HomeMy WebLinkAboutResolution No. 2025-08 Amaneding Spending Plan for Southdale 2, Pentagon Park, and Wooddale Valley View TIF Districts"'XNA,
HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA MINNESOTA
RESOLUTION NO. 2025-08
AMENDING A SPENDING PLAN FOR THE SOUTHDALE 2, PENTAGON PARK, AND
WOODDALE/VALLEY VIEW TAX INCREMENT FINANCING DISTRICTS
WHEREAS, the Board of Commissioners (the "Board") of the Edina Housing and Redevelopment Authority (the
"HRA") and the City Council (the "Council") of the City of Edina, Minnesota (the "City") established the Southdale 2,
Pentagon Park, and 70th and Cahill Tax Increment Financing Districts (the "TIF Districts"), pursuant to, and in accordance
with Minnesota Statutes, Section 469.174 to 469.1794, inclusive, as amended (the "Act"); and
WHEREAS, the HRA adopted a written spending plan for the TIF Districts (the "Spending Plan"), pursuant to, and
in accordance with, Minnesota Statutes, Sections 469.176, Subd. 4n inclusive, as amended ("Subd. 4n") to transfer existing
and unobligated tax increment revenues from the TIF Districts for use in stimulating construction or substantial
rehabilitation of private development in a way that will also create or retain jobs in the City so long as the construction
commenced by December 31, 2025; and
WHEREAS, the State Legislature amended Subd. 4n in 2025 to allow a municipality to extend the deadline for the
commencement of construction by one year to December 31, 2026 and also utilize interest earnings on transferred
increment for Spending Plan activities if specifically authorized within an amended spending plan approved by December
31, 2025; and
WHEREAS, the HRA has investigated the facts relating to the Spending Plan and has caused the Amended and
Restated Spending Plan to be prepared; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to the adoption of the
Amended and Restated Spending Plan, including, but not limited to, requesting that the Council cause notice of a public
hearing to be published and hold a public hearing on amending the adopted Spending Plan.
NOW, THEREFORE BE IT RESOLVED by the Board as follows:
I. The HRA hereby reaffirms the original findings for the TIF Districts and Spending Plan in finding that the adoption
of the proposed Amended and Restated Spending Plan 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") and help preserve and enhance
the tax base of the State and thereby serves a public purpose.
2. The HRA further finds that the Amended and Restated Spending Plan 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.
CITY OF EDINA
4801 West 50th Street • Edina, Minnesota 55424
www.EdinaMN.gov • 952-927-8861 • Fax 952-826-0389
3. Conditioned upon the approval thereof by the Council following its public hearing thereon, the Amended and
Restated Spending Plan, as presented to the HRA on this date, is hereby approved, established and adopted and
shall be placed on file in the office of the Executive Director of the HRA.
4. Upon approval of the Amended and Restated Spending Plan by the Council, HRA staff, advisors and legal counsel
are authorized and directed to proceed with the implementation of the Amended and Restated Spending Plan 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 Amended and Restated Spending
Plan does not constitute approval of any project or a development agreement with any developer.
S. Upon approval of the Amended and Restated Spending Plan by the Council, the Executive Director of the HRA is
authorized and directed to forward a copy of the Amended and Restated Spending Plan to the Office of the State
Auditor pursuant to Minnesota Statutes 469.176, Subd. 4n.
Approved by the Board on September 25, 2025.
ATTEST: —4
Car ackson ' e Chair
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS
CITY OF EDINA )
jm-e�s Pierce, Secretary
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 September 25, 2025, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of September, 2025.
Executive Director