HomeMy WebLinkAboutResolution No. 2025-45 Tax Abatement, Tefra Hearing & G.O. BondsCITY OF EDINA
RESOLUTION NO. 2025-45
RESOLUTION RELATING TO A TAX
ABATEMENT, TEFRA HEARING, AND
GENERAL OBLIGATION TAX ABATEMENT
BONDS; GRANTING THE ABATEMENT AND
APPROVING THE ISSUANCE OF THE BONDS
BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the "City"), as follows:
Section I. Authorization and Recitals.
1.01. The City, pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815, as
amended (the "Abatement Act"), is authorized to grant an abatement of the property taxes
imposed by the City on a parcel of property, if certain conditions are met, through the adoption
of a resolution specifying the terms of the abatement.
1.02. The City proposes to assist in financing improvements to the City's Aquatic Center
(the "Projects").
1.03. On June 17, 2025, this Council conducted a public hearing:
a) pursuant to the Abatement Act, on the desirability of granting an abatement of property
taxes on certain properties expected to be benefited by the proposed Project, which properties
include those with the tax parcel identification numbers listed on Exhibit A hereto (the "Property");
and
b) for purposes of complying with the requirements under the Tax Equity and Fiscal
Responsibility Act of 1982 ("TEFRA"), pursuant to Section 147(f) of the Internal Revenue Code
of 1986, as amended (the "Code"), on the proposal that the City issue its general obligation tax
abatement bonds (the "Bonds") in an aggregate principal amount not to exceed $8,985,000, under
Sections 469.1813 and Chapter 475, as amended, for the purpose of financing the Projects.
Notice of the public hearing was duly published as required by law in the Edina Sun Current,
the official newspaper of the City, on June 5, 2025, which date is no fewer than ten and no more
than 30 days prior to the date of the public hearing.
Section 2. Findings. On the basis of the information compiled by the City and elicited at
the public hearing referred to in Section 1.03, it is hereby found, determined and declared:
2.01. The City expects that the benefits of the proposed abatement are not less than the
costs of the proposed abatement. The public benefits that the City expects to result from the
abatement are the provision of improved public facilities and access to services for the benefit of
residents of the City.
2.02. The Property is not located in a tax increment financing district.
4934-5229-8057\2
CITY OF EDINA
4801 West 50th Street • Edina, Minnesota 55424
www.EdinaMN.gov • 952-927-8861
2.03. The granting of the proposed abatement will not cause the aggregate amount of
abatements granted by the City under the Abatement Act in any year to exceed the greater of
(i) ten percent (I 0.00%) of the City's net tax capacity for the taxes payable year to which the
abatement applies, or (ii) $200,000.
2.04. It is in the best interests of the City to grant the tax abatement authorized in this
Resolution.
2.05. Under Section 469. I 813, Subdivision 9 of the Abatement Act, it is not necessary for
the City to obtain the consent of any owner of the Property to grant an abatement.
Section 3. Granting of Tax Abatement.
3.01. A property tax abatement (the "Abatement") is hereby granted in respect of
property taxes levied by the City on the Property for fifteen (I 5) years. The total amount of the
Abatement is estimated to be approximately $8,985,000.
3.02. The City shall retain the Abatement and apply it to payment of all or a portion of the
costs of acquiring or constructing the Project or to the payment of the Bonds.
3.03. The Abatement may be modified or terminated at any time by the City Council in
accordance with the Abatement Act.
Section 4. Issuance of the Bonds.
4.01. The issuance of the Bonds, in an aggregate principal amount not exceeding
$8,985,000, for the purpose of financing the Project, is hereby approved. The Project is owned
and operated by the City and located at 4300 W 66th Street in the City. The Project is expected
to be used by the general public, the City, and qualified 50I (c)(3) organizations including but not
limited to Aqua Jets and Edina Swim Club.
The motion for the adoption of the foregoing resolution was duly seconded by
Councilmember and upon vote being taken thereon, the
following voted in 4iereof:
4ptt vyeAel ) Ck CAC4 a n ) Pt trat I +6-) (iik••
and e following voted against the same:
VS -..c whereupon said resolution was declared duly passed and adopted.
Adopted this 15th day of July, 2025.
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haron Allison, City Cleric James B. Hovland, Mayor
Attest:
STATE OF MINNESOTA )
COUNTY OF HENNEPIN) SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the
attached and foregoing Resolution was duly adopted by the Edina City Council at its Regular Meeting
of July 15, 2025, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of , 2025.
