HomeMy WebLinkAboutHRA Resolution No. 2001-04 Amendments to Grandview TIF & Requesting Approval of City Council t
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HRA RESOLUTION NO. 2001-04
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A RESOLUTION
APPROVING AMENDMENTS TO
GRANDVIEW TAX INCREMENT FINANCING PLAN AND
REQUESTING THE APPROVAL OF THE CITY COUNCIL
BE IT RESOLVED, by the Board of Commissioners (the "Board") of the Housing
and Redevelopment Authority in and for the City of Edina, Minnesota (the "HRA"), as
follows:
1. Proposed Amendment. The HRA and the City of Edina (the "City") have
approved a redevelopment plan, as defined in Minnesota Statutes, Section 469.002,
subdivision 16, designated as the Grandview Area Redevelopment Plan (the
"Redevelopment Plan"), and a redevelopment project to be undertaken pursuant
thereto, as defined in Minnesota Statutes, Section 469.002; subdivision 14 designated
as Grandview Redevelopment Project No. 1 (the "Redevelopment Project"), and that in
order to finance the public redevelopment costs to be incurred by the HRA and City in
connection with the Redevelopment Plan and the Redevelopment Project, the HRA and
• City have approved a tax increment financing plan, pursuant to the provisions of
Minnesota Statutes, Section 469.175 designated as Grandview Tax Increment
Financing Plan (the "Financing Plan"), which establishes a tax increment financing
district, as defined in Minnesota Statutes, Section 469.174,subdivision 9, designated by
the HRA as Grandview Tax Increment Financing District (Hennepin County No. 1202)
(the "District"). On April 17, 1997, December 7, 1999, and August 15, 2000, the HRA
and City approved amendments to the Redevelopment Plan, Redevelopment Project
and Financing Plan (the "Amendments"). The Amendments approved on August 15,
2000, establishes Hazardous Substance Subdistrict No. 1 (the "HSS") within the District
and authorizes the use of tax increment from the HSS to pay or reimburse costs of
removal and remediation actions with respect to hazardous substances or pollutants or
containments or petroleum releases affecting or which may affect property in the HSS
and other related costs and expenses of such removal or remediation actions. It has
been proposed that the HRA approve amendments to the Financing Plan, as amended
by the Amendments, which is entitled "Modification #1 of Tax Increment Financing Plan
for Hazardous Substance Subdistrict No. 1" (the "2001 Amendment"). The 2001
Amendment increases the authorized amount of tax increment revenue from the HSS to
pay costs of removal and remediation actions within the HSS and increases the
authorized principal amount of bonds to be issued to finance remediation and removal
actions within the HSS.
2. Approval of 2001 Amendment. The 2001 Amendment has been presented to this
Board and is ordered placed on file in the office of the Executive Director of the HRA,
and the Amendment is hereby approved. The 2001 Amendment further serves the
original goals and objectives of the City and HRA in approving the Redevelopment Plan,
City Hall (952) 927-8861
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the Redevelopment Project and the Financing Plan and the 2001 Amendment, by
redeveloping property in the City in order to prevent or reduce blight, blighting factors
• and the causes of blight, and by providing needed public facilities.
3. Presentation to City Council. The 2001 Amendment hereby approved shall be
presented to the City Council for a public hearing thereon pursuant to Minnesota
Statutes, Section 469.029, subdivision 6 and Section 469.175, subdivision 4.
Dated this 16th day of Octo er, 001.
ATTEST:
e(ltive Direci4 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 October 16,
2001, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of ,
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Executive Director