HomeMy WebLinkAbout2008-005 EDAR1
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Commissioner Kay Lasman introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO. 2008 -05
RESOLUTION APPROVING THE MODIFICATION OF THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 3
BE IT RESOLVED by the Board of Commissioners of the Brooklyn Center Economic
Development Authority, Minnesota as follows:
Section 1. Recitals.
1.01. The Brooklyn Center Economic Development Authority, Minnesota (the
"Authority has heretofore established the Housing Development and Redevelopment Project
No. 1 (the "Project Area pursuant to Minnesota Statutes, Sections 469.001 to 469.047 and
adopted a Redevelopment Plan therefore, as modified (the "Redevelopment Plan The
Authority also established the Tax Increment Financing District No. 3 (the "TIF District within
the Project Area and adopted a Tax Increment Financing Plan therefore (the "TIF Plan all
pursuant to and in accordance with Minnesota Statutes, Sections 469.174 to 469.1799.
1.02 The Authority has caused to be prepared a modification to the TIF Plan. The
modification to the TIF Plan modifies the categories of expenditures of tax increments within the
amount set forth in the existing budget, without increasing the total authorized expenditures or
authorized bonded indebtedness. Specifically, it authorizes tax increments to be spent on
environmental remediation and rehabilitation of certain affordable single family and multifamily
housing properties anywhere within the City, as permitted by Laws of Minnesota 1994, Chapter
587, Article 9, Section 14.
1.03 The modification to the TIF Plan will not increase the total estimated tax
increment expenditures, the amount of bonded indebtedness, capitalized interest, or make any
other changes described in Minnesota Statutes, Section 469.175, subd. 4, that would require a
new public hearing.
Section 2. Tax Increment Financing Plan Modifications.
2.01. The Estimate of Public Costs set forth in Section G of the TIF Plan is hereby
modified as follows:
Qualified Costs
Land Acquisition
a. Commercial $6,000,000
b. Industrial 7,000,000
Public Improvements
a. Streetscape 4,500,000
b. Public Works /Stormwater 3,500,000
Demolition and Relocation 1,000,000
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EDA RESOLUTION NO. 2008 -05
Site Preparation 1,000,000
Administrative, Legal, Engineering and Consulting Fees 2,900,000
Housing Development Account (Affordable Housing) 5,000,000
Acquisition of Single and Multi Family Housing
Rehabilitation of Single and Multi Family Housing
Environmental Remediation of Single and
Multifamily Housing Properties
Contingency 1,000,000
Total Estimated Project Costs $31,900,000
Any funds to be expended for off -site improvements outside the boundaries of District
No. 03 but within the boundaries of Housing Development and Redevelopment Project No. 1
would be less than 25 percent of total tax increment generated by District No. 03, including
administrative costs, provided that tax increments deposited in the housing development account
may be spent on eligible housing activities located anywhere in the City, as provided in the
Special Act.
Section 3. Authority Approval.
3.01. The Authority finds that its objectives in encouraging development and
redevelopment within the Project Area and the TIF District would be advanced by adoption of
the above modification to the TIF Plan set forth in Section 2 above, and the modification is
hereby approved.
March 24, 2008
Date President
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Dan Ryan
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Kay Tasman, Dan Ryan, and Mark Yelich;
and the following voted against the same: Mary 0' Connor;
whereupon said resolution was declared duly passed and adopted.