HomeMy WebLinkAboutResolution No. 2012-066 Approving A Spending Plan For The Centennial Lakes Tax Increment Policy . RESOLUTION NO. 2012-66
CITY OF EDINA
HENNEPIN COUNTY
STATE OF MINNESOTA
RESOLUTION APPROVING A SPENDING PLAN FOR THE CENTENNIAL LAKES TAX
INCREMENT DISTRICT
Councilmember Sprague introduced the following resolution and moved its adoption:
BE IT RESOLVED by the City Council (the "City Council") of the City of Edina (the "City'), Hennepin
County, Minnesota as follows:
Section 1. Background; Findings.
(a) The City and the Edina Housing and Redevelopment Authority (the "HRA") have
previously established the Centennial Lakes Tax Increment Financing District (the "TIF District") and
adopted the tax increment financing plan therefor (the "TIF Plan") pursuant to Minnesota Statutes,
Sections 469.174 to 469.1799 (the "TIF Act") and certain special legislation.
(b) Section 469.176 Subd. 4m of the TIF Act (referred to as "Temporary Authority") authorizes
the City and HRA to spend available tax increment from any existing tax increment financing district,
notwithstanding any other law to the contrary, to provide improvements, loans, interest rate subsidies, or
• assistance in any form to private development consisting of construction or substantial rehabilitation of
buildings and ancillary facilities, if certain terms and conditions are met.
(c) In accordance with the Temporary Authority, the City and HRA have caused to be
prepared a spending plan (the "Spending Plan") authorizing the City to use existing tax increment
revenues from the TIF District in order to stimulate construction or rehabilitation of private
development in a way that will also create or retain jobs in the renovation of the Southdale Mall.
(d) The City has performed all actions required by law to be performed prior to the approval
of the Spending Plan, including, but not limited to, causing notice of a public hearing to be published and
holding a public hearing on the date hereof on the adoption of the Spending Plan.
Section 2. Approval of the Spending Plan.
(a) The Spending Plan is hereby approved in substantially the form on file in City Hall.
(b) The City makes all the findings set forth in the Spending Plan, which are incorporated
herein by reference.
(c) City staff and consultants are hereby authorized to take actions necessary to carry out
the terms of the Spending Plan.
The motion for the adoption of the foregoing resolution was duly seconded by Council member
Brindle, and upon a vote being taken thereon, the following voted in favor thereof: Members Brindle,
• Sprague, Swenson and Mayor Hovland;
and the following voted against the same: Member Bennett.
Dated: April 17, 2012
Resolution No. 2012-66
Page Two
Attest. —
Debra A. Mangen, City Clerk James B. Hovland, Mayor
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
April 17, 2012 and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this day of 20,-,_
City,Clerk
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