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Home My WebLink About19900326_special297 IKENU'TES OF THE SPECIAL JOINT MEETING OF THE EDINA HOUSING AND REDEVELX)PHENT AUTHORIT!f/CITY COUNCIL HELD AT EDINA CITY IIAI;L MARCH 26, 1990 A special joint meeting of the Edina Housing and Redevelopment Authority and the City Council was convened for a public hearing on the 1990 Amendment to the 50th and France Redevelopment Plan on March 26, 1990 at 7:OO p.m. Action was taken by the HRA and Council as recorded. ROLLCALL Answering rollcall were Commissioners/Members Paulus, Rice, Smith and Richards. PUBLIC HEARING CONDUCTED: RESOLUTIONS APPROVING 1990 AMENDMENT TO 50TH & FRANCE REDEVELOPHENT PLAN ADOPTED conducted on the proposed amendment to the 50th & France Redevelopment Plan. Public attending included Gail Korst, Korst Sons Jewelers, 3901 W. 50th Street; Art Dickey, Arthur Dickey Architects, Inc., 4930 France Avenue; and Allen Siegman, Waterstreet Clothing Company, 3940 W. 50th Street. Pursuant to due notice given, a public hearing was HRA Executive Director Gordon Hughes informed the HRA and Council that the effect of the proposed amendment to the 50th €Y France Redevelopment Plan would be two - fold : 1. The amendment would allow the use of tax increments to finance the public improvement project at 50th & France which is estimated to cost $3,000,000. 2. The amendment would allow pooling of tax increments from the 50th & France Redevelopment District and the Southeast Edina Redevelopment District. The amendment would permit, but not obligate, the City to use pooled increments from one district to the other. Director Hughes said that notice of the March 26, 1990 public hearing was given to the Hennepin County Board of Commissioners and the Board of Education for the Edina School District on February 23, 1990. Both agencies were provided with copies of the proposed amendment. Chairman/Mayor Richards called for public comment following a five minute delay so that individuals'arriving late would have the opportunity to speak to the proposed amendment. Commissioner Smith introduced the following resolution and moved its adoption: No public comment was heard. RESOLUTION APPROVING 1990 AMENDMENT TO 50TH & FRANCE REDEVELOPWENT PLAN AND REQUESTING THE APPROVAL OF TBE CITP COUNCIL BE IT RESOLVED, by The Housing and Redevelopment Authority of Edina, Minnesota (the ll€lRA"), as follows: 1. Proposed Amendment. The HRA has approved a redevelopment plan, as defined in Minnesota Statutes, Section ,469.002, subdivision 16, designated as the 50th & France Redevelopment Plan (the "Redevelopment Plan"), and a redevelopment project to be undertaken pursuant thereto, as defined in Minnesota Statutes, Section 469.002, subdivision 14 (the "Redevelopment Project"), and that in order to finance the public redevelopment costs to.be incurred by the IlRA in connection with the Redevelopment Plan and the Redevelopment Project, the Redevelopment Plan established a tax increment financing district, as defined in Minnesota Statutes, Section 469.174, subdivision 9 (the "District") which is designated by Hennepin County as Tax Increment Financing District No. 1200. It has been proposed that the HRA approve an amendment to the Redevelopment Plan which is entitled "1990 Amendment to the 50th & France Redevelopment Plan" (the "1990 Amendment") to authorize the expenditure of tax increment to finance additional public improvements in the area subject to the Redevelopment Plan, to expand the area 29% 3/26/90 subject to the Redevelopment Plan to include the area subject to the Southeast Edina Redevelopment Plan of the ERA (the "Southeast Edina Redevelopment Plan") and to authorize the expenditure of tax increment revenue derived from the District to pay for public redevelopment costs incurred and to be incurred by the ERA and the City of Edina in connection with the Southeast Edina Redevelopment Plan and redevelopment projects undertaken pursuant thereto and to pay debt service on bonds issued and to be issued to finance such public redevelopment costs. this Board and is ordered placed on file in the office of the Executive Director of the ERA. Amendment, the 1990 Amendment further serves the original goals and purposes of the City and HRA in approving the Redevelopment Plan and the Southeast Edina Redevelopment Plan which is of benefit to all residents of the City. an agreement or agreements with the City to evidence the pledge of tax increments from the District to pay debt service on bonds or other obligations issued and to be issued by the City to finance public redevelopment costs of the Southeast Edina Redevelopment Plan. 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. A I . 