HomeMy WebLinkAboutHRA Resolution No. 2005-04 Modifying TIF Budges District # 1200 and #1203 tv91/�\jam
o� e HRA RESOLUTION NO. 20054
RESOLUTION MODIFYING BUDGETS CityOf �'ina
TAX INCREMENT FINANCING DISTRICTS#1200 AND #1203
BE IT RESOLVED by the Board of Commissioners (the 'Board") of the Housing and
Redevelopment Authority(the "HRA")for the City of Edina,Minnesota(the"City")as follows:
1. Background
1.1. The tax increment financing plans (the "TIF Plans") for the following tax increment financing
districts (the "TIF Districts") allow for the pooling of revenues to support bonded indebtedness:
District #1200 (50`h and France), District #1201 (Edinborough), and District #1203 (Centennial
Lakes).
1.2. All of the TIF Districts were established by the HRA prior to 1990.
1.3. The TIF plans currently authorize tax increment revenues to be transferred from District #1200
and District #1201 into District #1203 for the payment of principal and interest on bonded
indebtedness. It is necessary and desirable to allow for the ability to account the use of tax
increment revenues to pay principal and interest on bonded indebtedness as either a transfer of
funds or as a direct expenditure. To comply with the reporting requirements of the Office of the
State Auditor it is necessary to modify the budget for District#1200(50`h and France) and District
#1203 (Centennial Lakes)to provide for additional transfer of tax increment revenue from District
• #1200(50`I'and France)to District#1203 (Centennial Lakes).
2. Action
2.1. The budget for District #1200 (50`h and France) is hereby modified to increase the line item for
Transfers Out by $5,000,000 and the budget for District #1203 (Centennial Lakes) is hereby
modified to increase the item for Transfers In by $5,000,000. The Board finds that the
modifications do not increase authorized expenditures or increase bo ded indebtedness and,
therefore, a public hearing is no equired prior to the adoption of t is mo ification.
Adopted this 20`h day of December, 0 5.
ATTEST:
E ecutive Direct9rq 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 December 20, 2005, 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 www.cityofedina.com TTY 952-826-0379