HomeMy WebLinkAbout1998-12-29 HRA Regular Meeting MINUTES OF THE
YEAR END MEETING OF THE
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
HELD AT CITY HALL
DECEMBER 29, 1998 - 5:00 P.M.
ROLLCALL answering rollcall were Commissioners Hovland, Kelly, Maetzold and Chair
Smith.
RESOLUTION APPROVING TIF DISTRICT AMENDMENTS ADOPTED Director
Hughes explained that Attorney Gilligan and the City's Financial Advisors, in order to
clarify plan amendments that were formally approved in 1988 and 1990, recommended
approval of amendments from the HRA and the Council. The plan amendments pooled
increments from the 501h & France, Edinborough, Centennial Lakes and Southdale Tax
Increment Financing districts into a common fund for debt service and project related
costs. The proposed Resolutions clarified the purpose and intent of these prior plan
amendments and establish a budget for the pooling. Staff recommends approval of the
Resolutions.
Commissioner Maetzold introduced the following resolution and moved approval:
RESOLUTION APPROVING AMENDED BUDGETS
FOR TAX INCREMENT FINANCING PLANS
BE IT RESOLVED, by the Board of Commissioners (the "Board") of the Housing
and Redevelopment Authority of Edina, Minnesota (the "HRA"), as follows:
1. Proposed Amended Budgets. The HRA has approved redevelopment plans, as
defined in Minnesota Statutes, Section 469.002, subdivision 16, and
redevelopment projects to be undertaken pursuant thereto, as defined in
Minnesota Statutes, Section 469.002, subdivision 14, and that in order to
finance the public redevelopment costs to be incurred by the HRA in
connection with the redevelopment plans and the redevelopment projects, the
HRA has established tax increment financing districts, as defined in
Minnesota Statutes, Section 469.174, subdivision 9, designated by the HRA as
50th & France Tax Increment Financing District (Hennepin County No. 1200)
("TIF District 1200"), Edinborough Tax Increment Financing District (Hennepin
County No. 1201) ("TIF District 1201") and Centennial Lakes Tax Increment
Financing District (Hennepin County No. 1203) ("TIF District 120311). TIF
District 1200, TIF District 1201 and TIF District 1203 are herein together called
the "Districts." It has been proposed that the HRA modify the tax increment
financing plans for the Districts by approving amendments to the budgets for
each of the Districts (the "Amended Budgets"). The Amended Budgets do not
increase the bonded indebtedness to be incurred or increase the total
estimated tax increment expenditures by the HRA and approval of the
Amended Budgets do not require the notice, public hearing, discussion and
findings required for approval of the original tax increment financing plans.
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2. Previous Approvals. In 1990 the HRA approved an amendment to the tax
increment financing plan for TIF District 1200 to authorize use of the tax
increment from TIF District 1200 to pay debt service on bonds issued to
finance project costs authorized by the tax increment financing plans for TIF
District 1201 and TIF District 1203. Pursuant to such authorization the
Amended Budget for TIF District 1200 includes a transfer of $10,000,000 from
TIF District 1200 to TIF District 1203. In 1988 the HRA authorized the use of tax
increment from TIF District 1201 to pay project costs included in the tax
increment financing plan for TIF District 1203. Pursuant to such authority the
Amended Budget for TIF District 1201 includes a transfer of $17,000,000 from
TIF District 1201 to TIF District 1203. The prior approvals of the HRA
authorizing such transfers are hereby ratified and confirmed.
3. Approval of Amended Budgets. The Amended Budgets have been presented
to this Board and are ordered placed on file in the office of the Executive
Director of the HRA, and the Amended Budgets are hereby approved.
Dated this 29`h day of December, 1998.
Chair
Attest: kQ"�� nh
Clerk U S
Commissioner Hovland seconded the motion.
Rollcall: Hovland, Kelly, Maetzold, Smith
Resolution approved.
There being no further business on the HRA Agenda, Chair Smith declared the meeting
adjourned.
Executive Director
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