2. Amroval of 1990 Amendment. The 1990 Amendment has been presented to The 1990 Amendment is hereby approved. As stated in the 1990 3. Pledge Agreement. The officers of the BRA are authorized to enter into 4. Presentation to Citv Council. The 1990 Amendment hereby approved shall Dated the 26th day of March, 1990. Chairman Motion for adoptix of the resolution was seconded by Commissioner Rice. Rollcall : Ayes: Paulus, Rice, Smith, Richards Resolution adopted . Member Rice introduced the following resolution and moved its adoption: RESOLUTION APPROVING 1990 AMENDMENT TO 50TH & FRANCE REDEXELOPMENT PLAN AND MAKING FINDINGS WITH RESPECT THERETO AND PLEDGING TAX INCRlDENT TO CERTAIN OUTSTANDING BONDS OF THE CITY BE IT RESOLVED by the City Council of the City of Edina, Minnesota as follovs: Minnesota (the "HRA"), and the City of Edina, Minnesota (the "City"), have previously approved the Redevelopment Plan (the "Redevelopment Plan") and a Redevelopment Project (the "Redevelopment Project") to be undertaken pursuant thereto and in order to finance the public redevelopment costs to be incurred by the City and the HEW in connection with the Redevelopment Plan and the Redevelopment Project, the Redevelopment Plan established a tax increment financing district (the "District") which is designated by Hennepin County as Tax Increment Financing District No. 1200. The Board of Commissioners of the HRA has approved an amendment to the Redevelopment Plan vhich is entitled "1990 Amendment to the 50th & France Redevelopment Plan"(the "1990 Amendment"). Amendment authorizes additional public improvements to be constructed in the area subject to the Redevelopment Plan, expands the area subject to the Redevelopment Plan to include the area subject to the Southeast Edina Redevelopment Plan of the ERA (the "Southeast Edina Redevelopment Plan") and authorizes the expenditure of tax increment revenues derived from the District to pay the costs of such public improvements and to pay for public redevelopment costs incurred and to be incurred by the HRA and the City in connection with the Southeast Edina Redevelopment Plan and redevelopment projects undertaken pursuant thereto and to pledge tax increment revenue from the District to the payment of debt service on bonds heretofore and 1. The Commissioners of the Housing and Redevelopment Authority of Edina, The 1990 I 3/26/90 299 hereafter issued by the City to finance such costs. 2. This Council on March 26, 1990, held a public hearing on the 1990 Amendment after notice of the public hearing was published in the official newspaper of the City not less than ten (10) days prior to the date of the hearing. the 1990 Amendment were given an opportunity to express their views with respect thereto. the goals and objectives of the Redevelopment Plan and the Southeast Edina Redevelopment Plan. Pursuant to Minnesota Statutes, Section 469.175, subdivision 4, and for reasons set forth in the Redevelopment Plan, as amended by the 1990 Amendment and the Southeast Edina Redevelopment Plan it is hereby found that: (A) The proposed development to be undertaken in accordance with the Redevelopment Plan, as amended by the 1990 Amendment and the Southeast Edina Redevelopment Plan, in the opinion of this Council would not occur solely through private investment within the reasonably foreseeable future and therefor the use of tax increment financing is deemed necessary. (B) The Redevelopment Plan, as amended by the 1990 Amendment, conforms to the general plan for the development of the City as a whole. (C) The Redevelopment Plan, as amended by the 1990 Amendment, will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the area subject to the Redevelopment Plan and the Southeast Edina Redevelopment Plan. 4. At such public hearing all persons desiring to be heard with respect to 3. The 1990 Amendment is hereby approved. The 1990 Amendment semes to meet Pledpe of Tax Increment. The City has previously issued and there is presently outstanding the following bonds to finance public redevelopment costs incurred by the City and HRA pursuant to the Southeast Edina Redevelopment Plan (the “Bonds”): a. b. C. d. e. f. g. Title G.O. Tax Increment Bonds, Series 1981 G.O. Tax Increment Bonds, Series 1986A G.O. Tax Increment Bonds, Series i988 G.O. Taxable Tax Increment Bonds, Series 1988 G.O. Taxable Tax Increment Bonds, Series 1989 G.O. Tax Increment Bonds, Series 1989 G.O. Tax Increment Refunding Bonds, Series 1989 Dated Original Principal Amount October 1, 1981 $4,500,000 August 1, 1986 4,000,000 October 1, 1988 10,175,000 October 1, 1988 5,100,000 April 1, 1989 5,300,000 April 1, 1989 November 1, 1989 8,425,000 12,970,000 The City hereby pledges to the Bonds tax increment revenue derived from the District received by the City from the HRA to pay the Bonds. City are hereby authorized to enter into an agreement or agreements with the €?RA to evidence such pledge of the tax increment revenue from the District to the payment of debt service on the Bonds. The officers of the Adopted by the Council this 26th day of March, 19w- .- ATTEST : Y Mayor City Clerk 3/26 190’ 300 Motion for adoption of the resolution was seconded by Member Paulus. Rollcall: Paulus, Rice, Smith, Richards Resolution adopted. There being no further business on the adjourned at 7:14 p.m. by motion of C Commissionerflember Rice. Motion car