HomeMy WebLinkAboutResolution No. 2012-031 Centennial Lake TIF Amendment trlA RESOLUTION NO. 2012-31
49��11 CITY OF EDINA
Ok a HENNEPIN COUNTY
ff y STATE OF MINNESOTA
City of Una
Council Member Brindle introduced the following resolution and moved its adoption:
RESOLUTION ADOPTING A MODIFICATION TO THE SOUTHEAST EDINA
REDEVELOPMENT PROJECT AREA AND TAX INCREMENT FINANCING PLAN FOR
CENTENNIAL LAKES TAX INCREMENT FINANCING DISTRICT.
BE IT RESOLVED by the City Council (the "Council") of the City of Edina, Minnesota (the "City"),
as follows:
Section 1. Recitals
1.01. The Board of Commissioners (the "Board") of the Edina Housing and Redevelopment
Authority (the "HRA") and the City have heretofore established the Southeast Edina Redevelopment
Project Area (the "Project Area") and adopted the Redevelopment Plan therefor, and have also
established, within a portion of the Project Area Centennial Lakes Tax Increment Financing District (the
"TIF District") and approved a Tax Increment Financing Plan ("TIF Plan") for the TIF District. It has been
proposed that the HRA and the City adopt Modifications to the Southeast Edina Redevelopment Project
Area Plan and Tax Increment Financing Plan (the " Modifications") for the TIF District, all pursuant to and
in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047 and
Sections 469.174 to 469.1799, all inclusive, as amended, (the "Act") all as reflected in the Modifications,
and presented for the Council's consideration.
1.02. The HRA and City have investigated the facts relating to the Modifications and have
caused the Modifications to be prepared.
1.03. The HRA and the City have performed all actions required by law to be performed prior
to the adoption and approval of the proposed Modifications, including, but not limited to, notification of
Hennepin County, Independent School District No. 271 and Independent School District No. 280, having
taxing jurisdiction over the property to be included in the TIF District, a review of and written comment
on the Modifications by the City Planning Commission on January 25, 2012, approval of the
Modifications by the HRA on February 21, 2012, and the holding by the City of a public hearing upon
published notice as required by law.
1.04. The HRA and City are modifying the boundaries of the Project Area.
Section 2. Findings for the Modifications
2.01 The Council hereby reaffirms the original findings for the TIF District:
(i) When the TIF District was established, Centennial Lakes Tax Increment Financing District
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Resolution No.2012-31
Page Two
was established as a redevelopment district.
(ii) The redevelopment that occurred in the District described in the Modifications was not
reasonably be expected to occur solely through private investment within the reasonably foreseeable
future.
(iii) Additional redevelopment in the Project Area would not reasonably be expected to
occur solely through private investment within the reasonably foreseeable future.
(v) The Modifications conform to the general plan for the redevelopment of the City as a
whole.
(vi) The Modifications will afford maximum opportunity, consistent with the sound needs of
the City as a whole, for the redevelopment of the Project Area by private enterprise.
Section 3. Public Purpose
3.01. The adoption of the Modifications conforms in all respects to the requirements of the
Act and will help provide a range of additional redevelopment opportunities, including the public and
private improvements, and will result in stabilizing and increasing the tax base. These public purposes
and benefits exceed any benefits expected to be received by private developers, who will receive
assistance only in the amount needed to make each proposed development financially feasible.
Section 4. Approval and Adoption of the Modifications
4.01. The Modifications are hereby approved, and shall be placed on file in the office of the
Executive Director. Approval of the Modifications does not constitute approval of any project or a
development agreement with any developer.
4.02. City staff is authorized to file the Modifications with the Commissioner of Revenue, the
Office of the State Auditor and the Hennepin County Auditor.
4.03. City staff, the City's advisors and legal counsel are authorized and directed to proceed
with the implementation of the Modifications and for this purpose to negotiate, draft, prepare and
present to this Council for its consideration all further modifications, resolutions, documents and
contracts necessary for this purpose.
The motion for the adoption of the foregoing resolution was duly seconded by Council member
Swenson, 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
Resolution No. 2012-31
Page Three
Adopted this 21St day of February, 2012
i
Attest:
Debra A. Mangen, CVtyElt,
_ 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
February 21, 2012, and as recorded in the Minutes of said Regular Meeting.
L r�
WITNESS my hand and seal of said City this Qt-4- � day of 2012 .
APe
City Clerk