HomeMy WebLinkAboutResolution No. 2021-14 Approving the Decertification of the Southdale 2 TIF DistrictI It *1191 K -F- IN t NJ I I F Z 150-1 WTI
Fill a-a"TelMrVIIII-11: I
WHEREAS, on April 17, 2012 the City of Edina (the "City") and its Housing and Redevelopment
Authority (the "HRA") approved the establishment of the Southdale 2 Tax Increment Financing District
(the "District"), an economic development district, within its Southeast Edina Redevelopment Project
Area (the "Project Area") all pursuant to and in conformity with applicable law, including Minnesota
Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.1794, inclusive, as amended (the
"Act"); and
WHEREAS, by Resolution 2021-079 duly adopted September 21, 2021 the City approved
Modification #4 to the Southdale 2 Tax Increment Financing Plan (the "TIF Plan"); and
WHEREAS, by Resolution 2021-105 duly adopted November 16, 2021 the City approved a
Spending Plan for the District in accordance with the Act (the "Spending Plan"); and
WHEREAS, the HRA is the administrative authority for the District; and
WHEREAS, as of the date hereof the HRA anticipates that all bonds and obligations to which tax
increment from the District have been pledged will be paid in full or clefeased and sufficient money has
been set aside to pay all other costs authorized under the TIF Plan and Spending Plan; and
WHEREAS, the HRA has determined that an amount of $195,000 of tax increment from the
District to be surplus remaining in excess of the costs authorized under the TIF Plan and Spending Plan;
and
WHEREAS, the HRA desires by this resolution to cause the decertification of the District after
which all property taxes generated by property within the District will be distributed in the same manner
as all other property taxes beginning January 1, 2022.
NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of the HRA as follows:
1. HRA staff is authorized to take such action as is necessary to cause the decertification of the District,
inclusive of filing a copy of this resolution in the City's District files, filing a copy of this resolution with
the County Auditor of Hennepin County along with instructions to adjust the records for the District
accordingly, and filing a copy of the resolution with the Minnesota Department of Revenue and the
Minnesota Office of the State Auditor.
2. The HRA has determined that $195,000 in surplus tax increment revenue remains in the Southdale
2 TIF Fund in excess of the costs authorized by the TIF Plan and Spending Plan, and staff is directed to
return any such surplus to Hennepin County for distribution to the taxing jurisdictions in which the
District is located.
CITY OF EDINA
4801 West 50th Street * Edina, Minnesota 55424
Approved by the Board on December 9th, 202 1.
ATTEST:
STATE DFM|NNESOTA\
COUNTY OFHBNNBqN1 SS
CITY DFE0NA )
Edina HRAResolution No. 2O21-14
Decertification ofSnuthdo|e2T|FDistrict
l Page
---unnum B. Hovland, Chair —�-----
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 December 9, 202 1, and as recorded in the Minutes of
said Regular Meeting.
WITNESS my hand and seal of said City this day of UIM4 2021.
y' 0--k H
EVxecuti/ve Director