HomeMy WebLinkAboutResolution No. 2021-13 Spending Plan Southdale 2, Pentagon Park and Wooddale Valley ViewRESOLUTION NO. 2021-13
WHEREAS, the Board of Commissioners (the "Board") of the Edina Housing and Redevelopment Authority (the
"HRA") and the City Council (tbo "Council") of the City of Edina, Minnesota (the "City") established the Southdu|e 2`
Pentagon Park, and 70thund Cahill Tax Increment Financing [)|otr|ctm (the ''T|F [)ixtricty'')` pursuant to, and in accordance
with Minnesota Statutes, Section 469.|74to469.|794.inclusive, ooamended (the "/\ct');and
WHEREAS, the HRA is proposing the adoption of Spending Plan for the T|F Districts, pursuant to, and in
accordance with, Minnesota Statutes, Sections 469.176. Subd. 4n inclusive, as amended in aubucunciu||y the form submitted
to the HRA (the "Spending Plan") to utilize existing and unobligated tax increment revenues from the TIF Districts in order
to stimulate construction or substantial rehabilitation of private development in u way that will also create or retain jobs
inthe City; and
WHEREAS, the Spending Plan includes authorizing the o||mcociun of budgeted expenditures for project costs that
will be paid or financed using District funds. The boundaries of the T|F Districts are not being enlarged and the duration
ofthe T|FDistricts are not being extended; and
WHEREAS, the financing offered by the City or BRA pursuant to the Spending Plan could constitute u business
aubd6v pursuant to Minnesota Statutes, Section | |6|.9g3 to | |6|.99S' as amended (the "Business Subsidy Act") and may
be subject to the requirements of the City's Business Subsidy Policy as applicable.
WHEREAS, the HRA has investigated the facts relating oothe Spending Plan and has caused the Spending Plan to
beprepared; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to the adoption of the
Spending Plan, including, but not limited to, causing notice of a public hearing to be published and requests that the Council
hold apublic hearing onthe adoption ofthe Spending Plan.
NOW, THEREFORE BE IT RESOLVED by the Board as follows:
| The HRA hereby reo0nno the original findings for the TlF Districts and finds that the adoption of the proposed
Spending Mon conforms in all respects to the requirements of the Act and will result in creation or retention of
jobs in the State of Minnesota (the "State") and help preserve and enhance the tax base of the State and thereby
serves apublic purpose.
2. The HRA further finds that the Spending Plan will afford maximum opportunity, consistent with the sound needs
for the City as u whole, for the development or redevelopment of the Project Area by private enterprise in that
the intent into provide only that public assistance necessary to make the private developments financially feasible.
3. Conditioned upon the approval thereof bythe Council following its public hearing thereon, the Spending P|un, as
presented to the HRA onthis date, is hereby approved, established and adopted and xho|| be placed on 0|e in the
office of the Executive Director ufthe HRA.
CITY OF EDINA
Upon approval of the Spending Plan by the Council, the staff, theHRA's advisors and legal counsel are authorized
and directed to proceed with the implementation of the Spending Plan and for this purpose to negotiate, draft,
prepare and present to this Board for its consideration all further p|xna` resolutions, documents and contracts
necessary for this put -pose. Approval of the Spending Plan does not constitute approval of any project or o
development agreement with any developer.
Upon approval of the Spending Plan by the Council, the Executive Director of the HRA is authorized and directed
toforward ucopy o[the Spending Plan tothe Office ofthe State Auditor pu cLoMinnesotnStututes469.|78'
Subd.4n. � \
Approved 6vthe Board onOctober 28,2O]|.
ATTEST:
STATE OFM|NN
COUNTY OFHBNNBqK0 SS
CITY OF EDINA
— James B. Koviand Chair
ames Pierce, Secretary
CERTIFICATE OFEXECUTIVE DIRECTOR
ithe undersigned duly appointed and acting Executive Director for the Edina Housing and Redevelopment Authority do hereby certify
that the attached and foregoing Resolution is a cn/e and correct copy of the Resolution duly adopted by the Edina Housing and
Redevelopment Authority at its Regular Meeting of October 28, 202 1, and as recorded in the Minutes of said Regular Meeting.
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YV|TNESSmyhand and seal ofsaid City this �' o day ofOctober, 2O2|.