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HomeMy WebLinkAboutResolution No. 2021-06 Establishing TIF 4040 70th St WRESOLUTION NO. 2021-06 ESTABLISHING THE 4040 WEST 70th STREET TAX INCREMENT FINANCING DISTRICT AND APROVING A TAX INCREMENT FINANCING PLAN THEREFOR WHEREAS, it has been proposed by the Board of Commissioners (the of the Edina Housing and Redevelopment Authority (the "HRA") and the City of Edina (the "City") that the HRA adopt aModification to the Redevelopment Plan (the "Redevelopment Plan Modification") for the Southeast Edina Redevelopment Project Area (the "Project Area") to amtobUnh the 4040 West 70m Street Tax Increment Financing District (the "District") and adopt Tar Increment Financing Plan (the "T|F Plan") therefor (the Redevelopment Plan Modification and the OF Plan are referred to collectively herein as the ''P|anm"), all pursuant to and in conformity with applicable law, including Minnesota Statutes. Sect|onm469,OO| to469.047and Sections 469.174to469,1794. |ndumive, as amended (�h� "Act"). and Minnesota Session ` ' Laws 2014, Chapter 308, Article 6, Section 8, as amended by Minnesota Session Laws 2017, First Special Session Chapter |' Article 6.Sections I and 16 and Minnesota Session Laws 2019, First Special Session Chapter 6, Article 7, Section 3 (the "Special TIF Housing Legislation") 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 Connrnimo|ou to provide for review of and written comment on Pbmm 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: |. The HRA hereby finds that the District is in the public interest and is a "housing district" under Minnesota Statutes, Section 469.174, Subd. | I and the Special 7lF Housing Legislation, finds that the adoption of the proposed Pbmm conforms in all respects to the requirements ofthe Act and will help fulfill aneed to develop an area ofthe State of Minnesota for affordable and high -quality housing and thereby serves a public purpose. 2, The HRA further finds that the Plans will afford maximum opportun|ty, consistent with the mound needs for the City as a whole, for the development or redevelopment of the Project Area by private enterprise in that the intent iotoprovide only that public assistance necessary tomake the private developments financially feasible. 3. The boundaries of the Project Area are not being expanded. ^L The reasons and facts supporting the findings |nthis resolution are described |nthe Plans. 5. The HRA elects to calculate fiscal disparities for the District in accordance with Minnesota Statutes, Section 489.177, Subd. 3, clause b, which means the fiscal disparities contribution would be taken from inside the District. 6. Conditioned upon the approval thereof 6vthe City Council following its public hearing thereon, the P|nnm, as presented to the HRA onthis data, 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, theHRA's advisors and legal counsel are authorized and directed to proceed with the implementation of the Plans and for this purpose to negotiate, druft, prepare and present tothis 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 CITY OF EDINA 48OlWest 60d6Street ~ Edina, Minnesota 55424 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 toMinnesota Statutes 469.|75.Subd.4u. g. The Executive Director of the NRA is authorized and directed to forward u py of the Plans to the Hennepin yAuditor and request that the Auditor certify the original tux cupodty�the District as described in the Plans, all in accordance with Minnesota Statutes 469.177 Approved 6vthe Board onJuly 29.2U2|. STATE OFM|NN COUNTY OfHENNBqN) SS CITY DFED!NA \ CERTIFICATE OFEXECUTIVE DIRECTOR i the undersigned duly appointed and acting Executive Director for the Edina Housing and Redevelopment Authority dn hereby certify that the attached and foregoing Resolution is o true and correct copy of the Resolution duly adopted by the Edina Housing and Redevelopment Authority at its Regular Meeting of July 29, 202 1, and as recorded in the Minutes of said Regular Meeting. WITNESS myhand and seal ofsaid City this day of 2021.