HomeMy WebLinkAboutResolution No. 2022-05 Establishing the 70th and France TIFHOUSING AND REDEVELOPMENT AUTHORITYY
RESOLUTION NO. 2022-05
ESTABLISHING THE 70TH AND FRANCE TAX INCREMENT FINANCING DISTRICT
AND APPROVING A TAX INCREMENT FINANCING PLAN THEREFOR
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 a Modification to the
Redevelopment Plan (the "Redevelopment Plan Modification") for the Southeast Edina Redevelopment Project Area (the
"Project Area") to establish the 70th and France Tax Increment Financing District (the "District") and adopt a Tax Increment
Financing Plan (the "TIF Plan") therefor (the Redevelopment Plan Modification and the TIF Plan are referred to collectively
herein as the "Plans"), 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"), 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 Commission to provide for review of and written comment on the Plans
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 "renewal and renovation district" under
Minnesota Statutes, Section 469.174, Subd. I Oa, and finds that the adoption of the proposed Plans conforms in all
respects to the requirements of the Act and will help fulfill a need to develop an area of the City which is already
built up, will help provide employment opportunities in the State of Minnesota and will help in the preservation and
enhancement of the tax base of the City and State.
The HRA further finds that the Plans 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.
The boundaries of the Project Area are not being expanded.
The reasons and facts supporting the findings in this resolution are described in the Plans.
The HRA elects to calculate fiscal disparities for the District in accordance with Minnesota Statutes, Section
469.177, Subd. 3, clause b, which means the fiscal disparities contribution would be taken from inside the District.
Conditioned upon the approval thereof by the City Council following its public hearing thereon, the Plans, as
presented to the HRA on this date, 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, the HRA's advisors and legal counsel are authorized and
directed to proceed with the implementation of the Plans and for this purpose to negotiate, draft, prepare and
present to this 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
any developer.
CITY OF EDINA
4801 West 50th Street • Edina, Minnesota 55424
HRA Resolution 2022-05
Page 2
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
to Minnesota Statutes 469.175, Subd. 4a.
9. The Executive Director of the HRA is authorized and directed to forward a copy of the Plans to the Hennepin
County Auditor and request that the Auditor certify the original tax capacit of the District as described in the
Plans, all in accordance with Minnesota Statutes 469.177.
Approved by the Board on March 3, 2022.
ATTEST
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS
CITY OF EDINA
James B.i-lovland, Chair
CERTIFICATE OF EXECUTIVE DIRECTOR
I, 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 March 3, 2022, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this I I t'^ day of M0 V(i11 , 2022.
Executive Director