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HomeMy WebLinkAbout2011-008 EDAR Commissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2011 -08 RESOLUTION APPROVING A SPENDING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2 BE IT RESOLVED by the Board of Commissioners (the `Board ") of the Economic Development Authority of the City of Brooklyn Center, Minnesota (the "EDA "), as follows: Section 1. Recitals 1.01. Minnesota Statutes, Section 469.176 Subd. 4m, the "Temporary TIF Authority Act") authorizes the EDA 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 the following conditions exist: (1) Such assistance will create or retain jobs in the State of Minnesota, including construction jobs; (2) Construction commences before July 1, 2011; (3) The construction would not have commenced before that date without the assistance; (4) Tax increments under the Spending Plan are spent by December 31, 2011; and (4) The City Council (the "Council ") of the City of Brooklyn Center, Minnesota (the "City ") approves a written spending plan (after a duly noticed public hearing) that specifically authorizes the EDA to take such actions. 1.02. The EDA proposes to adopt a spending plan for the Tax Increment Financing District No. 2 (the "TIF District ") in accordance with the Temporary TIF Authority Act in substantially the form submitted to the EDA (the "Spending Plan ") to utilize 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. 1.03. On this date, the Council held a public hearing regarding the Spending Plan, for which notice was published in a newspaper of general circulation in the City at least once, not less than ten days nor more than 30 days prior to the hearing, and at which hearing all persons were given the opportunity to be heard. EDA RESOLUTION NO. 2011 -08 Section 2. Approval and Adoption of the Spending Plan 2.01. The Board hereby finds that construction of the projects to be assisted pursuant to the Spending Plan would not have commenced by July 1, 2011 without the assistance being offered by the EDA as permitted by the Temporary TIF Authority Act. 2.02. The Spending Plan for the TIF District is hereby approved and adopted in substantially the form on file in City Hall. 2.03. The Spending Plan, as presented to the Board on this date, shall be placed on file in the office of the Business and Development Director. The Business and Development Director is hereby directed to file the Spending Plan with the Office of the State Auditor. April 11, 2011, C� Date' President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Tim Roche and upon vote being taken thereon, the following voted in favor thereof: Tim Willson, Carol Kleven, Kay Lasman, Tim Roche, and Dan Ryan; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted.