached by any party and thereafter waived by another
party, such waiver shall be limited to the particular breach so waived and shall not be deemed to
waive any other concurrent, previous or subsequent breach hereunder.
Section 10.10 Reimbursement of Attorneys’ Fees. In the event of any enforcement
action hereunder following an Event of Default, the prevailing party, in addition to other relief,
shall be entitled to an award of attorney’s fees and costs.
ARTICLE XI
ADDITIONAL PROVISIONS
Section 11.1 Conflicts of Interest. No member of the Board or other official of the
Authority shall have any financial interest, direct or indirect, in this Agreement, the Housing TIF
District or the Project, or any contract, agreement or other transaction contemplated to occur or
be undertaken thereunder or with respect thereto, nor shall any such member of the governing
body or other official participate in any decision relating to the Agreement which affects his or
20
66 West Apartments Housing Redevelopment Agreement
her personal interests or the interests of any corporation, partnership or association in which he
or she is directly or indirectly interested. No member, official or employee of the City or the
Authority shall be personally liable to the City or the Authority in the event of any Default or
breach by Developer or successor or on any obligations under the terms of this Agreement.
Section 11.2 Titles of Articles and Sections. Any titles of the several parts, Articles
and Sections of the Agreement are inserted for convenience of reference only and shall be
disregarded in construing or interpreting any of its provisions.
Section 11.3 Notices and Demands. Except as otherwise expressly provided in this
Agreement, a notice, demand or other communication under this Agreement by any party to any
other shall be sufficiently given or delivered if it is dispatched by registered or certified mail,
postage prepaid, return receipt requested, or delivered personally, and in the case of the
Developer, is addressed to or delivered personally to the Developer at:
Beacon Interfaith Housing Collaborative
Attn: Lee Blons
2610 University Avenue West, Suite 100
St. Paul, MN 55114
with a copy to: Angela M. Christy
Faegre Baker Daniels LLP
2200 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402
with a copy to: Minnesota Equity Fund
1118 South Washington Avenue
Lansing, MI 48910
In the case of the Authority, is addressed to or delivered personally to the Authority at:
Edina Housing and Redevelopment Authority
Attention: Executive Director
4801 W. 50th Street
Edina, MN 55424
with a copy to: Jay R. Lindgren
Dorsey & Whitney LLP
50 South Sixth Street, Suite 1500
Minneapolis, MN 55402
21
66 West Apartments Housing Redevelopment Agreement
In the case of the City, is addressed to or delivered personally to the City at:
City of Edina
Attention: City Manager
4801 W. 50th St.
Edina, MN 55424
with a copy to: Jay R. Lindgren
Dorsey & Whitney LLP
50 South Sixth Street, Suite 1500
Minneapolis, MN 55402
or at such other address with respect to any such party as that party may, from time to time,
designate in writing and forward to the other, as provided in this Section.
Section 11.4 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall constitute one and the same instrument.
Section 11.5 Law Governing. This Agreement will be governed and construed in
accordance with the laws of the State of Minnesota.
Section 11.6 Legal Opinions. Upon execution of this Agreement, each party shall,
upon request of the other parties, supply the other parties with an opinion of its legal counsel to
the effect that this Agreement is legally issued or executed by, and valid and binding upon, such
party, and enforceable in accordance with its terms.
Section 11.7 Consents and Approvals. In all cases where consents or approvals are
required hereunder, such consents or approvals shall not be unreasonably conditioned, delayed or
withheld. All consents or approvals shall be in writing in order to be effective.
Section 11.8 Representatives. Except as otherwise provided herein, all approvals and
other actions required of or taken by the Authority shall be effective upon action by the
Authority Representative. All actions required of or taken by the Developer shall be effective
upon action by a duly authorized officer of its general partner.
Section 11.9 Superseding Effect. This Agreement reflects the entire agreement of the
parties with respect to the items covered by this Agreement, and supersedes in all respects all
prior agreements of the parties, whether written or otherwise, with respect to the items covered
by this Agreement.
Section 11.10 Relationship of Parties. Nothing in this Agreement is intended, or shall
be construed, to create a partnership or joint venture among or between the parties hereto, and
the rights and remedies of the parties hereto shall be strictly as set forth in this Agreement.
Section 11.11 Term. The term of this Agreement shall be effective from the day and
year first above written until the earlier of (a) the date this Agreement is terminated, or (b) date
of termination of the Housing TIF District.
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66 West Apartments Housing Redevelopment Agreement
Section 11.12 Provisions Surviving Rescission or Expiration. Section 9.4 shall
survive any rescission, termination or expiration of this Agreement with respect to or arising out
of any event, occurrence or circumstance existing prior to the date thereof.
Section 11.13 Memorandum of Agreement. Neither party shall cause this Agreement
to be recorded or filed in the real estate records of Hennepin County. However, the Developer
will cause a Memorandum of Agreement to be so recorded or filed at Closing upon the Property
in the form attached hereto as Exhibit H.
Section 11.14 Conflicts Between this Agreement and the Development Contract. In
the event of any inconsistency or conflict between the requirements of this Agreement and a
Development Contract, the provisions of the Development Contract shall control; provided,
however, that for the purposes of Section 6.3 of this Agreement regarding Defaults that authorize
the Authority to withhold payments on any TIF Assistance, this Agreement controls. Except
with respect for such inconsistent provisions, neither agreement is intended to amend or
supersede the other agreement.
66 West Apartments Housing Redevelopment Agreement
IN WITNESS WHEREOF, the City, the Authority and the Developer have caused this
Agreement to be duly executed in their names and on their behalf, all on or as of the date first
above written.
CITY OF EDINA,
MINNESOTA
By
Its Mayor
By
Its City Manager
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this ____ day of April, 2016, by James
Hovland and Scott Neal, the Mayor and City Manager respectively, of the City of Edina,
Minnesota, on behalf of the City of Edina.
Notary Public
66 West Apartments Housing Redevelopment Agreement
HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF
EDINA, MINNESOTA
By
Its Chair
By
Its Secretary
Reviewed and Approved:
__________________________________
Executive Director
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this ____ day of April, 2016, by James
Hovland and Ann Swenson, the Chair and Secretary, respectively, of the Housing and
Redevelopment Authority of the City of Edina, Minnesota, on behalf of said Authority.
Notary Public
66 West Apartments Housing Redevelopment Agreement
BEACON INTERFAITH HOUSING
COLLABORATIVE
a Minnesota non-profit corporation
By
Its
STATE OF MINNESOTA )
) ss.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this ___ day of April, 2016, by
________, the _________________ of Beacon Interfaith Housing Collaborative, a Minnesota
non-profit corporation, on behalf of the corporation.
Notary Public
JOINDER
66 West Housing LP (“Owner”) joins in this Housing Redevelopment Agreement for the
purpose of agreeing to perform the obligations of the Owner described in the Agreement,
including but not limited to the obligation to construct, maintain and operate the Project. All
references to successors or assigns of the Developer shall be deemed to refer to Owner, its
successors and assigns. The Owner acknowledges that the Property and the Project are subject to
the transfer restrictions contained in Section 9.2 of the Agreement.
66 West Apartments Housing Redevelopment Agreement
EXHIBIT A
TIF Project Area Map
66 West Apartments Housing Redevelopment Agreement
EXHIBIT A-1
66 West TIF District Map
66 West Apartments Housing Redevelopment Agreement
B-1
EXHIBIT B
Final Development Plan
B-2
66 West Apartments Housing Redevelopment Agreement
B-3
66 West Apartments Housing Redevelopment Agreement
66 West Apartments Housing Redevelopment Agreement
C-1
EXHIBIT C
Property Legal Description
The South 300 feet of Lot 2, as measured along the West line of said lot from the Southwest
corner thereof in Block 3, Southdale Acres, Hennepin County, Minnesota. Torrens Property
Certificate of Title No. 361393.
66 West Apartments Housing Redevelopment Agreement
D-1
EXHIBIT D
Preliminary Project Budget
Project Description
Existing Building Size 18,145 Sq Ft
Addition Size 10,458 Sq Ft
Total Square Footage 28,603 Sq Ft
Units 39 Units 100%
Uses Building Per Unit % of total
Acquisition $2,200,000 $56,410 20%
Construction: Dwelling Unit Space $5,660,000 $145,128 51%
Construction: Non Dwelling Unit Space $0 $0 0%
Construction: Landscaping $0 $0 0%
Contingency $396,000 $10,154 4%
Architect $180,000 $4,615 2%
Holding Costs/Interest/Taxes $440,000 $11,282 4%
Reserves $240,000 $6,154 2%
Other Soft Costs $2,090,195 $53,595 19%
Total Development Cost $11,206,195 $287,338
Sources Building Per Unit % of total Committed
Syndication Proceeds $2,680,892 $68,741 24%x
Minnesota Housing $5,008,303 $128,418 45%x
Sales Tax Rebate $140,000 $3,590 1%x
ECLC and Private Funds $202,000 $5,179 2%x
Hennepin County HOME/AHIF/TOD $800,000 $20,513 7%x
Energy Rebates $25,000 $641 0%x
Met Council LCDA $900,000 $23,077 8%
Edina Pooled TIF $550,000 $14,103 5%x
Met Council LHIA $400,000 $10,256 4%x
Family Housing Fund $227,000 $5,821 2%x
Federal Home Loan Bank $273,000 $7,000 2%
Total Sources $11,206,195 $287,338
66 West Apartments Summary Budget
10/21/2015
Capital Funding Estimate and Status
66 West Apartments Housing Redevelopment Agreement
E-1
EXHIBIT E
Form of Project Funding Certificate
BEACON INTERFAITH HOUSING COLLABORATIVE, a Minnesota non-profit
corporation (“the “Developer”) has entered into that certain 66 WEST APARTMENTS
HOUSING REDEVELOPMENT AGREEMENT with and among the CITY OF EDINA,
MINNESOTA (the “City”) and the HOUSING AND REDEVELOPMENT AUTHORITY OF
THE CITY OF EDINA, MINNESOTA (the “Authority”), dated effective as of April 5, 2016 (the
“Agreement”).
The Developer certifies to the Authority, pursuant to Section 4.2 of the Agreement, that
the funding sources identified in Exhibit 1, attached hereto, have been fully committed and
available to the Developer for the construction of the Project.
Dated:
DEVELOPER: BEACON INTERFAITH HOUSING
COLLABORATIVE
a Minnesota non-profit corporation
By ____________________________
Its ___________________
66 West Apartments Housing Redevelopment Agreement
F-1
EXHIBIT F
Form of Draw Request
TO: Housing and Redevelopment Authority of the City of Edina
FROM: Beacon Interfaith Housing Collaborative
DATE: ______________________
RE: Draw Request
BEACON INTERFAITH HOUSING COLLABORATIVE, a Minnesota non-profit
corporation (“the “Developer”) has entered into that certain 66 WEST APARTMENTS
HOUSING REDEVELOPMENT AGREEMENT with and among the CITY OF EDINA,
MINNESOTA (the “City”) and the HOUSING AND REDEVELOPMENT AUTHORITY OF
THE CITY OF EDINA, MINNESOTA (the “Authority”), dated effective as of April 5, 2016 (the
“Agreement”).
The undersigned requests assistance for construction of the Project in the amount
specified in Section 4.3 of the Agreement for [Closing/ Completion of
Construction/Reimbursement of Eligible Expenses], and certifies that all conditions precedent to
release by the Authority to the Developer of [$____________] under the Agreement have been
satisfied. The funds shall be directly deposited with Land Title, Inc. and disbursed pursuant to
the Master Disbursement Agreement.
Dated:
DEVELOPER: BEACON INTERFAITH HOUSING
COLLABORATIVE
a Minnesota non-profit corporation
By ____________________________
Its ___________________
66 West Apartments Housing Redevelopment Agreement
F-1
EXHIBIT G
Certificate of Completion
BEACON INTERFAITH HOUSING COLLABORATIVE, a Minnesota non-profit
corporation (“the “Developer”), pursuant to the 66 West Apartments Housing Redevelopment
Agreement with and among the CITY OF EDINA, MINNESOTA (the “City”) and the
HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF EDINA,
MINNESOTA (the “Authority”), dated effective as of April 5, 2016 (the “Agreement”), has
agreed to cause 66 West Housing LP (“Owner”) to complete the Project, as defined in and in
accordance with the Agreement, on that certain real property (the “Property”) located in
Hennepin County, Minnesota, described in Exhibit C attached hereto.
A. The Owner has substantially completed construction of the Project as required
under the Agreement.
B. The issuance of this Certificate of Completion by the City and the Authority is not
intended nor shall it be construed to be a warranty or representation by the City or the Authority
as to the structural soundness of the Project, including, but not limited to, the quality of
materials, workmanship or the fitness of the Project for its proposed use.
