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HomeMy WebLinkAbout2013-015 EDAR Commissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2013-15 RESOLUTION APPROVING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR HOUSING DEVELOPMENT AND REDEVELOPMENT PROJECT NO. 1 AND A MODIFICATION OF TAX INCREMENT FINANCING DISTRICT NO.3,AND ADOPTING A MODIFIED TAX INCREMENT FINANCING PLAN THEREFOR. WHEREAS,the Brooklyn Center Economic Development Authority(the"EDA")has heretofore established the Housing Development and Redevelopment Project No. 1 (the"Project Area") and has adopted a redevelopment plan.therefor (the "Redevelopment Plan") pursuant to Minnesota Statutes,Sections 469.001 to 469.047,as amended,and established therein Tax Increment Financing District No. 3, created as a redevelopment tax increment financing district under Minnesota Statutes, Section 469.174, Subdivision 10 (the"TIF District"); and RE AS in connection with amending the budget for the TIF District and WHEREAS, S g acquiring.certain land for redevelopm e n t,the ED A has asked the City Council(t he"Council" of the Ci ty of Brookl yn Center Minnesota(the"City")to approve ove the Modification to Redevelopment Plan Housing Development and Redevelopment Project No. l (the"Redevelopment Plan Modification") District arle and the Modification No. 4 to Tax Increment,Financing Plan (A Redevelopment ) (E Brown Farm Project),dated November 12,2013,and presented for the Council's consideration(the "TIF Plan Modification") for the TIF District, all pursuant to and in accordance with Minnesota Statutes, Section 469.174 through 469.1794 (the"Tax Increment Act"); and WHEREAS,the EDA and the City have performed all actions required by law to be performed prior to the Redevelopment Plan Modification and the adoption and approval of the TIF Plan Modification,including,but not limited to,notification of the Hennepin County Commissioner representing the area of the County in which the TIF District is located,and delivering a copy of the TIF Plan Modification to Hennepin County and Independent School District Districts Nos. 286 (Brooklyn Center), 281 (Robbinsdale), 011 (Anoka-Hennepin), 279 (Osseo), which have taxing jurisdiction over the properties included in the TIF District. The EDA has requested that the City approve the Redevelopment Plan Modification and the TIF Plan Modification following the holding of a public hearing upon published and mailed notice as required by law; and WHEREAS,the EDA has investigated the facts.relating to the Redevelopment Plan Modification and the TIF Plan Modification; and WHEREAS, on the date hereof the Council approved the Redevelopment Plan Modification and the TIF Plan Modification following a public hearing as required by law. NOW,THEREFORE,BE IT RESOLVED by the Economic Development Authority in and for the City of Brooklyn Center EDA RESOLUTION NO. 2013-15 1. The EDA hereby finds that Redevelopment Plan Modification and the T1F Plan Modification are in the public interest and that adoption of the proposed Redevelopment Plan Modification and the TIF Plan Modification conform in all respects to the requirements of the TIF Act and will help fulfill a need to redevelop an area of the City which is already built up, and that the adoption of the proposed Redevelopment Plan Modification and the TIF Plan Modification will help in the preservation and enhancement of the tax base of the City and the State and promote the construction of high quality commercial facilities and decent, safe and sanitary housing for seniors and other persons and families of low and moderate income,and thereby serves a public purpose. 2. The EDA further finds that the Redevelopment Plan Modification and the TIF Plan Modification will afford maximum opportunity,consistent with the sound needs for the City as a whole, for the development or redevelopment of the Project Area by private enterprise in that the intent is to provide only that public assistance necessary to make the private developments financially feasible. 3. The boundaries of the Project Area are not being expanded. 4. The reasons and facts supporting the findings in this resolution are described in the Redevelopment Plan as modified and in the TIF Plan as modified(collectively,the "Plans"). i 5. The Redevelopment Plan Modification and the TIF Plan Modification,as presented to the EDA on this date,are hereby approved and adopted and shall be placed on file in the office of the City Clerk. 6. The EDA's staff, advisors and legal counsel are authorized and directed to proceed with the implementation of the Plans. 7. The Business and Development Director is authorized and directed to forward a copy of the Redevelopment Plan Modification and the TIF Plan Modification to the Minnesota Department of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a. 8. The Business and Development Director is authorized and directed to forward a copy of the Redevelopment Plan Modification and the TIF Plan Modification to the Hennepin County Auditor. 9. The Board hereby approves a policy on interfund loans or advances("Loans")for the TIF District, as follows: (a) The authorized tax increment eligible costs(including without limitation out- of-pocket administrative expenses)payable from the District,as the TIF Plan is originally ado ted or may be amended may need to be financed on a short- term p Y � Y term and/or long-term basis via one or more Loans,as may be determined by EDA RESOLUTION NO. 2013-15 the City Finance Director or the Business and Development Director from time to time. (b) The Loans may be advanced if and as needed from available monies in the City's or the EDA's general fund or other City or EDA fund designated by the City Finance Director or the Business and Development Director. (c) Neither the maximum principal amount of any one Loan nor the aggregate principal amount of all Loans may exceed the Plan budget for the TIF District. (d) The maximum term of any Loan shall not exceed the lesser of the statutory duration limit of the TIF District or such earlier date as the City Finance Director or the Business and Development Director may specify in writing. All Loans may be prepaid,in whole or in part,whether from tax increment revenue, TIF bond proceeds or other eligible sources. (e) The outstanding and unpaid principal amount of each Loan shall bear interest at the rate prescribed by the statute (Minnesota Statutes, Section 469.178, Subdivision 7), which is the greater of the rates specified under Section 270.75 or 549.09 of the Statutes at the time a Loan, or any part of it,is first made, subject to the right of the City Finance Director or the Business and Development Director to specify a lower rate(but not less than the City's or the EDA's then-current average investment return for similar amount and term). A November 12, 2013 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Kris Lawrence-Anderson and upon vote being taken thereon,the following voted in favor thereof: Tim Willson, Carol Kleven, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted.