HomeMy WebLinkAboutResolution No. 2021-09 Adopting Mod to TIF for Southdale 2Hnudn%and Redevelop mvmtAndmhty
RESOLUTION NO.2C2|-09
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Edina Housing and
Redevelopment Authority (the "HRA") and the City of Edina (the "City") that the HRA adopt u Modification to the
Redevelopment Plan (the "Redevelopment Plan Modification") for the Southeast Edina Redevelopment Project Area (the
"Project Area") and Modification to the Tax Increment Financing Plan (the "TIF Plan Modification") for the Suuthdale2Tax
Increment Financing District (the "[}istrict"\therein (the Redevelopment Plan Modification and T|FPlan Modification are
referred to collectively herein as the "Modification"), all pursuant to and in conformity with applicable |uvv including
Minnesota Statutes, Sections 469.UO|to469.D47and Sections 4G9.|74to469.|794'inclusive, usamended (the "Act').and
Minnesota Session Laws 2014, Chapter 308, Article 6, Section 8, as amended by Minnesota Session Laws2017,Fiot Special
Session Chapter 1, Article 6, Sections I I and 16 and Minnesota Session Laws 2019, First Special Session Chapter 6, Article
7, Section 3 (the "Special T|F Housing Leno|udnn'') all as reflected in the Modification and presented for the Board's
consideration; and
WHEREAS, the substantive changes within the Modification include increasing the estimate of the budgeted
expenditures for project costs that will be paid or financed using District funds. The boundaries ofthe District and Project
Area are not being enlarged and the duration of the District is not being extended; and
WHEREAS, the HRA has investigated the facts relating tothe Modification and has caused the Modification to be
prepared; and
WHEREAS, the HRA has performed all actions required by |uvv to be performed prior to the adoption of the
Modification. The HRA has also requested the City Planning Commission to provide for review of and written comment
on the Modification and that the Council schedule u public hearing on the Modification upon published notice as required
by law.
NOW, THEREFORE BEURESOLVED by the Board as follows:
|. The HRA hereby reaffirms the original 0ndingufordheObtrict established oson"economic development diatrct'
within the meaning of the Act, and finds that the adoption of the proposed Modification 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''\, preserve and enhance the Lux base of the Stmte, and help fu|0|| n need to develop an area of the State for
affordable and high -qualify housing and thereby serves apublic purpose.
2. The HRA further finds that the Modification will afford maximum opportunity, consistent with the sound needs for
the City as a whole, for the development or redevelopment of the Project Area by private enterprise in that the
intent is to provide only that public assistance necessary to make the private developments financially feasible.
3. The reasons and facts supporting the findings in this resolution are described in the Modification.
CITY OF EDyNA
480lWest 5Ot6Street ^ Edina, Minnesota 55424
Edina HRA Resolution 2021-09
4. Conditioned upon the approval thereof by the City Council following its public hearing thereon, the Modi0caton,
uspresented tothe HRAonthis date, are hereby approved, established and adopted and shall beplaced onfile in
the office of the Executive Director of the HRA.
5. Upon approval ofthe Modification 6vthe City Council, the staff, the HKA'sadvisors and legal counsel are authorized
and directed to proceed with the implementation of the Modification and for this purpose to negotiate, draft,
prepare and present to this Board for its consideration all further p|unm, resolutions, documents and contracts
necessary for this purpose. Approval of the Modification does not constitute approval of any project or u
development agreement with any developer,
6. Upon approval of the Modification by the City Council, the Executive Director of the HRA is authorized and
directed to forward a copy of the Modification to the Minnesota Department of Revenue and the {]0ca of the
State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a.
7. The Executive Director of the HRA is authorized anto the
Hennepin ��nuntyAuditoc
Approved 6vthe Board onAugust 26 2021.
James B. Hovland, Chair
STATE OPM|NNE8OTA)
COUNTY OFHENNBqN0 3S
CITY DFED|NA )
James Pierce, Secretary
CERTIFICATE OFEXECUTIVE DIRECTOR
|, the 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 true and correct copy of the Resolution duly adopted by the Edina Housing and Redevelopment Authority at
its Regular Meeting of August 26, 2021, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this �T"
Executive Director