HomeMy WebLinkAboutHRA Resolution No. 2001-02 TIF Rebate to ISD273 4,9SN��rl, HRA RESOLUTION NO. 2001-02
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RESOLUTION APPROVING CityOf Edina
TAX INCREMENT FINANCE REBATE TO
INDEPENDENT SCHOOL DISTRICT 273
WHEREAS, the City of Edina contains four Tax Increment Financing Districts (TIF) which are also within the
boundaries of the Edina Public Schools; and
WHEREAS, when these districts were established, the tax base was captured to retire the development bonds
and other costs of the development and the school district receives no additional revenue as a result of the
development until the bonds are retired; and
WHEREAS, when the voters of the school district approved an excess levy in 1988, it effectively increased the
revenue to the TIF district rather than producing revenue for the school district; and
WHEREAS, the 1988 amendments to the Minnesota Tax Increment Financing Act included a provision
whereby a city with a TIF district may pay excess tax increment revenue generated by a referendum levy to the
school district; and
WHEREAS, the request for payment of the excess tax increment revenue can be made annually and the last
• approved request was for fiscal year 1998-99; and
WHEREAS, the funds would be used to assist in paying for architectural, engineering, and security/safety
consulting fees related to building/site feasibility studies.
NOW THEREFORE, BE IT RESOLVED, that the Edina City Council will rebate the excess tax increment
revenue for fiscal years ending June 0, 2000 and June 30, 2001 in the amount of$20,000 each year for a total
of$40,000.
Attest: 64L
Executive Di ctor Chair
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )SS
CITY OF EDINA )
CERTIFICATE
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 March 20, 2001, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of , 20_
Executive Director
City Hall (952) 927-8861
4801 WEST 50TH STREET FAX(952)826-0390
EDINA,MINNESOTA 55424-1394 TDD(952)826-0379