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HomeMy WebLinkAbout2011-015 EDAR Commissioner Kay Lasman introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2011 -15 RESOLUTION APPROVING ADDITIONAL PROJECTS UNDER 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, as amended, (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, 2012; (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, 2012; 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 has adopted a spending plan for the Tax Increment Financing District No. 2 (the "TIF District ") in accordance with the Temporary TIF Authority Act (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. In addition to the assistance for the development specifically described in the Spending Plan, the EDA is authorized to spend Available Spending Plan Increment (as defined therein) for any other private development in the City for which the EDA finds that the private development will create or retain jobs in the State (including construction jobs); that the private development will commence before the date required under the Temporary TIF Authority Act, as amended; and that such construction would not have commenced before that date without the assistance under this Spending Plan. Section 2. Approval of Additional Projects under the Spending Plan 2.01. The "Additional Projects" to be assisted under the Spending Plan include the following: EDA RESOLUTION NO. 2011 -15 (1) Financial Assistance of approximately $190,000 to Shingle Creek Crossing, LLC to pay a portion of the purchase price of the Midas site (Lots 6, 7 and 8, Block 1, SHINGLE CREEK CROSSING, Hennepin County, Minnesota, according to the recorded plat thereof, formerly described as Tract A, Registered Land Survey 1649, Hennepin County, Minnesota) in connection with the development of the Shingle Creek Crossing project; and (2) Financial Assistance of approximately $80,000 to Real Estate Recycling, LLC for the costs of environmental remediation, demolition and redevelopment of the Howe Fertilizer Site. 2.02. The Board hereby finds, based on representations of Shingle Creek Crossing, LLC and Real Estate Recycling, LLC that construction or substantial renovation of the Additional Projects to be assisted pursuant to the Spending Plan (i) will create or retain jobs in the State (including construction jobs); (ii) will commence by July 1, 2012; and (iii) would not have commenced by July 1, 2012 without the assistance being offered by the EDA as permitted by the Temporary TIF Authority Act. a r June 27 2011 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, Karol 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.