HomeMy WebLinkAboutResolution No. 2021-105 Approving Spending Plan for TIF DistrictsCITY OF EDINA
COUNTY OF HENNEPIN
STATE OF MINNESOTA
Councilmember
introduced the following resolution and moved its adoption:
RESOLUTION 2021-105
APPROVING A SPENDING PLAN FOR THE SOUTHDALE 2, PENTAGON PARK AND 70th AND
CAHILL TAX INCREMENT FINANCING DISTRICTS
BE IT RESOLVED by the City Council (the "Council") of the City of Edina, Minnesota (the "City"), as follows:
Section I. Background; Findings.
1.01. The City and the Board of Commissioners of the Edina Housing and Redevelopment Authority (the "HRA")
have heretofore established the Southeast Edina Redevelopment Project Area (the "Project Area") and adopted a
Redevelopment Plan therefor, and established the Southdale 2, Pentagon Park and 70th and Cahill Tax Increment Financing
Districts (the "Districts") therein and adopted Tax Increment Financing Plans (the "TIF Plans") therefor.
1.02. Subject to the approval of the City Council following a public hearing, the HRA has adopted a spending
plan for the TIF Districts in accordance with Minnesota Statutes, Section 469.176, Subd. 4n in the form submitted to the
City Council by the HRA (the "Spending Plan") to utilize existing tax increment revenues from the TIF Districts in order
to stimulate construction or substantial rehabilitation of private development in a way that will also create or retain jobs.
1.03. The HRA and City have performed all actions required by law to be performed prior to the adoption and
approval of the proposed Spending Plan, including, but not limited to, adoption of the Spending Plan by the HRA on October
28, 2021 and the holding of a public hearing upon published notice as required by law.
Section 2. Approval of the Spending Plan and Program Policy.
2.01. The Council hereby reaffirms the original findings for the Project Area and TIF Districts.
2.02. In addition, the City makes the following findings:
(a) The adoption of the Spending Plan conforms in all respects to the requirement of the Act and will help
fulfill a need to develop an area of the City which is already built up, to create or retain jobs within the State,
provide housing opportunities, to improve the tax based and to improve the general economy of the State and
thereby serves a public purpose.
CITY OF EDINA
4801 West 50th Street • Edina, Minnesota 55424
Attest:
James B. Hovland, Mayor Sharon Allison, City Clerk
and the following voted against the same:
Dated: November 16, 2021
Resolution 2021-105
Page 2
(b) The development and redevelopment efforts requiring assistance, in the opinion of the City, would not
reasonably be expected to occur solely through private investment within the reasonably foreseeable future and
therefor the use of tax increment financing is deemed necessary.
Section 3. Approval of the Spending Plan and Program Policy: Filing.
3.01. The Spending Plan for the TIF Districts, as presented to the Council on this date, including without
limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and
adopted and shall be placed on file in the office of the HRA Executive Director.
3.02. The HRA, staff of the City, the City's advisors and legal counsel are authorized and directed to proceed
with the implementation of the Spending Plan and to negotiate, draft, prepare and present to this Council for its
consideration all further plans, resolutions, documents and contracts necessary for this purpose.
3.03 The HRA Executive Director is authorized and directed to file a copy of the Spending Plan with the Office
of the State Auditor pursuant to Minnesota Statutes 469.176, Subd. 4n.
The motion for the adoption of the foregoing resolution was duly seconded by Council member
, and on a vot eing taken there n, the following v ted in fav pr thereof:
t f-1 1-3-ck te, r-c".,S' 'AA t-0 ,1•••J Gt.N.6
(Seal)
Resolution 2021-105
Page 3
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF EDINA
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CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached is a true
and correct copy of the Resolution duly adopted by the Edina City Council at its regular meeting of November 16, 2021,
and as recorded in the Minutes of said regular meeting.
WITNESS, my hand and seal of said City this day of , 2021.
Sharon Allison, City Clerk