NOW THEREFORE, this is to certify that all construction and other physical
improvements specified to be done and made by the Owner with regard to the Project have been
substantially completed, and the provisions of the Agreement imposing obligations on the
Developer to construct the Project as required under the Agreement are hereby satisfied and
terminated, and the County Recorder and Registrar of Titles in and for the County of Hennepin
and State of Minnesota are hereby authorized to record this instrument, to be a conclusive
determination of the satisfactory termination or said provisions of the Agreement.
G-2
66 West Apartments Housing Redevelopment Agreement
Dated:
CITY: CITY OF EDINA, MINNESOTA
By ____________________________
Its Mayor
By ____________________________
Its City Manager
REVIEWED AND APPROVED
By _____________________________
City Attorney
STATE OF MINNESOTA )
) ss.
COUNTY OF ____________ )
The foregoing instrument was acknowledged before me this ___ day of ________, 2017,
by James Hovland and Scott Neal, the Mayor and City Manager, respectively, of the CITY OF
EDINA, MINNESOTA, a Minnesota municipal corporation, on behalf of the City.
_______________________________
Notary Public
G-3
66 West Apartments Housing Redevelopment Agreement
Dated:
AUTHORITY: HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF
EDINA, MINNESOTA
By ____________________________
Its Chair
By ____________________________
Its Secretary
Reviewed and Approved:
__________________________________
Executive Director
STATE OF MINNESOTA )
) ss.
COUNTY OF ____________ )
The foregoing instrument was acknowledged before me this ___ day of ________, 2017,
by James Hovland and Ann Swenson, the Chair and Secretary, respectively, of the HOUSING
AND REDEVELOPMENT AUTHORITY OF THE CITY OF EDINA, MINNESOTA, a public
body corporate and politic organized under the laws of the State of Minnesota, on behalf of the
Authority.
_______________________________
Notary Public
66 West Apartments Housing Redevelopment Agreement
F-1
EXHIBIT H
Memorandum of Agreement
THIS MEMORANDUM OF 66 WEST APARTMENTS HOUSING
REDEVELOPMENT AGREEMENT (this “Memorandum”) is entered into as of __________,
2016 by and among the CITY OF EDINA, MINNESOTA, a Minnesota municipal corporation
(“City”), the HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF EDINA,
MINNESOTA, a public body corporate and politic organized under the laws of the State of
Minnesota (“Authority”), and 66 WEST HOUSING LP, a Minnesota limited partnership.
RECITALS:
A. City, Authority, and Beacon Interfaith Housing Collaborative (the “Developer”)
(collectively, the “Parties”) have entered into a certain Redevelopment Agreement dated as of
April 5, 2016 (the “Agreement”), whereby the Parties have agreed to various aspects of the
redevelopment of certain real property more particularly described in Exhibit A attached hereto
and made a part hereof, together with all improvements, tenements, easements, rights and
appurtenances pertaining to such real property, lying and being in Hennepin County, Minnesota
(the “Property”).
B. The Developer has transferred the Property to 66 West Housing LP, a Minnesota
limited partnership.
C. The Parties wish to give notice of the existence of the Agreement.
AGREEMENT:
NOW, THEREFORE, in consideration of the sum of One and 00/100 Dollar ($1.00) and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:
1. The above Recitals are incorporated by reference as if fully set forth herein.
2. Capitalized terms, when not defined herein, shall have the meanings ascribed to
them in the Agreement.
3. The Parties have entered into the Agreement to set forth the terms and provisions
governing the redevelopment of the Property.
4. This Memorandum has been executed and delivered by the Parties for the purpose
of recording and giving notice that a contractual relationship for the redevelopment of the
Property has been created between the Parties in accordance with the terms, covenants, and
conditions of the Agreement.
5. The terms and conditions of the Agreement are incorporated by reference into this
Memorandum as if fully set forth herein.
H-2
66 West Apartments Housing Redevelopment Agreement
6. This Memorandum may be executed separately in counterparts which, when taken
together, shall constitute one and the same instrument.
Dated:
CITY:
CITY OF EDINA, MINNESOTA
By ____________________________
Its Mayor
By ____________________________
Its City Manager
STATE OF MINNESOTA )
) ss.
COUNTY OF ____________ )
The foregoing instrument was acknowledged before me this ___ day of _________,
2016, by James Hovland and Scott Neal, the Mayor and City Manager, respectively, of the CITY
OF EDINA, MINNESOTA, a Minnesota municipal corporation, on behalf of the City.
_______________________________
Notary Public
H-3
66 West Apartments Housing Redevelopment Agreement
Dated:
AUTHORITY:
HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF EDINA,
MINNESOTA
By ____________________________
Its Chair
By ____________________________
Its Secretary
Reviewed and Approved:
__________________________________
Executive Director
STATE OF MINNESOTA )
) ss.
COUNTY OF ____________ )
The foregoing instrument was acknowledged before me this ___ day of _________,
2016, by James Hovland and Ann Swenson, the Chair and Secretary, respectively, of the
HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF EDINA,
MINNESOTA, a public body corporate and politic organized under the laws of the State of
Minnesota, on behalf of the Authority.
_______________________________
Notary Public
H-4
66 West Apartments Housing Redevelopment Agreement
Dated:
66 WEST HOUSING LP
By: 66 West LLC, Its General Partner
By ____________________________________
Its ____________________________________
STATE OF MINNESOTA )
) ss.
COUNTY OF ____________ )
The foregoing instrument was acknowledged before me this ___ day of ________, 2016,
by ________________, the ______________ of 66 West LLC, a _____________ limited
liability company, on behalf of the limited liability company as general partner for 66 West
Housing LP.
_______________________________
Notary Public
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF EDINA
COUNTY OF HENNEPIN
STATE OF MINNESOTA
HRA RESOLUTION NO. 2015-01
SUPPORTING AFFORDABLY-PRICED HOUSING AT 3330 WEST 66TH STREET
BE IT RESOLVED by the Housing and Redevelopment Authority of the City of Edina,
Minnesota as follows:
WHEREAS, the project being developed by the Beacon Interfaith Housing Collaborative
(the "Developer") consists of 39 efficiency apartment units targeted as affordably-priced housing
for teenagers and young adults who were formerly homeless (the "Project"); and
WHEREAS, the City Council approved the re-zoning of the property in October 2014
and modified the Comprehensive Plan to allow this type of use in the developers preferred
location in November 2014 after concurrence by the Metropolitan Council; and
WHEREAS, the Developer acquired the property in October 2014 and is currently
seeking funding from several sources to construct the project in 2016; and
WHEREAS, a variety of grants or other public financial assistance will be required to
build the Project including housing tax credits from the Minnesota Housing Finance Agency (the
"MHFA"); and
WHEREAS, the Project will be designed to encourage increased walkability in the
Southdale district; and
WHEREAS, the Project will be developed with the requirements of Minnesota Statutes
Section 469.174 to 469.1794 (the "TIF Act"); and
WHEREAS, the Project will be developed consistent with Resolution 2014-139 and
Ordinance 2014-17 allowing affordable housing with supportive service in the Regional Medical
District; and
WHEREAS, the Project is estimated to cost approximately $10,505,000 and the
Developer is requesting $550,000 in tax increment from the City; and
CITY OF EDINA
4801 West 50th Street • Edina, Minnesota 55424
www.EdinaMN.gov • 952-927-8861 • Fax 952-826-0389
Dated: May 6, 2015
Attest:
day of
OM/Ai A • d
Sco eal, Execut e D rector
WITNESS my hand and seal of the City this \A , 20 15.
WHEREAS, the City and Developer will negotiate and enter into a Redevelopment
Agreement governing the Project and will satisfy all requirements of the TIF Act; and
WHEREAS, the City will establish a new housing TIF district pursuant to the TIF Act and
2014 Minnesota Session Laws, Chapter 308, Article 6, Section 8 (the "Edina Legislation") that will
include the Property (the "Housing TIF District"). The tax increment within the Housing TIF
District for the Project will be generated from the City of Edina, Southdale 2 tax increment district
(the "Southdale 2 district") in reliance on the Edina Legislation; and
WHEREAS, the establishment of a tax increment financing district for the Project and
the pledging of the tax increment to secure a loan for the project is a local contribution and will
assist the Developer in securing the approvals from the MHFA for housing tax credits.
NOW THEREFORE, BE IT RESOLVED, the Housing and Redevelopment Authority
of the City of Edina endorses the Developer's application for housing tax credits as administered
by MHFA; and
BE IT FURTHER RESOLVED, the Housing and Redevelopment Authority shall
provide, in accordance with the requirements of this Resolution, a total of $550,000 in order to
facilitate the financing of the Project. If MHFA funding is not approved by December I , 2016, the
Housing and Redevelopment Authority may rescind its financing commitment to the Project in
order to fund another affordable housing project.
ames B. Hov and, Chair Ann Swenson, Secretary
STATE OF MINNESOTA)
COUNTY OF HENNEPIN ) SS
CITY OF EDINA
CERTIFICATE OF EXECUTIVE DIRECTOR
I, the undersigned duly appointed and acting Executive Director for the Edina Housing and Redevelopment Authority
do hereby certify that the attached and foregoing Resolution was duly adopted by the Edina Housing and
Redevelopment Authority at its Regular Meeting of May 6, 2015, and as recorded in the Minutes of said Regular
Meeting.
Date: April 5, 2016 Agenda Item #: IV.E.
To:Chair & Commissioners of the Edina HRA Item Type:
Report / Recommendation
From:Bill Neuendorf, Economic Development Manager
Item Activity:
Subject:Resolution No. 2016-04 Modifying Southdale 2 Tax
Increment Financing Plan
Action
Edina Housing and Redevelopment
Authority
Established 1974
CITY OF EDINA
HOUSING & REDEVELOPMENT AUTHORITY
4801 West 50th Street
Edina, MN 55424
www.edinamn.gov
ACTION REQUESTED:
Adopt resolution 2016-04.
INTRODUCTION:
This item modifies the Southdale 2 TIF Plan to reflect the establishment of the 66 West Tax Increment Financing
District.
ATTACHMENTS:
Description
HRA Res 2016-04 staff report
HRA Res 2016-04 modifying Southdale 2 TIF
Southdale 2 TIF mod DRAFT 3-31-16
Letter from ISD 273
April 5, 2016
Chair and Commissioners of the Housing and Redevelopment Authority
Bill Neuendorf, Economic Development Manager
HRA Resolution 2016-04 – Modifying Southdale 2 Tax Increment Financing Plan
Information / Background:
The Edina Housing and Redevelopment Authority (HRA) has previously requested that the City of
Edina consider a new Tax Increment Financing (TIF) District to advance the community goal of
creating affordably-priced housing units. The creation of the new 66 West TIF District is addressed
in HRA Resolution 2016-03.
In order to establish the new TIF District, the existing Southdale 2 TIF Plan must be modified. The
parcel at 3330 W. 66th Street will be removed from Southdale 2 TIF District and financial estimates of
the TIF Plan adjusted accordingly. No other changes are proposed to the Southdale 2 District at this
time.
The City retained Ehlers & Associates to prepare the new TIF Plan and necessary modifications to
the Southdale 2 TIF Plan and Southeast Edina Redevelopment Project Area. The modifications to the
Southdale 2 TIF Plan are in accordance with Section 469 of the Minnesota Statutes.
On March 4, 2016, in accordance with Minnesota Statutes, other taxing agencies, such as Hennepin
County, Richfield School District #280, and Edina School District #273, were notified of the potential
creation of the 66 West TIF District and potential changes to the existing Southdale 2 TIF District. To
date, comments have only been received from Edina School District.
The proposed Resolution 2016-04 and modifications to the TIF Plan are attached for your review
and consideration. Representatives from Ehlers & Associates, the City’s public financing and
redevelopment advisors will be available to answer questions.
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF EDINA
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION NO. 2016-04
RESOLUTION AUTHORIZING REMOVAL AND DECERTIFICATION OF A
PARCEL FROM THE SOUTHDALE 2 TAX INCREMENT FINANCING DISTRICT
LOCATED WITHIN THE SOUTHEAST REDEVELOPMENT PROJECT AREA IN
THE CITY OF EDINA.
It is hereby resolved by the Housing and Redevelopment Authority (the “HRA”) of the
City of Edina, Minnesota (the “City”) as follows:
1. Recitals.
(a) The City has previously established its Southdale 2 Tax Increment Financing
District (the “Southdale 2 TIF District”).
(b) The HRA is the administrative authority for the Southdale 2 TIF District.
(c) The HRA and City proposes to establish the 66 West Tax Increment Financing
District (the “66 West TIF District”) and have Parcel No. 29-028-24-24-0030 (the “Parcel”)
removed from the Southdale 2 TIF District so it can be included in the 66 West TIF District.