Sharon Allison, City Clerk
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EXHIBIT A
List of Property to be Abated for Project
3002824230003 3002824310026 3002824320090 3002824420028 3002824340035
3002824230004 3002824310027 3002824320091 3002824420029 3002824340036
3002824230005 3002824310028 3002824320092 3002824420030 3002824340037
3002824230012 3002824310029 3002824330037 3002824420032 3002824340038
3002824230013 3002824310030 3002824330038 3002824420033 3002824340041
3002824230014 3002824310031 3002824330039 3002824420034 3002824340042
3002824230015 3002824310032 3002824330088 3002824420035 3002824340043
3002824230016 3002824310033 3002824330089 3002824420039 3002824340044
3002824230017 3002824310034 3002824330090 3002824420040 3002824340045
3002824230018 3002824310038 3002824330091 3002824420041 3002824340057
3002824230019 3002824310039 3002824340053 3002824430001 3002824340058
3002824230020 3002824310040 3002824340054 3002824430002 3002824340059
3002824230021 3002824310041 3002824340055 3002824430003 3002824340060
3002824230022 3002824310044 3002824340056 3002824430004 3002824340061
3002824230047 3002824310045 3002824410002 3002824430005 3002824340062
3002824230048 3002824310046 3002824410003 3002824430006 3002824340063
3002824230050 3002824320007 3002824410004 3002824430007 3002824340064
3002824230060 3002824320009 3002824410005 3002824430008 3002824340065
3002824230061 3002824320010 3002824410007 3002824430009 3002824340066
3002824230062 3002824320011 3002824410008 3002824430010 3002824340067
3002824230063 3002824320012 3002824410009 3002824430011 3002824340068
3002824230064 3002824320013 3002824410011 3002824430012 3002824340069
3002824230065 3002824320046 3002824410012 3002824430013 3002824340070
3002824230066 3002824320047 3002824410013 3002824430014 3002824340071
3002824230067 3002824320048 3002824410014 3002824430032 3002824340072
3002824230068 3002824320049 3002824410015 3002824430033 3002824340097
3002824230069 3002824320050 3002824410016 3002824430034 3002824340003
3002824230070 3002824320051 3002824410017 3002824430035 3002824340004
3002824230071 3002824320052 3002824410018 3002824430036 3002824340005
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3002824230073 3002824320053 3002824410019 3002824430037 3002824340006
3002824230074 3002824320054 3002824410020 3002824430038 3002824340007
3002824230075 3002824320055 3002824410021 3002824430039 3002824340008
3002824230076 3002824320056 3002824410022 3002824430040 3002824340009
3002824230077 3002824320057 3002824410023 3002824430041 3002824340010
3002824230081 3002824320058 3002824410024 3002824430042 3002824340011
3002824230082 3002824320059 3002824410025 3002824430043 3002824340012
3002824230083 3002824320060 3002824410026 3002824430044 3002824340013
3002824230084 3002824320061 3002824410027 3002824430045 3002824340014
3002824230085 3002824320062 3002824410042 3002824430046 3002824430063
3002824230086 3002824320063 3002824410043 3002824430047 3002824430064
3002824230090 3002824320064 3002824410044 3002824430048 3002824430065
3002824230091 3002824320065 3002824410045 3002824430049 3002824430066
3002824310001 3002824320066 3002824420001 3002824430050 3002824430067
3002824310002 3002824320067 3002824420002 3002824430051 3002824430068
3002824310003 3002824320068 3002824420003 3002824430054 3002824430069
3002824310004 3002824320069 3002824420004 3002824430055 3002824430070
3002824310005 3002824320070 3002824420005 3002824430056 3002824430071
3002824310006 3002824320071 3002824420006 3002824430057 3002824430072
3002824310007 3002824320072 3002824420007 3002824430058 3002824430073
3002824310008 3002824320073 3002824420008 3002824430059 3002824430074
3002824310009 3002824320074 3002824420009 3002824430060 3002824430075
3002824310010 3002824320075 3002824420010 3002824430061 3002824430076
3002824310011 3002824320076 3002824420011 3002824430062 3002824430077
3002824310012 3002824320077 3002824420012 3002824440055 3002824430078
3002824310013 3002824320078 3002824420013 3002824440056 3002824430079
3002824310014 3002824320079 3002824420014 3002824310042 3002824430080
3002824310015 3002824320080 3002824420015 3002824340025 3002824430081
3002824310016 3002824320081 3002824420016 3002824340026 3002824430082
3002824310017 3002824320082 3002824420018 3002824340027 3002824430083
3002824310018 3002824320083 3002824420019 3002824340028 3002824430084
3002824310020 3002824320084 3002824420020 3002824340029 3002824430085
3002824310021 3002824320085 3002824420021 3002824340030 3002824430086
3002824310022 3002824320086 3002824420022 3002824340031 3002824430087
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3002824310023 3002824320087 3002824420024 3002824340032 3002824430088
3002824310024 3002824320088 3002824420026 3002824340033
3002824310025 3002824320089 3002824420027 3002824340034
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