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HomeMy WebLinkAbout2019-13 EDARCommissioner Graves introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2019-013 APPROVING THE REMOVAL OF A PARCEL FROM REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 3 WITHIN HOUSING DEVELOPMENT AND REDEVELOPMENT PROJECT NO. 1. WHEREAS, the Economic Development Authority of the City of Brooklyn Center, Minnesota (the "EDA") and the City of Brooklyn Center, Minnesota (the "City") have heretofore created Redevelopment Tax Increment Financing District No. 3 (the "TIF District") within Housing Development and Redevelopment Project No. 1 (the "Project Area") and approved a tax increment financing plan (the "TIF Plan") for the TIF District, pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "TIF Act") and other applicable laws, including Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.090 to 469.108 1, all inclusive, as amended, (collectively, and together with the TIF Act, the "Act"); and WHEREAS, the following parcel (the "Property") was included in the TIF District: Parcel Identification No. 03-118-21-14-0024 WHEREAS, the EDA desires by this resolution to amend the TIF Plan to remove the Property from the TIF District, thereby reducing the size thereof (the "TIF Plan Modification"); and WHEREAS, the EDA and City have investigated the facts relating to the TIF Plan Modification and have performed all actions required by law to be performed prior to the adoption and approval of the proposed TIF Plan Modification, including, but not limited to, notification of Hennepin County and Independent School District No. 281 (Robbinsdale), having taxing jurisdiction over the property in the TIF District, and the holding by the City of a public hearing on the date hereof upon published notice as required by law; and WHEREAS, the Property being removed from the TIF District has a current market values below the frozen value thereof and, therefore, the EDA and City may make the TIF Plan Modification to remove the Property from the TIF District only upon the notice and after the discussion, public hearing, and findings required for approval of the original TIF Plan pursuant to Section 469.175, Subdivision 4 of the TIF Act. NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the EDA (the "Board") as follows: Section 1. Findings for the TIF Plan Modification. The Board hereby reaffirms the original findings for the TIF District and the findings made in connection with all subsequent 586972v2BR291-400 modifications, including that when the TIF District was established, the TIF District was, and currently is, a redevelopment district and that, in the opinion of the EDA, (i) the proposed development of the Property would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future; (ii) the increased market value of the Property that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the TIF Plan; (iii) that the TIF Plan Modification conforms to the general plan for the development or redevelopment of the City as a whole; (iv) that the TIF Plan Modification will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the project by private enterprise, which findings are further supported by the resolutions of the City and the EDA, adopted on the date hereof, establishing Tax Increment Financing District No. 8: Real Estate Equities (a housing district) in connection with the proposed development of the Property. Section 2. Public Purpose. The adoption of the TIF Plan Modification conforms in all respects to the requirements of the Act and will help provide opportunities for additional redevelopment and will improve 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 the proposed development on the Property financially feasible. Section. 3 Approval and Adoption of the TIF Plan Modification. 3.01. The TIF District and the TIF Plan are hereby amended to remove the Property and the TIF Plan Modification is hereby approved. Approval of the TIF Plan Modification does not constitute approval of any project or a development agreement with any developer. 3.02. City staff is authorized to file this resolution as evidence of the TIF Plan Modification with the Commissioner of Revenue, the Office of the State Auditor and the Hennepin County Auditor. 3.03. City staff, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the TIF Plan Modification. July 8, 2019 Date Chair ATTEST: r The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Lawrence -Anderson and upon vote being taken thereon, the following voted in favor thereof: Butler, Elliott, Graves, Lawrence -Anderson, and Ryan 586972v2BR291-400 and the following voted against the same: None whereupon said resolution was declared duly passed and adopted. 586972v2BR291400