(d) The HRA has determined that the current net tax capacity of the Parcel proposed
to be eliminated from the Southdale 2 TIF District ($25,525) does not equal or exceed the
original net tax capacity of the Parcel as originally certified ($26,198); therefore, the HRA has
been advised that the Parcel may be removed from the Southdale 2 TIF District only after a full
public hearing and other notice and processing, pursuant to Minnesota Statutes, Section
469.175 Subd 4.
(e) A public hearing for the modification of the Southdale 2 TIF District was held on
April 5, 2016.
2. Decertification and Removal of Parcel. The HRA hereby approves and directs that
the Parcel be removed and decertified from the Southdale 2 TIF District. The HRA Executive
Director is directed (a) to request in writing that the Hennepin County Auditor decertify said
Parcel from the Southdale 2 TIF District in accordance with the provisions of this Resolution and
(b) to provide the County Auditor with a certified copy hereof.
Dated: April 5, 2016
__________________________________
James Hovland, Chair
ATTEST:
____________________________________
Ann Swenson, Secretary
Commissioner ______________ introduced the foregoing resolution and moved its adoption. The
motion for the adoption of the foregoing resolution was duly seconded by Council member
_________________, and upon a vote being taken thereon, the following voted in favor thereof:
_____________________________________________ and the following voted against the same:
__________________________.
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA )
CERTIFICATE OF EXECUTIVE DIRECTOR
I, the undersigned duly appointed and acting Executive Director for the City of Edina do hereby
certify that the attached and foregoing Resolution was duly adopted by the Edina Housing and
Redevelopment Authority at its Regular Meeting of April 5, 2016, and as recorded in the Minutes
of said Regular Meeting.
WITNESS my hand and seal of said Authority this __________ day of _______________, _____.
____________________________
Scott Neal, Executive Director
As of March 31, 2016
Draft for Public Hearing
Modification to the Redevelopment Plan
for the Southeast Edina Redevelopment Project Area
and the
Modification to the Tax Increment Financing Plan
for the
Southdale 2 Tax Increment Financing District
(an economic development district)
within
the Southeast Edina Redevelopment Project Area
Edina Housing and Redevelopment Authority
City of Edina
Hennepin County
State of Minnesota
Adopted: April 17, 2012
Modification #1: April 5, 2016
Prepared by: EHLERS & ASSOCIATES, INC.3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105651-697-8500 fax: 651-697-8555 www.ehlers-inc.com
Introduction
The purpose of Modification #1 to the Tax Increment Financing Plan for the Southdale 2 Tax Increment
Financing District is to remove one parcel, administratively update notating the actual date of receipt of
first tax increment, and to authorize pooling dollars for affordable housing purposes pursuant to M.S.,
Section 469.1763, Subd. 2(d). The specific modifications are shown in bold print and are summarized below:
Subsection 2-3. Statement of Objectives
The District is being modified in order to remove one parcel and to authorize pooling dollars for
affordable housing purposes pursuant to M.S., Section 469.1763, Subd. 2(d). Because the current net tax
capacity of the parcel is lower than the frozen net tax capacity, the modification to the District must go
through the entire public hearing process pursuant to M.S., Section 469.175, Subd. 4.
Subsection 2-7. Duration and First Year of Tax Increment of the District
Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District
must be indicated within the Tax Increment Financing Plan. Pursuant to M.S., Section 469.176, Subd. 1b,
the duration of the District will be 8 years after receipt of the first increment by the HRA or City. The date
of receipt by the City of the first tax increment was August 2013. Thus, it is estimated that the District,
including any modification to the Tax Increment Financing Plan for subsequent phases or other changes,
would terminate after December 31, 2021, or when the Tax Increment Financing Plan is satisfied. The
City reserves the right to decertify the District prior to the legally required date.
Subsection 2-10. Uses of Funds
Pursuant to M.S., Section 469.1763, Subd. 2(d), the HRA and City may elect to increase by up to ten
percentage points the permitted amount of expenditures for activities located outside the geographic area
of the District. The HRA and City intend to pool $550,000 from the project costs of the District to be used
to assist housing that meets the requirements contained in M.S., Section 469.1763, Subd. 2(d).
Subsection 2-27. Other Limitations on the Use of Tax Increment
Pursuant to M.S., Statute 469.1763, Subd. 2, the HRA and City may elect to increase by up to ten
percentage points the permitted amount of expenditures for activities located outside the geographic area
of the District for qualifying housing purposes. Therefore, the pooling limitations with respect to this
District are increased to not more than 30 percent of tax increments from the District.
Appendix B – Modified Map of the Southdale 2 TIF District
Appendix C – Description of Property to be Included in the District
Parcel number 29-028-24-24-0030 is being removed from the District to be included in the 66 West Tax
Increment Financing District.
Table of Contents
(for reference purposes only)
Section 1 - Modification to the Redevelopment Planfor the Southeast Edina Redevelopment Project Area ........................... 1-4
Foreword ............................................................. 1-4
Section 2 - Tax Increment Financing Plan
for the Southdale 2 Tax Increment Financing District ............................ 2-1Subsection 2-1. Foreword............................................... 2-1
Subsection 2-2. Statutory Authority........................................ 2-1
Subsection 2-3. Statement of Objectives ................................... 2-1Subsection 2-4. Redevelopment Plan Overview .............................. 2-1
Subsection 2-5. Description of Property in the District and Property To Be Acquired . 2-2Subsection 2-6. Classification of the District................................. 2-2
Subsection 2-7. Duration and First Year of Tax Increment of the District ........... 2-3
Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax CapacityValue/Increment and Notification of Prior Planned Improvements ................ 2-3
Subsection 2-9. Sources of Revenue/Bonds to be Issued ...................... 2-4Subsection 2-10. Uses of Funds ........................................... 2-5
Subsection 2-11. Fiscal Disparities Election.................................. 2-5
Subsection 2-12. Business Subsidies....................................... 2-6Subsection 2-13. County Road Costs ....................................... 2-7
Subsection 2-14. Estimated Impact on Other Taxing Jurisdictions................. 2-7Subsection 2-15. Supporting Documentation ................................. 2-9
Subsection 2-16. Definition of Tax Increment Revenues ........................ 2-9
Subsection 2-17. Modifications to the District................................ 2-10Subsection 2-18. Administrative Expenses .................................. 2-10
Subsection 2-19. Limitation of Increment ................................... 2-11Subsection 2-20. Use of Tax Increment .................................... 2-12
Subsection 2-21. Excess Increments ...................................... 2-12
Subsection 2-22. Requirements for Agreements with the Developer .............. 2-13Subsection 2-23. Assessment Agreements ................................. 2-13
Subsection 2-24. Administration of the District ............................... 2-13Subsection 2-25. Annual Disclosure Requirements ........................... 2-13
Subsection 2-26. Reasonable Expectations ................................. 2-13
Subsection 2-27. Other Limitations on the Use of Tax Increment................. 2-14Subsection 2-28. Summary.............................................. 2-14
Appendix A
Project Description ...................................................... A-1
Appendix B
Map(s) of the Southeast Edina Redevelopment Project Area and the District ......... B-1
Appendix C
Description of Property to be Included in the District ............................ C-1
Appendix DEstimated Cash Flow for the District ........................................ D-1
Appendix E
Minnesota Business Assistance Form ....................................... E-1
Appendix F
Findings Including But/For Qualifications..................................... F-1
Appendix GPrior Improvements ..................................................... G-1
Section 1 - Modification to the Redevelopment Plan
for the Southeast Edina Redevelopment Project Area
Foreword
This modification represents a continuation of the goals and objectives set forth in the Redevelopment Plan
for the Southeast Edina Redevelopment Project Area. Because the Southdale 2 Tax Increment Financing
District (the “District”) is located within the Southeast Edina Redevelopment Project Area, the modification
to the District must be listed in the Redevelopment Plan. Therefore, the following bold-faced text represents
a Modification to Section 1 of the Redevelopment Plan.
Section 1 - Municipal Action Taken
Based upon the statutory authority described in the Redevelopment Plan attached hereto, the
public purpose findings by the City Council and for the purpose of fulfilling the City’s
development objects as set forth in the Redevelopment Plan, the City Council has created,
established and designated the Southeast Edina Redevelopment Plan pursuant to and in
accordance with the requirements of Minnesota Statutes, Section 469.001 to 469.047.
The original and amended Southeast Edina Redevelopment Plan documents and amendments
have designated the Southeast Edina Redevelopment Plan as a redevelopment project and also
a tax increment financing plan for tax increment districts created prior to 1988. The
Centennial Lakes Tax Increment Financing District was created in 1988 pursuant to Tax
Increment Financing Plan 88-1, which was subsequently renamed the Centennial Lakes Tax
Increment District and referred to by Hennepin County as District #1203 and #1249.
For purposes of clarification, this modification will refer to the Southeast Edina
Redevelopment Plan as the Southeast Edina Redevelopment Project Area Plan pursuant to
Minnesota Statutes 469.002. The following municipal action has been taken with regard to
the Southeast Edina Redevelopment Project Area Plan:
September 29, 1977: The Housing and Redevelopment Authority of Edina (the “HRA”)
approved the Southeast Edina Redevelopment Plan.
October 5, 1981: The Southeast Edina Redevelopment Plan was amended to identify project
costs and bonded indebtedness incurred to finance those costs.
May 6, 1985: The HRA and the City approved an amendment to the Southeast Edina
Redevelopment Plan which includes the establishment of an interest reduction program and
enlarges the project area to include the “1985 Project Area.”
August 19, 1985: The HRA and the City approve d the First Amendment to the 1985
Amendment to the Southeast Edina Redevelopment Plan to enlarge the 1985 Project Area and
to authorize the issuance of additional bonds to acquire land within the enlarged 1985 Project
Area.
1987: The HRA and City approved the 1987 Amendments to the Southeast Edina
Redevelopment Plan to enlarge the project area to include the 1987 Project Area.
1988: The HRA and City approved the 1988 Amendments to the Southeast Edina
Redevelopment Plan provides and Interest Reduction Program in the amount of $2,500,000
Edina HRA Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area 1-1
to assist in the financing and construction of housing units, and authorizes the HRA and City
to incur bonded indebtedness.
February 21, 2012: The HRA and City expand the Southeast Edina Project Area as can be
seen in Appendix A.
February 18, 2014: The HRA and City establish the Pentagon Park Tax Increment Financing
District.
March 2, 2016: The HRA and City establish the Grandview 2 Tax Increment Financing
District.
(AS MODIFIED APRIL 5, 2016)
April 5, 2016: The HRA and City are modifying the Tax Increment Financing Plan for
the Southdale 2 Tax Increment Financing District and establishing the 66 West Tax
Increment Financing District.
For further information, a review of the Redevelopment Plan for the Southeast Edina Redevelopment Project
Area is recommended. It is available from the HRA Executive Director at the City of Edina. Other relevant
information is contained in the Tax Increment Financing Plans for the Tax Increment Financing Districts
located within the Southeast Edina Redevelopment Project Area.
Edina HRA Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area 1-2
Section 2 - Tax Increment Financing Plan
for the Southdale 2 Tax Increment Financing District
Subsection 2-1. Foreword
The Edina Housing and Redevelopment Authority (the "HRA"), the City of Edina (the "City"), staff and
consultants have prepared the following information to expedite the establishment of the Southdale 2 Tax
Increment Financing District (the "District"), an economic development tax increment financing district,
located in the Southeast Edina Redevelopment Project Area (the "Project Area").
Subsection 2-2. Statutory Authority
Within the City, there exist areas where public involvement is necessary to cause development or
redevelopment to occur. To this end, the HRA and City have certain statutory powers pursuant to Minnesota
Statutes ("M.S."), Sections 469.001 to 469.047, inclusive, as amended, and M.S., Sections 469.174 to
469.1799, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing
public costs related to this project.
This District is being created pursuant to M.S., Section 469.176, Subd. 4c(d).
This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant
information is contained in the Modification to the Redevelopment Plan for the Southeast Edina
Redevelopment Project Area.
Subsection 2-3. Statement of Objectives
The District currently consists of 300 parcels of land and adjacent and internal rights-of-way. The District
is being created to facilitate renovations to the common areas of Southdale Mall in the City. Please see
Appendix A for further District information. The HRA and City are considering entering into a
redevelopment agreement that would designate Southdale Limited Partnership as the developer. This TIF
Plan is expected to achieve many of the objectives outlined in the Redevelopment Plan for the Southeast
Edina Redevelopment Project Area.
The activities contemplated in the Modification to the Redevelopment Plan and the TIF Plan do not preclude
the undertaking of other qualified development or redevelopment activities. These activities are anticipated
to occur over the life of the Southeast Edina Redevelopment Project Area and the District.
(AS MODIFIED APRIL 5, 2016)
The District is being modified in order to remove one parcel and to authorize pooling dollars for
affordable housing purposes pursuant to M.S., Section 469.1763, Subd. 2(d). Because the current net
tax capacity of the parcel is lower than the frozen net tax capacity, the modification to the District must
go through the entire public hearing process pursuant to M.S., Section 469.175, Subd. 4.
Subsection 2-4. Redevelopment Plan Overview
1. Property to be Acquired - Selected property located within the District may be acquired by
the HRA or City and is further described in this TIF Plan.
2. Relocation - Relocation services, to the extent required by law, are available pursuant to
M.S., Chapter 117 and other relevant state and federal laws.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-1
3. Upon approval of a developer's plan relating to the project and completion of the necessary
legal requirements, the HRA or City may sell to a developer selected properties that it may
acquire within the District or may lease land or facilities to a developer.
4. The HRA or City may perform or provide for some or all necessary acquisition, construction,
relocation, demolition, and required utilities and public street work within the District.
5. The City proposes both public and private infrastructure within the District. The proposed
improvements to private property within the District will be for a renovation to a retail mall,
and there will be continued operation of the Southeast Edina Redevelopment Project Area
after the capital improvements within the Southeast Edina Redevelopment Project Area have
been completed.
Subsection 2-5. Description of Property in the District and Property to be Acquired
The District encompasses all property and adjacent rights-of-way and abutting roadways identified by the
parcels listed in Appendix C of this TIF Plan. Please also see the map in Appendix B for further information
on the location of the District.
The City currently owns parcels to be included in the District and intends to acquire land easements and/or
additional property within the District. The HRA and City are authorized to use tax increments to acquire
any parcel listed in Appendix C of this TIF Plan.
Subsection 2-6. Classification of the District
The District is an economic development district as defined in M.S. 469.174, Subd. 12, as modified by M.S.,
Section 469.176, Subd. 4c(d). In order to create an economic development district under general law (M.S.,
Section 469.174 Subd. 12), the HRA or City must find that the District is in the public interest because:
(1) it will discourage commerce, industry, or manufacturing from moving their operations
to another state or municipality; or
(2) it will result in increased employment in the state; or
(3) it will result in preservation and enhancement of the tax base of the state.
In addition, M.S., Section 469.176, Subd. 4c provides that assistance from an economic development district
may not be used to provide assistance to development if more than 15 percent of the buildings and ancillary
facilities (determined on a square footage basis), are used for other than certain specified purposes (largely
manufacturing, warehousing and distribution facilities).
However, M.S., Section 469.176, Subd. 4c(d) provides a limited-time exception to these general law rules.
Under this provision (originally enacted in 2010 legislature and extended in 2011 legislature), a City may
establish an economic development of any kind, notwithstanding the normal findings required under M.S.,
Section 469.174, Subd. 12, and notwithstanding the limitation on types of assisted development under M.S.,
Section 469.176, Subd. 4c.
To satisfy the requirement of M.S., Section 469.176, Subd. 4c(d), the City finds that:
(1) the project will create or retain jobs in this state, including construction jobs and that
construction of the project would not have commenced before July 1, 2012, without the City
and HRA providing assistance under the provisions of this paragraph;
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-2
(2) construction of the project will begin no later than July 1, 2012; and
(3) the request for certification of the district is made no later than June 30, 2012; and
In meeting the statutory criteria the HRA and City rely on the following facts and findings:
The City’s findings in creating the District is pursuant to M.S. Sections 469.176, Subd. 4c(d) in order to assist
in the renovations to the common areas of Southdale Mall. If construction does not commence on or before
July 1, 2012, the proposed facility will need to meet the criteria in M.S., Section 469.176, Subd. 4c(a), and
must satisfy the findings required under M.S., Section 469.174, Subd. 12.
Pursuant to M.S., Section 469.176, Subd. 7, the District does not contain any parcel or part of a parcel that
qualified under the provisions of M.S., Sections 273.111 or 273.112 or Chapter 473H for taxes payable in
any of the five calendar years before the filing of the request for certification of the District.
Subsection 2-7. Duration and First Year of Tax Increment of the District
Pursuant to M.S., Section 469.175, Subd. 1, and M.S., Section 469.176, Subd. 1, the duration of the District
must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. 1b., the duration of the
District will be 8 years after receipt of the first increment by the HRA or City. The date of receipt by the City
of the first tax increment is expected to be 2014. Thus, it is estimated that the District, including any
modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2022, or when
the TIF Plan is satisfied. If increment is received in 2013, the term of the District will be 2021. The HRA
or City reserves the right to decertify the District prior to the legally required date.
(AS MODIFIED APRIL 5, 2016)
Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District
must be indicated within the Tax Increment Financing Plan. Pursuant to M.S., Section 469.176, Subd.
1b, the duration of the District will be 8 years after receipt of the first increment by the HRA or City.
The date of receipt by the City of the first tax increment was August 2013. Thus, it is estimated that the
District, including any modification to the Tax Increment Financing Plan for subsequent phases or
other changes, would terminate after December 31, 2021, or when the Tax Increment Financing Plan
is satisfied. The City reserves the right to decertify the District prior to the legally required date.
Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity
Value/Increment and Notification of Prior Planned Improvements
Pursuant to M.S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd. 1, the Original Net Tax Capacity
(ONTC) as certified for the District will be based on the market values placed on the property by the assessor
in 2011 for taxes payable 2012.
Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning
in the payment year 2014) the amount by which the original value has increased or decreased as a result of:
1. Change in tax exempt status of property;
2. Reduction or enlargement of the geographic boundaries of the district;
3. Change due to adjustments, negotiated or court-ordered abatements;
4. Change in the use of the property and classification;
5. Change in state law governing class rates; or
6. Change in previously issued building permits.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-3
In any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no
value will be captured and no tax increment will be payable to the HRA or City.
The original local tax rate for the District will be the local tax rate for taxes payable 2012, assuming the
request for certification is made on or before June 30, 2012. The ONTC and the Original Local Tax Rate for
the District appear in the table below.
Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated
Captured Net Tax Capacity (CTC) of the District, within the Southeast Edina Redevelopment Project Area,
upon completion of the projects within the District, will annually approximate tax increment revenues as
shown in the table below. The HRA and City request 100 percent of the available increase in tax capacity
for repayment of its obligations and current expenditures, beginning in the tax year payable 2014. The
Project Tax Capacity (PTC) listed is an estimate of values when the projects within the District are completed.
Southdale 2 Tax Increment District Parcels in School District No. 273
Project Estimated Tax Capacity upon Completion (PTC) $4,714,500
Original Estimated Net Tax Capacity (ONTC) $4,457,873
Fiscal Disparities Reduction $65,592
Estimated Captured Tax Capacity (CTC) $191,035
Original Local Tax Rate 1.08160
EstimatedPay 2012
Estimated Annual Tax Increment (CTC x Local Tax Rate) $206,623
Percent Retained by the HRA and City 100%
The tax capacity included in this chart is the estimated tax capacity of the District in year 9. The tax capacityof the parcels located in School District 273 in year one is estimated to be $4,458,033.The fiscal disparitiesreduction will vary from year to year.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-4
Southdale 2 Tax Increment District Parcels in School District No. 280
Project Estimated Tax Capacity upon Completion (PTC) $5,858,175
Original Estimated Net Tax Capacity (ONTC) $4,121,297
Fiscal Disparities Reduction $504,487
Estimated Captured Tax Capacity (CTC) $1,232,391
Original Local Tax Rate 1.14351
EstimatedPay 2012
Estimated Annual Tax Increment (CTC x Local Tax Rate) $1,409,251
Percent Retained by the HRA and City 100%
The tax capacity included in this chart is the estimated tax capacity of the District in year 9. The tax capacity
of the parcels in the District located in School District 280 in year one is estimated to be $4,887,371. The fiscal
disparities reduction will vary from year to year.
Pursuant to M.S., Section 469.177, Subd. 4, the HRA shall, after a due and diligent search, accompany its
request for certification to the County Auditor or its notice of the District enlargement pursuant to M.S.,
Section 469.175, Subd. 4, with a listing of all properties within the District or area of enlargement for which
building permits have been issued during the eighteen (18) months immediately preceding approval of the
TIF Plan by the municipality pursuant to M.S., Section 469.175, Subd. 3. The County Auditor shall increase
the original net tax capacity of the District by the net tax capacity of improvements for which a building
permit was issued.
The City has reviewed the area to be included in the District and has found building permits that were
issued in the past 18 months prior to the public hearing. Please see Appendix G for the building
permits that were issued.
Subsection 2-9. Sources of Revenue/Bonds to be Issued
The costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax
increments. The HRA or City reserves the right to incur bonds or other indebtedness as a result of the TIF
Plan. As presently proposed, the projects within the District will be financed by an interfund loan. Any
refunding amounts will be deemed a budgeted cost without a formal TIF Plan Modification. This provision
does not obligate the HRA or City to incur debt. The HRA or City will issue bonds or incur other debt only
upon the determination that such action is in the best interest of the City.
The total estimated tax increment revenues for the District are shown in the table below:
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-5
SOURCES OF FUNDS TOTAL
Tax Increment $11,702,217
Interest $250,000
Land Sale Proceeds/Lease Revenue $0
TOTAL $11,952,217
The HRA or City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments
from the District in a maximum principal amount of $8,374,296. Such bonds may be in the form of pay-as-
you-go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of total
bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of approval.
Subsection 2-10. Uses of Funds
Currently under consideration for the District is a proposal to facilitate renovations to the common areas of
Southdale Mall. The HRA and City have determined that it will be necessary to provide assistance to the
project(s) for certain District costs, as described. The HRA has studied the feasibility of the development or
redevelopment of property in and around the District. To facilitate the establishment and development or
redevelopment of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost
of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is
outlined in the following table.
USES OF TAX INCREMENT FUNDS TOTAL
Land/Building Acquisition $0
Site Improvements/Preparation $2,274,296
Utilities $0
Other Qualifying Improvements $5,000,000
Administrative Costs (up to 10%)$1,100,000
PROJECT COST TOTAL $8,374,296
Interest $3,577,921
PROJECT AND INTEREST COSTS TOTAL $11,952,217
The total project cost, including financing costs (interest) listed in the table above does not exceed the total
projected tax increments for the District as shown in Appendix D.
Estimated capital and administrative costs listed above are subject to change among categories by
modification of the TIF Plan without hearings and notices as required for approval of the initial TIF Plan, so
long as the total capital and administrative costs combined do not exceed the total listed above. Further, the
HRA or City may spend up to 20 percent of the tax increments from the District for activities (described in
the table above) located outside the boundaries of the District but within the boundaries of the Project Area
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-6
(including administrative costs, which are considered to be spend outside the District), subject to all other
terms and conditions of this TIF Plan.
(AS MODIFIED APRIL 5, 2016)
Pursuant to M.S., Section 469.1763, Subd. 2(d), the HRA and City may elect to increase by up to ten
percentage points the permitted amount of expenditures for activities located outside the geographic
area of the District. The HRA and City intend to pool $550,000 from the project costs of the District
to be used to assist housing that meets the requirements contained in M.S., Section 469.1763, Subd. 2(d).
Subsection 2-11. Fiscal Disparities Election
Pursuant to M.S., Section 469.177, Subd. 3, clause b, the HRA or City must calculate fiscal disparities using
the following method of computation:
(1) The original net tax capacity shall be determined before the application of the fiscal disparity
provisions of Chapter 276A or 473F. The current net tax capacity shall exclude any fiscal
disparity commercial-industrial net tax capacity increase between the original year and the
current year multiplied by the fiscal disparity ratio determined pursuant to M.S., Section
276A.06, subdivision 7 or M.S., Section 473F.08, subdivision 6. Where the original net tax
capacity is equal to or greater than the current net tax capacity, there is no captured tax capacity
and no tax increment determination. Where the original tax capacity is less than the current tax
capacity, the difference between the original net tax capacity and the current net tax capacity
is the captured net tax capacity. This amount less any portion thereof which the authority has
designated, in its tax increment financing plan, to share with the local taxing districts is the
retained captured net tax capacity of the authority.
(2) The county auditor shall exclude the retained captured net tax capacity of the authority from the
net tax capacity of the local taxing districts in determining local taxing district tax rates. The
local tax rates so determined are to be extended against the retained captured net tax capacity
of the authority as well as the net tax capacity of the local taxing districts. The tax generated by
the extension of the less of (A) the local taxing district tax rates or (B) the original local tax rate
to the retained captured net tax capacity of the authority is the tax increment of the authority.
Subsection 2-12. Business Subsidies
Pursuant to M.S., Section 116J.993, Subd. 3, the following forms of financial assistance are not considered
a business subsidy:
(1) A business subsidy of less than $150,000;
(2) Assistance that is generally available to all businesses or to a general class of similar businesses,
such as a line of business, size, location, or similar general criteria;
(3) Public improvements to buildings or lands owned by the state or local government that serve a
public purpose and do not principally benefit a single business or defined group of businesses at
the time the improvements are made;
(4) Redevelopment property polluted by contaminants as defined in M.S., Section 116J.552, Subd. 3;
(5) Assistance provided for the sole purpose of renovating old or decaying building stock or bringing
it up to code and assistance provided for designated historic preservation districts, provided that
the assistance is equal to or less than 50% of the total cost;
(6) Assistance to provide job readiness and training services if the sole purpose of the assistance is to
provide those services;
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-7
(7) Assistance for housing;
(8) Assistance for pollution control or abatement, including assistance for a tax increment financing
hazardous substance subdistrict as defined under M.S., Section 469.174, Subd. 23;
(9) Assistance for energy conservation;
(10) Tax reductions resulting from conformity with federal tax law;
(11) Workers' compensation and unemployment compensation;
(12) Benefits derived from regulation;
(13) Indirect benefits derived from assistance to educational institutions;
(14) Funds from bonds allocated under chapter 474A, bonds issued to refund outstanding bonds, and
bonds issued for the benefit of an organization described in section 501 (c) (3) of the Internal
Revenue Code of 1986, as amended through December 31, 1999;
(15) Assistance for a collaboration between a Minnesota higher education institution and a business;
(16) Assistance for a tax increment financing soils condition district as defined under M.S., Section
469.174, Subd. 19;
(17) Redevelopment when the recipient's investment in the purchase of the site and in site preparation
is 70 percent or more of the assessor's current year's estimated market value;
(18) General changes in tax increment financing law and other general tax law changes of a principally
technical nature;
(19) Federal assistance until the assistance has been repaid to, and reinvested by, the state or local
government agency;
(20) Funds from dock and wharf bonds issued by a seaway port authority;
(21) Business loans and loan guarantees of $150,000 or less;
(22) Federal loan funds provided through the United States Department of Commerce, Economic
Development Administration; and
(23) Property tax abatements granted under M.S., Section 469.1813 to property that is subject to
valuation under Minnesota Rules, chapter 8100.
The HRA will comply with M.S., Sections 116J.993 to 116J.995 to the extent the tax increment assistance
under this TIF Plan does not fall under any of the above exemptions.
Subsection 2-13. County Road Costs
Pursuant to M.S., Section 469.175, Subd. 1a, the county board may require the HRA or City to pay for all or
part of the cost of county road improvements if the proposed development to be assisted by tax increment
will, in the judgment of the county, substantially increase the use of county roads requiring construction of
road improvements or other road costs and if the road improvements are not scheduled within the next five
years under a capital improvement plan or within five years under another county plan.
If the county elects to use increments to improve county roads, it must notify the HRA or City within forty-
five days of receipt of this TIF Plan. In the opinion of the HRA and City and consultants, the proposed
development outlined in this TIF Plan will have little or no impact upon county roads, therefore the TIF Plan
was not forwarded to the county 45 days prior to the public hearing. The HRA and City are aware that the
county could claim that tax increment should be used for county roads, even after the public hearing.
Subsection 2-14. Estimated Impact on Other Taxing Jurisdictions
The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF
Plan would occur without the creation of the District. However, the HRA or City has determined that such
development or redevelopment would not occur "but for" tax increment financing and that, therefore, the
fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as
follows if the "but for" test was not met:
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-8
IMPACT ON TAX BASE FOR PARCELS LOCATED IN SCHOOL
DISTRICT NO. 273
Estimated
2011/Pay 2012
Total Net
Tax Capacity
Estimated Captured
Tax Capacity (CTC)
Upon Completion
Percent of CTC
to Entity Total
Hennepin County 1,253,423,199 191,035 0.0152%
City of Edina 96,048,515 191,035 0.1989%
Edina ISD No. 273 81,542,007 191,035 0.2343%
IMPACT ON TAX RATES
Estimated Pay
2012
Extension Rates
Percent
of Total CTC
Potential
Taxes
Hennepin County 0.487770 45.10% 191,035 93,181
City of Edina 0.259080 23.95% 191,035 49,493
Edina ISD No. 273 0.224280 20.74% 191,035 42,845
Other 0.110470 10.21%191,035 21,104
Total 1.081600 100.00%206,623
IMPACT ON TAX BASE FOR PARCELS LOCATED IN SCHOOL
DISTRICT NO. 280
Estimated
2011/Pay 2012
Total Net
Tax Capacity
Estimated Captured
Tax Capacity (CTC)
Upon Completion
Percent of CTC
to Entity Total
Hennepin County 1,253,423,199 1,232,391 0.0983%
City of Edina 96,048,515 1,232,391 1.2831%
Richfield ISD No. 280 29,902,478 1,232,391 4.1214%
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-9
IMPACT ON TAX RATES
Estimated Pay
2012
Extension Rates
Percent
of Total CTC
Potential
Taxes
Hennepin County 0.487770 42.66% 1,232,391 601,123
City of Edina 0.259080 22.66% 1,232,391 319,288
Richfield ISD No. 280 0.282900 24.74% 1,232,391 348,643
Other 0.113760 9.95%1,232,391 140,197
Total 1.143510 100.00%1,409,251
The estimates listed above display the captured tax capacity when all construction is completed. The tax rate
used for calculations is the estimated Pay 2012 rate. The total net capacity for the entities listed above are
based on estimated Pay 2012 figures. The District will be certified under the actual Pay 2012 rates, which
were unavailable at the time this TIF Plan was prepared.
Pursuant to M.S. Section 469.175 Subd. 2(b):
(1) Estimate of total tax increment. It is estimated that the total amount of tax increment that will be
generated over the life of the District is $11,702,217;
(2) Probable impact of the District on city provided services and ability to issue debt. An impact of the
District on police protection is expected. The Edina Police Department does track all calls for service
including property-type calls and crimes. With increased traffic at Southdale Center mall, police
calls for service will be increased. However, the proposed mall renovations include changes to
common areas designed, in part, to reduce security concerns and police calls, such as the relocation
of the transit facility to mall property outside of the mall itself. In addition, proposed housing
developments will generate increased police calls. The City does not expect that the proposed
development, in and of itself, will necessitate new capital investment in vehicles.
The probable impact of the District on fire protection is not expected to be significant. Typically new
buildings generate few calls, if any, and are of superior construction. Several of the existing
buildings, proposed to be replaced or renovated , have public safety concerns that include several
unprotected old buildings with issues such as access, hydrant locations, and lack of sprinkling.
The impact of the District on public infrastructure is expected to be minimal. The development is
not expected to significantly impact any traffic movements in the area, and is expected to enhance
the flow of public transit vehicles in and around the Southdale area. The current infrastructure for
sanitary sewer, storm sewer and water will be able to handle the additional volume generated from
the proposed development. Potential housing development will generate in excess of $180,000 in
sewer and water access charges. Based on the development plans, there are no additional costs
associated with street maintenance, sweeping, plowing, lighting and sidewalks. The developer will
negotiate maintenance of the proposed transit hub with the Metropolitan Council.
The probable impact of any District general obligation tax increment bonds on the ability to issue
debt for general fund purposes is expected to be minimal. It is not anticipated that there will be any
general obligation debt issued in relation to this project, therefore there will be no impact on the
City's ability to issue future debt or on the City's debt limit.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-10
(3) Estimated amount of tax increment attributable to Edina ISD No. 273 levies. It is estimated that the
amount of tax increments over the life of the District that would be attributable to school district
levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions
remained the same, is $293,548;
(4) Estimated amount of tax increment attributable to Richfield ISD No. 280 levies. It is estimated that
the amount of tax increments over the life of the District that would be attributable to school district
levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions
remained the same, is $2,544,966;
(5) Estimated amount of tax increment attributable to county levies. It is estimated that the amount of
tax increments over the life of the District that would be attributable to county levies, assuming the
county's share of the total local tax rate for all taxing jurisdictions remained the same, is $5,026,701;
(6) Additional information requested by the county or school district. The City is not aware of any
standard questions in a county or school district written policy regarding tax increment districts and
impact on county or school district services. The county or school district must request additional
information pursuant to M.S. Section 469.175 Subd. 2(b) within 15 days after receipt of the tax
increment financing plan.
No requests for additional information from the county or school district regarding the proposed
development for the District have been received.
(AS MODIFIED APRIL 5, 2016)
There are no additional fiscal impacts associated with the Modification of this TIF Plan. A copy
of the proposed TIF Plan Modification was furnished to the county and school district for
comment. Edina Public Schools has requested additional information regarding the proposed
development for the 66 West TIF District. The City Manager has responded and provided
additional information.
Subsection 2-15. Supporting Documentation
Pursuant to M.S. Section 469.175, Subd. 1 (a), clause 7 the TIF Plan must contain identification and
description of studies and analyses used to make the determination set forth in M.S. Section 469.175, Subd.
3, clause (b)(2) and the findings are required in the resolution approving the District. Following is a list of
reports and studies on file at the City that support the HRA and City's findings:
• Greater Southdale Area Land Use and Transportation Study, December 2005
• Edina Comprehensive Plan Update 2008
• Developer correspondance and Summary of Renovation Costs, February 2011
Subsection 2-16. Definition of Tax Increment Revenues
Pursuant to M.S., Section 469.174, Subd. 25, tax increment revenues derived from a tax increment financing
district include all of the following potential revenue sources:
1. Taxes paid by the captured net tax capacity, but excluding any excess taxes, as computed under M.S.,
Section 469.177;
2. The proceeds from the sale or lease of property, tangible or intangible, to the extent the property was
purchased by the Authority with tax increments;
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-11
3. Principal and interest received on loans or other advances made by the Authority with tax increments;
4. Interest or other investment earnings on or from tax increments;
5. Repayments or return of tax increments made to the Authority under agreements for districts for
which the request for certification was made after August 1, 1993; and
6. The market value homestead credit paid to the Authority under M.S., Section 273.1384.
Subsection 2-17. Modifications to the District
In accordance with M.S., Section 469.175, Subd. 4, any:
1. Reduction or enlargement of the geographic area of the District, if the reduction does not meet the
requirements of M.S., Section 469.175, Subd. 4(e);
2. Increase in amount of bonded indebtedness to be incurred;
3. A determination to capitalize interest on debt if that determination was not a part of the original TIF
Plan;
4. Increase in the portion of the captured net tax capacity to be retained by the HRA or City;
5. Increase in the estimate of the cost of the District, including administrative expenses, that will be paid
or financed with tax increment from the District; or
6. Designation of additional property to be acquired by the HRA or City,
shall be approved upon the notice and after the discussion, public hearing and findings required for approval
of the original TIF Plan. If the District qualifies for certification only under M.S. Section 469.176, Subd.
4c(d), than the District boundaries may not be enlarged after July 1, 2012.
Pursuant to M.S., Section 469.175 Subd. 4(f), the geographic area of the District may be reduced following
the date of certification of the original net tax capacity by the county auditor, but shall not be enlarged after
five years following the date of certification of the original net tax capacity by the county auditor. The
requirements of this paragraph do not apply if (1) the only modification is elimination of parcel(s) from the
District and (2) (A) the current net tax capacity of the parcel(s) eliminated from the District equals or exceeds
the net tax capacity of those parcel(s) in the District's original net tax capacity or (B) the HRA agrees that,
notwithstanding M.S., Section 469.177, Subd. 1, the original net tax capacity will be reduced by no more than
the current net tax capacity of the parcel(s) eliminated from the District.
The HRA or City must notify the County Auditor of any modification to the District. Modifications to the
District in the form of a budget modification or an expansion of the boundaries will be recorded in the TIF
Plan.
Subsection 2-18. Administrative Expenses
In accordance with M.S., Section 469.174, Subd. 14, administrative expenses means all expenditures of the
HRA or City, other than:
1. Amounts paid for the purchase of land;
2. Amounts paid to contractors or others providing materials and services, including architectural and
engineering services, directly connected with the physical development of the real property in the
District;
3. Relocation benefits paid to or services provided for persons residing or businesses located in the
District; or
4. Amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued
pursuant to M.S., Section 469.178; or
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-12
5. Amounts used to pay other financial obligations to the extent those obligations were used to finance
costs described in clauses (1) to (3).
For districts for which the request for certification were made before August 1, 1979, or after June 30, 1982,
and before August 1, 2001, administrative expenses also include amounts paid for services provided by bond
counsel, fiscal consultants, and planning or economic development consultants. Pursuant to M.S., Section
469.176, Subd. 3, tax increment may be used to pay any authorized and documented administrative
expenses for the District up to but not to exceed 10 percent of the total estimated tax increment expenditures
authorized by the TIF Plan or the total tax increments, as defined by M.S., Section 469.174, Subd. 25, clause
(1), from the District, whichever is less.
For districts for which certification was requested after July 31, 2001, no tax increment may be used to pay
any administrative expenses for District costs which exceed ten percent of total estimated tax increment
expenditures authorized by the TIF Plan or the total tax increments, as defined in M.S., Section 469.174, Subd.
25, clause (1), from the District, whichever is less.
Pursuant to M.S., Section 469.176, Subd. 4h, tax increments may be used to pay for the County's actual
administrative expenses incurred in connection with the District and are not subject to the percentage limits
of M.S., Section 469.176, Subd. 3. The county may require payment of those expenses by February 15 of the
year following the year the expenses were incurred.
Pursuant to M.S., Section 469. 177, Subd. 11, the County Treasurer shall deduct an amount (currently .36
percent) of any increment distributed to the HRA or City and the County Treasurer shall pay the amount
deducted to the State Commissioner of Management and Budget for deposit in the state general fund to be
appropriated to the State Auditor for the cost of financial reporting of tax increment financing information
and the cost of examining and auditing authorities' use of tax increment financing. This amount may be
adjusted annually by the Commissioner of Revenue.
Subsection 2-19. Limitation of Increment
The tax increment pledged to the payment of bonds and interest thereon may be discharged and the District
may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow
account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or
redemption date.
Pursuant to M.S., Section 469.176, Subd. 6:
if, after four years from the date of certification of the original net tax capacity of the tax
increment financing district pursuant to M.S., Section 469.177, no demolition, rehabilitation
or renovation of property or other site preparation, including qualified improvement of a
street adjacent to a parcel but not installation of utility service including sewer or water
systems, has been commenced on a parcel located within a tax increment financing district
by the authority or by the owner of the parcel in accordance with the tax increment financing
plan, no additional tax increment may be taken from that parcel and the original net tax
capacity of that parcel shall be excluded from the original net tax capacity of the tax
increment financing district. If the authority or the owner of the parcel subsequently
commences demolition, rehabilitation or renovation or other site preparation on that parcel
including qualified improvement of a street adjacent to that parcel, in accordance with the
tax increment financing plan, the authority shall certify to the county auditor that the activity
has commenced and the county auditor shall certify the net tax capacity thereof as most
recently certified by the commissioner of revenue and add it to the original net tax capacity
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-13
of the tax increment financing district. The county auditor must enforce the provisions of this
subdivision. The authority must submit to the county auditor evidence that the required
activity has taken place for each parcel in the district. The evidence for a parcel must be
submitted by February 1 of the fifth year following the year in which the parcel was certified
as included in the district. For purposes of this subdivision, qualified improvements of a
street are limited to (1) construction or opening of a new street, (2) relocation of a street,
and (3) substantial reconstruction or rebuilding of an existing street.
The HRA or City or a property owner must improve parcels within the District by approximately April 2016
and report such actions to the County Auditor.
Subsection 2-20. Use of Tax Increment
The HRA or City hereby determines that it will use 100 percent of the captured net tax capacity of taxable
property located in the District for the following purposes:
1. To pay the principal of and interest on bonds issued to finance a project;
2. to finance, or otherwise pay public redevelopment costs of the the Southeast Edina Redevelopment
Project Area pursuant to M.S., Sections 469.001 to 469.047;
3. To pay for project costs as identified in the budget set forth in the TIF Plan;
4. To finance, or otherwise pay for other purposes as provided in M.S., Section 469.176, Subd. 4;
5. To pay principal and interest on any loans, advances or other payments made to or on behalf of the
HRA or City or for the benefit of the Southeast Edina Redevelopment Project Area by a developer;
6. To finance or otherwise pay premiums and other costs for insurance or other security guaranteeing
the payment when due of principal of and interest on bonds pursuant to the TIF Plan or pursuant to
M.S., Chapter 462C. M.S., Sections 469.152 through 469.165, and/or M.S., Sections 469.178; and
7. To accumulate or maintain a reserve securing the payment when due of the principal and interest on
the tax increment bonds or bonds issued pursuant to M.S., Chapter 462C, M.S., Sections 469.152
through 469.165, and/or M.S., Sections 469.178.
These revenues shall not be used to circumvent any levy limitations applicable to the City nor for other
purposes prohibited by M.S., Section 469.176, Subd. 4.
Tax increments generated in the District will be paid by Hennepin County to the HRA for the Tax Increment
Fund of said District. The HRA or City will pay to the developer(s) annually an amount not to exceed an
amount as specified in a developer's agreement to reimburse the costs of land acquisition, public
improvements, demolition and relocation, site preparation, and administration. If the request for certification
of the District was made after June 30, 2009 and no later than June 30, 2012 and construction commenced
in the District by July 1, 2012, tax increments from the District may also be used to provide improvements,
loans, subsidies, grants, interest rate subsidies, or assistance in any form to developments consisting of
buildings and ancillary facilities. Remaining increment funds will be used for HRA or City administration
(up to 10 percent) and for the costs of public improvement activities outside the District.
Subsection 2-21. Excess Increments
Excess increments, as defined in M.S., Section 469.176, Subd. 2, shall be used only to do one or more of the
following:
1. Prepay any outstanding bonds;
2. Discharge the pledge of tax increment for any outstanding bonds;
3. Pay into an escrow account dedicated to the payment of any outstanding bonds; or
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-14
4. Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in
proportion to their local tax rates.
The HRA or City must spend or return the excess increments under paragraph (c) within nine months after
the end of the year. In addition, the HRA or City may, subject to the limitations set forth herein, choose to
modify the TIF Plan in order to finance additional public costs in the Southeast Edina Redevelopment Project
Area or the District.
Subsection 2-22. Requirements for Agreements with the Developer
The HRA or City will review any proposal for private development to determine its conformance with the
Redevelopment Plan and with applicable municipal ordinances and codes. To facilitate this effort, the
following documents may be requested for review and approval: site plan, construction, mechanical, and
electrical system drawings, landscaping plan, grading and storm drainage plan, signage system plan, and any
other drawings or narrative deemed necessary by the HRA or City to demonstrate the conformance of the
development with City plans and ordinances. The HRA or City may also use the Agreements to address other
issues related to the development.
Pursuant to M.S., Section 469.176, Subd. 5, no more than 10 percent, by acreage, of the property to be
acquired in the District as set forth in the TIF Plan shall at any time be owned by the HRA or City as a result
of acquisition with the proceeds of bonds issued pursuant to M.S., Section 469.178 to which tax increments
from property acquired is pledged, unless prior to acquisition in excess of 10 percent of the acreage, the HRA
or City concluded an agreement for the development of the property acquired and which provides recourse
for the HRA or City should the development not be completed.
Subsection 2-23. Assessment Agreements
Pursuant to M.S., Section 469.177, Subd. 8, the HRA or City may enter into a written assessment agreement
in recordable form with the developer of property within the District which establishes a minimum market
value of the land and completed improvements for the duration of the District. The assessment agreement
shall be presented to the County Assessor who shall review the plans and specifications for the improvements
to be constructed, review the market value previously assigned to the land upon which the improvements are
to be constructed and, so long as the minimum market value contained in the assessment agreement appears,
in the judgment of the assessor, to be a reasonable estimate, the County Assessor shall also certify the
minimum market value agreement.
Subsection 2-24. Administration of the District
Administration of the District will be handled by the Executive Director.
Subsection 2-25. Annual Disclosure Requirements
Pursuant to M.S., Section 469.175, Subds. 5, 6, and 6b the HRA or City must undertake financial reporting
for all tax increment financing districts to the Office of the State Auditor, County Board and County Auditor
on or before August 1 of each year. M.S., Section 469.175, Subd. 5 also provides that an annual statement
shall be published in a newspaper of general circulation in the City on or before August 15.
If the City fails to make a disclosure or submit a report containing the information required by M.S., Section
469.175 Subd. 5 and Subd. 6, the OSA will direct the County Auditor to withhold the distribution of tax
increment from the District.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-15
Subsection 2-26. Reasonable Expectations
As required by the TIF Act, in establishing the District, the determination has been made that the anticipated
development would not reasonably be expected to occur solely through private investment within the
reasonably foreseeable future and that the increased market value of the site that could reasonably be expected
to occur without the use of tax increment financing would be less than the increase in the market value
estimated to result from the proposed development after subtracting the present value of the projected tax
increments for the maximum duration of the District permitted by the TIF Plan. In making said
determination, reliance has been placed upon written representation made by the developer to such effects
and upon HRA and City staff awareness of the feasibility of developing the project site(s) within the District.
A comparative analysis of estimated market values both with and without establishment of the District and
the use of tax increments has been performed as described above. Such analysis is included with the cashflow
in Appendix D, and indicates that the increase in estimated market value of the proposed development (less
the indicated subtractions) exceeds the estimated market value of the site absent the establishment of the
District and the use of tax increments.
Subsection 2-27. Other Limitations on the Use of Tax Increment
1. General Limitations. All revenue derived from tax increment shall be used in accordance with the TIF
Plan. The revenues shall be used to finance, or otherwise pay public redevelopment costs of the the
Southeast Edina Redevelopment Project Area pursuant to M.S., Sections 469.001 to 469.047. Tax
increments may not be used to circumvent existing levy limit law. No tax increment may be used for the
acquisition, construction, renovation, operation, or maintenance of a building to be used primarily and
regularly for conducting the business of a municipality, county, school district, or any other local unit of
government or the state or federal government. This provision does not prohibit the use of revenues
derived from tax increments for the construction or renovation of a parking structure.
2. Pooling Limitations. At least 80 percent of tax increments from the District must be expended on
activities in the District or to pay bonds, to the extent that the proceeds of the bonds were used to finance
activities within said district or to pay, or secure payment of, debt service on credit enhanced bonds. Not
more than 20 percent of said tax increments may be expended, through a development fund or otherwise,
on activities outside of the District except to pay, or secure payment of, debt service on credit enhanced
bonds. For purposes of applying this restriction, all administrative expenses must be treated as if they
were solely for activities outside of the District.
3. Five Year Limitation on Commitment of Tax Increments. Tax increments derived from the District shall
be deemed to have satisfied the 80 percent test set forth in paragraph (2) above only if the five year rule
set forth in M.S., Section 469.1763, Subd. 3, has been satisfied; and beginning with the sixth year
following certification of the District, 80 percent of said tax increments that remain after expenditures
permitted under said five year rule must be used only to pay previously committed expenditures or credit
enhanced bonds as more fully set forth in M.S., Section 469.1763, Subd. 5.
(AS MODIFIED APRIL 5, 2016)
Pursuant to M.S., Statute 469.1763, Subd. 2, the HRA and City may elect to increase by up to ten
percentage points the permitted amount of expenditures for activities located outside the geographic
area of the District for qualifying housing purposes. Therefore, the pooling limitations with respect to
this District are increased to not more than 30 percent of tax increments from the District.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-16
Subsection 2-28. Summary
The Edina Housing and Redevelopment Authority is establishing the District to preserve and enhance the tax
base, redevelop substandard areas, and provide employment opportunities in the City. The TIF Plan for the
District was prepared by Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota 55113,
telephone (651) 697-8500.
Edina HRA Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-17
Appendix A
Project Description
The City and HRA will be facilitating improvements to the 1.2 million square foot Southdale Center mall
which was originally constructed in the 1960's. The redeveloper plans to renovate the interior common area
and make exterior improvements to the shopping center. The renovations will consist of new entrance
structures, flooring, lighting, signage, restrooms, parking deck lighting, and exterior seating, columns and
interior wall treatments.
Improvements are planned to be substantially completed by December 31, 2012. The City and HRA intend
to finance a portion of the total renovation costs.
The HRA will be loaning $5 million to Southdale Center, $250,000 of which is forgiven if a transit station
is constructed. Tax increments collected from the Southdale Center parcels will be used to write down
principal of the loan and adjacent development will pay for interest on the loan and for the transit station
improvements.
Appendix A-1
Appendix B
Maps of the Southeast Edina Redevelopment Project Area and the District
Appendix B-1
(AS MODIFIED APRIL 5, 2016)
Appendix B-2
(AS ORIGINALLY ADOPTED)
Appendix B-3
Appendix C
Description of Property to be Included in the District
The District encompasses all property and adjacent rights-of-way and abutting roadways identified by the
parcel(s) listed below.
(AS MODIFIED APRIL 5, 2016)
Parcel number 29-028-24-24-0030 is being removed from the District to be included in the 66 West Tax
Increment Financing District.
Appendix C-1
Parcel ID Address Parcel ID Address Parcel ID Address
29-028-24-33-0001 ADDRESS UNASSIGNED 30‐028‐24‐44‐0003 3950 70TH ST W 30‐028‐24‐14‐0073 6566 France
29-028-24-33-0004 3500 69TH ST W 30‐028‐24‐44‐0004 4040 70TH ST W 30‐028‐24‐14‐0074 6566 France
29-028-24-33-0014 ADDRESS UNASSIGNED 30‐028‐24‐44‐0005 6950 FRANCE AVE S 30‐028‐24‐14‐0077 6566 France
29‐028‐24‐33‐0021 3503 GALLERIA 30-028-24-44-0006 3910 70th Street West 30‐028‐24‐14‐0078 6566 France
29‐028‐24‐33‐0022 3460 GALLERIA 30‐028‐24‐44‐0057 6900 FRANCE AVE S 30‐028‐24‐14‐0079 6566 France
29‐028‐24‐33‐0023 3501 GALLERIA 30‐028‐24‐44‐0058 3905 69TH ST W 30‐028‐24‐14‐0080 6566 France
29‐028‐24‐34‐0002 6825 YORK AVE S 30‐028‐24‐44‐0059 3939 69TH ST W 30‐028‐24‐14‐0081 6566 France
29‐028‐24‐34‐0007 3100 70TH ST W 29‐028‐24‐23‐0001 ADDRESS UNASSIGNED 30‐028‐24‐14‐0082 6566 France
29‐028‐24‐34‐0010 6975 YORK AVE S 29‐028‐24‐23‐0007 6533 Drew Avenue South 30‐028‐24‐14‐0083 6566 France
29-028-24-34-0019 ADDRESS UNASSIGNED 29‐028‐24‐23‐0008 6525 Drew Avenue S 30‐028‐24‐14‐0084 6566 France
29‐028‐24‐34‐0020 6775 YORK AVE S 29‐028‐24‐23‐0009 6517 DREW AVE S 30‐028‐24‐14‐0085 6566 France
29‐028‐24‐34‐0021 6803 YORK AVE S 29‐028‐24‐23‐0010 3625 65TH ST W 30‐028‐24‐14‐0086 6566 France
29‐028‐24‐34‐0022 6805 YORK AVE S 29‐028‐24‐23‐0011 ADDRESS UNASSIGNED 30‐028‐24‐14‐0087 6566 France
29‐028‐24‐34‐0024 3210 GALLERIA 29‐028‐24‐23‐0012 3400 66TH ST W 30‐028‐24‐14‐0088 6566 France
29‐028‐24‐34‐0025 6905 YORK AVE S 29‐028‐24‐23‐0167 ADDRESS UNASSIGNED 30‐028‐24‐14‐0089 6566 France
29‐028‐24‐34‐0026 3121 69TH ST W 29‐028‐24‐23‐0172 6545 FRANCE 30‐028‐24‐14‐0090 6566 France
29‐028‐24‐34‐0033 3209 Galleria 29‐028‐24‐23‐0173 6525 FRANCE AVE S 30‐028‐24‐14‐0091 6566 France
29‐028‐24‐34‐0034 3209 Galleria 29-028-24-24-0001 3316 66th Street West 30‐028‐24‐14‐0092 6566 France
29‐028‐24‐34‐0035 3209 Galleria 29‐028‐24‐24‐0002 ADDRESS UNASSIGNED 30‐028‐24‐14‐0093 6566 France
29‐028‐24‐34‐0036 3209 Galleria 29-028-24-24-0004 Thrivent Financial - No Address 30‐028‐24‐14‐0094 6566 France
29‐028‐24‐34‐0037 3209 Galleria 29-028-24-24-0005 3250 66th Street West 30‐028‐24‐14‐0095 6566 France
29‐028‐24‐34‐0038 3209 Galleria 29-028-24-24-0007 6550 York Avenue 30‐028‐24‐14‐0096 6566 France
29‐028‐24‐34‐0039 3209 Galleria 29-028-24-24-0025 6515 Barrie Road 30‐028‐24‐14‐0097 6566 France
29‐028‐24‐34‐0040 3209 Galleria 29-028-24-24-0026 6525 Barrie Road 30‐028‐24‐14‐0098 6566 France
29‐028‐24‐34‐0041 3209 Galleria 29-028-24-24-0027 6519 Barrie Road 30‐028‐24‐14‐0099 6566 France
29‐028‐24‐34‐0042 3209 Galleria 29-028-24-24-0030 3330 66th Street West 30‐028‐24‐14‐0100 6566 France
29‐028‐24‐34‐0043 3209 Galleria 29‐028‐24‐24‐0031 ADDRESS UNASSIGNED 30‐028‐24‐14‐0101 6566 France
29‐028‐24‐34‐0044 3209 Galleria 29‐028‐24‐24‐0032 6500 BARRIE RD 30‐028‐24‐14‐0102 6566 France
29‐028‐24‐34‐0045 3209 Galleria 29‐028‐24‐24‐0120 6444 Xerxes Avenue South 30‐028‐24‐14‐0103 6566 France
29‐028‐24‐34‐0046 3209 Galleria 29-028-24-24-0121 6500 Xerxes Avenue 30‐028‐24‐14‐0104 6566 France
29‐028‐24‐34‐0047 3209 Galleria 29‐028‐24‐24‐0223 6525 YORK AVE S 30‐028‐24‐14‐0105 6566 France
29‐028‐24‐34‐0048 3209 Galleria 29‐028‐24‐31‐0002 3101 66TH ST W 30‐028‐24‐14‐0106 6566 France
29‐028‐24‐34‐0049 3209 Galleria 29-028-24-31-0003 6725 York Avenue South 30‐028‐24‐14‐0107 6566 France
29‐028‐24‐34‐0050 3209 Galleria 29-028-24-31-0005 3425 66TH ST W 30‐028‐24‐14‐0108 6566 France
29‐028‐24‐34‐0051 3209 Galleria 29‐028‐24‐31‐0006 3230 SOUTHDALE CIR 30‐028‐24‐14‐0109 6566 France
29‐028‐24‐34‐0052 3209 Galleria 29‐028‐24‐31‐0007 3220 SOUTHDALE CIR 30‐028‐24‐14‐0110 6566 France
29‐028‐24‐34‐0053 3209 Galleria 29‐028‐24‐31‐0008 3210 SOUTHDALE CIR 30‐028‐24‐14‐0111 6566 France
29‐028‐24‐34‐0054 3209 Galleria 29‐028‐24‐31‐0009 3200 SOUTHDALE CIR 30‐028‐24‐14‐0112 6566 France
29‐028‐24‐34‐0055 3209 Galleria 29‐028‐24‐31‐0010 3240 SOUTHDALE CIR 30‐028‐24‐14‐0113 6566 France
29‐028‐24‐34‐0056 3209 Galleria 29‐028‐24‐31‐0011 6612 XERXES AVE S 30‐028‐24‐14‐0114 6566 France
29‐028‐24‐34‐0057 3209 Galleria 29‐028‐24‐31‐0012 6616 XERXES AVE S 30‐028‐24‐14‐0115 6566 France
29‐028‐24‐34‐0058 3209 Galleria 29‐028‐24‐31‐0013 6620 XERXES AVE S 30‐028‐24‐14‐0116 6566 France
29‐028‐24‐34‐0059 3209 Galleria 29‐028‐24‐31‐0014 6624 XERXES AVE S 30‐028‐24‐14‐0117 6566 France
29‐028‐24‐34‐0060 3209 Galleria 29‐028‐24‐31‐0015 6628 XERXES AVE S 30‐028‐24‐14‐0118 6566 France
29‐028‐24‐34‐0061 3209 Galleria 29‐028‐24‐31‐0016 6700 XERXES AVE S 30‐028‐24‐14‐0119 6566 France
29‐028‐24‐34‐0062 3209 Galleria 29‐028‐24‐31‐0017 6704 XERXES AVE S 30‐028‐24‐14‐0120 6566 France
29‐028‐24‐34‐0063 3209 Galleria 29‐028‐24‐31‐0018 6708 XERXES AVE S 30‐028‐24‐14‐0123 6566 France
29‐028‐24‐34‐0064 3209 Galleria 29‐028‐24‐31‐0019 6712 XERXES AVE S 30‐028‐24‐14‐0125 6566 France
29‐028‐24‐34‐0065 3209 Galleria 29-028-24-31-0024 300 SOUTHDALE CENTER 30‐028‐24‐14‐0127 6566 France
29‐028‐24‐34‐0066 3209 Galleria 29-028-24-31-0025 6636 YORK AVE S 30‐028‐24‐14‐0128 6566 France
Appendix C-2
Parcel ID Address Parcel ID Address Parcel ID Address
29‐028‐24‐34‐0067 3209 Galleria 29‐028‐24‐31‐0026 6755 YORK AVE S 30‐028‐24‐14‐0129 6566 France
29‐028‐24‐34‐0068 3209 Galleria 29‐028‐24‐31‐0027 6775 YORK AVE S 30‐028‐24‐14‐0130 6566 France
29‐028‐24‐34‐0069 3209 Galleria 29-028-24-32-0001 3501 66TH ST W 30‐028‐24‐14‐0131 6566 France
29‐028‐24‐34‐0070 3209 Galleria 29-028-24-32-0003 200 SOUTHDALE CENTER 30‐028‐24‐14‐0133 6566 France
29‐028‐24‐34‐0071 3209 Galleria 29-028-24-32-0008 100 SOUTHDALE CENTER 30‐028‐24‐14‐0135 6566 France
29‐028‐24‐34‐0072 3209 Galleria 29-028-24-32-0009 10 SOUTHDALE CENTER 30‐028‐24‐14‐0137 6566 France
29‐028‐24‐34‐0073 3209 Galleria 30-028-24-14-0007 4005 65th Street 30‐028‐24‐14‐0139 6566 France
29‐028‐24‐34‐0074 3209 Galleria 30-028-24-14-0008 6500 France Avenue South 30‐028‐24‐14‐0140 6566 France
29‐028‐24‐34‐0075 3209 Galleria 30‐028‐24‐14‐0009 6566 France 30‐028‐24‐14‐0141 6566 France
29‐028‐24‐34‐0076 3209 Galleria 30‐028‐24‐14‐0010 6566 France 30‐028‐24‐14‐0142 6566 France
29‐028‐24‐34‐0077 3209 Galleria 30‐028‐24‐14‐0011 6566 France 30‐028‐24‐14‐0147 6566 France
29‐028‐24‐34‐0078 3209 Galleria 30‐028‐24‐14‐0012 6566 France 30‐028‐24‐14‐0149 6566 France
29‐028‐24‐34‐0079 3209 Galleria 30‐028‐24‐14‐0013 6566 France 30‐028‐24‐14‐0151 6566 France
29‐028‐24‐34‐0080 3209 Galleria 30‐028‐24‐14‐0014 6566 France 30‐028‐24‐14‐0152 6566 France
29‐028‐24‐34‐0081 3209 Galleria 30‐028‐24‐14‐0015 6566 France 30‐028‐24‐14‐0153 6566 France
29‐028‐24‐34‐0082 3209 Galleria 30‐028‐24‐14‐0016 6566 France 30‐028‐24‐14‐0154 6566 France
29‐028‐24‐34‐0083 3209 Galleria 30‐028‐24‐14‐0017 6566 France 30‐028‐24‐14‐0155 6566 France
29‐028‐24‐34‐0084 3209 Galleria 30‐028‐24‐14‐0018 6566 France 30‐028‐24‐14‐0156 6566 France
29‐028‐24‐34‐0085 3209 Galleria 30‐028‐24‐14‐0019 6566 France 30‐028‐24‐14‐0157 6566 France
29‐028‐24‐34‐0086 3209 Galleria 30‐028‐24‐14‐0020 6566 France 30‐028‐24‐14‐0158 6566 France
29‐028‐24‐34‐0087 3209 Galleria 30‐028‐24‐14‐0021 6566 France 30‐028‐24‐14‐0159 6566 France
29‐028‐24‐34‐0088 3209 Galleria 30‐028‐24‐14‐0022 6566 France 30‐028‐24‐14‐0160 4015 65th Street West
29‐028‐24‐34‐0089 3209 Galleria 30‐028‐24‐14‐0023 6566 France 30‐028‐24‐14‐0161 6566 France
29‐028‐24‐34‐0090 3209 Galleria 30‐028‐24‐14‐0024 6566 France 30‐028‐24‐14‐0162 6566 France
29‐028‐24‐34‐0091 3209 Galleria 30‐028‐24‐14‐0025 6566 France 30‐028‐24‐14‐0163 6566 France
29‐028‐24‐34‐0092 3209 Galleria 30‐028‐24‐14‐0026 6566 France 30‐028‐24‐14‐0164 6566 France
29‐028‐24‐34‐0093 3209 Galleria 30‐028‐24‐14‐0027 6566 France 30‐028‐24‐14‐0165 6566 France
29‐028‐24‐34‐0094 3209 Galleria 30‐028‐24‐14‐0028 6566 France 30‐028‐24‐14‐0166 6566 France
29‐028‐24‐34‐0095 3209 Galleria 30‐028‐24‐14‐0029 6566 France 30‐028‐24‐14‐0167 6566 France
29‐028‐24‐34‐0096 3209 Galleria 30‐028‐24‐14‐0030 6566 France 30‐028‐24‐14‐0168 6566 France
29‐028‐24‐34‐0097 3209 Galleria 30‐028‐24‐14‐0031 6566 France 30‐028‐24‐14‐0049 6566 France
29‐028‐24‐34‐0098 3209 Galleria 30‐028‐24‐14‐0032 6566 France 30‐028‐24‐14‐0050 6566 France
29‐028‐24‐34‐0099 3209 Galleria 30‐028‐24‐14‐0033 6566 France 30‐028‐24‐14‐0051 6566 France
29‐028‐24‐34‐0100 3209 Galleria 30‐028‐24‐14‐0034 6566 France 30‐028‐24‐14‐0052 6566 France
29‐028‐24‐34‐0101 3209 Galleria 30‐028‐24‐14‐0035 6566 France 30‐028‐24‐14‐0053 6566 France
29‐028‐24‐34‐0102 3209 Galleria 30‐028‐24‐14‐0036 6566 France 30‐028‐24‐14‐0054 6566 France
29‐028‐24‐34‐0103 3209 Galleria 30‐028‐24‐14‐0037 6566 France 30‐028‐24‐14‐0055 6566 France
29‐028‐24‐34‐0104 3209 Galleria 30‐028‐24‐14‐0038 6566 France 30‐028‐24‐14‐0056 6566 France
29‐028‐24‐34‐0105 3209 Galleria 30‐028‐24‐14‐0041 6566 France 30‐028‐24‐14‐0057 6566 France
29‐028‐24‐34‐0106 3209 Galleria 30‐028‐24‐14‐0042 6566 France 30‐028‐24‐14‐0058 6566 France
29‐028‐24‐34‐0107 3209 Galleria 30‐028‐24‐14‐0043 6566 France 30‐028‐24‐14‐0059 6566 France
29‐028‐24‐34‐0108 3209 Galleria 30‐028‐24‐14‐0044 6566 France 30‐028‐24‐14‐0060 6566 France
29‐028‐24‐34‐0109 3209 Galleria 30‐028‐24‐14‐0045 6566 France 30‐028‐24‐14‐0061 6566 France
29‐028‐24‐34‐0110 3209 Galleria 30‐028‐24‐14‐0046 6566 France 30‐028‐24‐14‐0062 6566 France
29‐028‐24‐34‐0111 3209 Galleria 30‐028‐24‐14‐0047 6566 France 30‐028‐24‐14‐0063 6566 France
29‐028‐24‐34‐0112 3209 Galleria 30‐028‐24‐14‐0048 6566 France 30‐028‐24‐14‐0064 6566 France
29‐028‐24‐34‐0113 3209 Galleria 30‐028‐24‐14‐0069 6566 France 30‐028‐24‐14‐0065 6566 France
29‐028‐24‐34‐0114 3209 Galleria 30‐028‐24‐14‐0070 6566 France 30‐028‐24‐14‐0066 6566 France
30-028-24-41-0001 6600 France Avenue South 30‐028‐24‐14‐0071 6566 France 30‐028‐24‐14‐0067 6566 France
30-028-24-44-0001 6996 France Avenue South 30‐028‐24‐14‐0072 6566 France 30‐028‐24‐14‐0068 6566 France
Appendix C-3
Appendix D
Estimated Cash Flow for the District
Appendix D-1
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a
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,
4
7
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4
5
7
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8
7
3
No
t
e
:
1.
B
a
s
e
v
a
l
u
e
s
a
r
e
b
a
s
e
d
u
p
o
n
r
e
v
i
e
w
o
f
C
o
u
n
t
y
w
e
b
s
i
t
e
o
n
3
/
7
/
1
2
o
f
v
a
l
u
e
s
a
s
s
e
s
s
e
d
1
/
2
/
1
1
f
o
r
t
a
x
e
s
p
a
y
a
b
l
e
2
0
1
2
.
2.
P
a
r
c
e
l
s
a
r
e
l
o
c
a
t
e
d
w
i
t
h
i
n
S
c
h
o
o
l
d
i
s
t
r
i
c
t
2
7
3
a
n
d
W
a
t
e
r
s
h
e
d
D
i
s
t
r
i
c
t
1
.
BA
S
E
V
A
L
U
E
I
N
F
O
R
M
A
T
I
O
N
(Or
i
g in
a
l
T
a
x
C
a
p ac
i
t
y)
So
u
t
h
d
a
l
e
M
a
l
l
R
e
n
o
v
a
t
i
o
n
a
n
d
M
i
x
e
d
U
s
e
D
e
v
e
l
o
p
m
e
n
t
Cit
y
o
f
E
d
i
n
a
S ou
th
d
a l e
M a ll
R en
o
v
a
ti
on
a
n
d Ad
j
ac
e
n
t D ev
e
l op
m
e
n
t
S c h oo
l Di
s t r i c t 27
3
Es
t
i
m
a
t
e
d
T
a
x
a
b
l
e
T
o
t
a
l
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a
x
a
b
l
e
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r
o
p
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y
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r
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t
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r
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a
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a
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o
t
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r
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t
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c
t
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a
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o
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d
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o
m
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d
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u
l
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a
x
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e
a
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h
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w
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5
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C
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9
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9
7
%
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7
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7
A pa
r
t
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r
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5
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f
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5
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t
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9
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6
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1
6
Co
n
d
o
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/
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p
t
s
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C
o
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d
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m
s
t
d
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8
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1
0
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2
0
1
4
TO
T
A
L
28
1
,
3
8
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0
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4
,
7
1
4
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5
0
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Su
b
t
o
t
a
l
R
e
s
i
d
e
n
t
i
a
l
#
V
A
L
U
E
!
1
0
7
,
8
8
0
,
0
0
0
1
,
2
4
6
,
0
0
0
Su
b
t
o
t
a
l
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o
m
m
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i
a
l
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d
.
3
1
7
3
,
5
0
0
,
0
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3
,
4
6
8
,
5
0
0
No
t
e
:
1.
R
e
n
o
v
a
t
e
d
m
a
l
l
m
a
r
k
e
t
v
a
l
u
e
b
a
s
e
d
u
p
o
n
t
a
x
e
s
t
i
m
a
t
e
s
f
r
o
m
m
a
l
l
o
w
n
e
r
.
2.
O
t
h
e
r
d
e
v
e
l
o
p
m
e
n
t
v
a
l
u
e
s
b
a
s
e
d
o
n
p
r
o
p
o
s
a
l
s
r
e
c
e
i
v
e
d
b
y
t
h
e
C
i
t
y
o
f
E
d
i
n
a
a
n
d
e
s
t
i
m
a
t
e
s
f
r
o
m
C
i
t
y
A
s
s
e
s
s
o
r
To
t
a
l
F
i
s
c
a
l
L
o
c
a
l
L
o
c
a
l
F
i
s
c
a
l
S
t
a
t
e
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w
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d
e
M
a
r
k
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t
Ta
x
D
i
s
p
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r
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t
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e
s
Ta
x
P
r
o
p
e
r
t
y
D
i
s
p
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s
Pr
o
p
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y
V alu
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T
o
t
a
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w
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p
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c
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s
Re
t
a
i
l
7
0
0
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0
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2
4
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,
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8
9
4
5
6
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4
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3
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2
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3
Ap
a
r
t
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e
n
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s
43
6
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7
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9
7
No
t
e
:
1.
B
a
s
e
v
a
l
u
e
s
a
r
e
b
a
s
e
d
u
p
o
n
r
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v
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w
o
f
C
o
u
n
t
y
w
e
b
s
i
t
e
o
n
3
/
7
/
1
2
o
f
v
a
l
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s
a
s
s
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s
s
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d
1
/
2
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1
1
f
o
r
t
a
x
e
s
p
a
y
a
b
l
e
2
0
1
2
.
2.
P
a
r
c
e
l
s
a
r
e
l
o
c
a
t
e
d
w
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t
h
i
n
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c
h
o
o
l
d
i
s
t
r
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t
2
8
0
a
n
d
W
a
t
e
r
s
h
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d
D
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t
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t
1
a
n
d
3
.
T
h
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t
a
x
r
a
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u
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d
f
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h
i
s
p
r
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j
e
c
t
i
o
n
i
s
f
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r
W
a
t
e
r
s
h
e
d
3
BA
S
E
V
A
L
U
E
I
N
F
O
R
M
A
T
I
O
N
(Or
i
g in
a
l
T
a
x
C
a
p ac
i
t
y)
So
u
t
h
d
a
l
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a
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n
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v
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t
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n
d
M
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d
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e
v
e
l
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p
m
e
n
t
Cit
y
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f
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d
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n
a
S ou
th
d
a l e
M a ll
R en
o
v
a
ti
on
a
n
d Ad
j
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n
t D ev
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t
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t
20
1
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1
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Of
f
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7
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t
h
&
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6
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5
%
4
5
%
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%
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0
1
7
Re
t
a
i
l
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e
t
a
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l
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3
,
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0
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2
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3
%
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6
%
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0
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%
2
0
1
7
Co
n
d
o
s
C
o
n
d
o
m
i
n
i
u
m
s
2
1
5
,
0
0
0
1
9
7
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1
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4
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2
7
,
7
9
2
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5
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0
H
m
s
t
d
.
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e
s
.
2
7
7
,
9
2
5
1
0
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%
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%
1
0
0
%
2
0
1
4
TO
T
A
L
32
7
,
3
9
2
,
5
1
0
5
,
8
5
8
,
1
7
5
Su
b
t
o
t
a
l
R
e
s
i
d
e
n
t
i
a
l
82
,
3
9
2
,
5
1
0
9
6
0
,
4
2
5
Su
b
t
o
t
a
l
C
o
m
m
e
r
c
i
a
l
/
I
n
d
.
24
5
,
0
0
0
,
0
0
0
4
,
8
9
7
,
7
5
0
No
t
e
:
1.
R
e
n
o
v
a
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Appendix E
Minnesota Business Assistance Form(Minnesota Department of Employment and Economic Development)
A Minnesota Business Assistance Form (MBAF) should be used to report and/or update each calendar year's
activity by April 1 of the following year.
Please see the Minnesota Department of Employment and Economic Development (DEED) website at
http://www.deed.state.mn.us/Community/subsidies/MBAFForm.htm for information and forms.
Appendix E-1
Appendix F
Findings Including But/For Qualifications
But-For Analysis
Current Market Value 489,660,200
New Market Value - Estimate 608,772,510
Difference 119,112,310
Present Value of Tax Increment 7,873,815
Difference 111,238,495
Value Likely to Occur Without TIF is Less Than: 111,238,495
(AS MODIFIED APRIL 5, 2016)
The Council hereby reaffirms the original findings for the District, namely that the when the District
was established, it was established as an "economic development district" under M.S., Section 469.174,
Subd. 12, as modified by M.S., Section 469.176, Subd. 4c(d).
In addition, the City makes the following findings:
(a) The TIF Plan Modification conforms to the general plan for development or
redevelopment of the City as a whole. The reason for supporting this finding is that the
TIF Plan Modification will generally complement and serve to implement policies
adopted in the City's comprehensive plan.
(b)The TIF Modification will afford maximum opportunity, consistent with the sound
needs of the City as a whole, for the development or redevelopment of the Southeast
Edina Redevelopment Project Area by private enterprise. The TIF Plan Modification
will allow for the City to establish the 66 West Tax Increment Financing District, and
the development activities are necessary so that development and redevelopment by
private enterprise can occur within Southeast Edina Redevelopment Project Area.
(c)The City reaffirms the original findings of the Southdale 2 Tax Increment Financing
District, namely that the development and redevelopment efforts, in the opinion of the
City, would not reasonably be expected to occur solely through private investment
within the reasonably foreseeable future and therefor the use of tax increment
financing is deemed necessary.
Appendix F-1
Appendix G
Prior Improvements
The complete list of permits issued are on file with the City Planner
Appendix G-1