HomeMy WebLinkAboutResolution - H.R.A. 2016-02 - Modified TIF Plan for District 14 within Redevelopment Project 5 - 07/19/2016 EDEN PRAIRIE HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
H.R.A.RESOLUTION NO. 2016-02
RESOLUTION ADOPTING A MODIFIED TAX INCREMENT FINANCING
PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 14 WITHIN
REDEVELOPMENT PROJECT NO. 5
WHEREAS, the Board of Commissioners (the "Board") of the Eden Prairie Housing and
Redevelopment Authority (the "HRA") has heretofore established Redevelopment Project No. 5 (the
"Project Area") and adopted the Redevelopment Plan therefor. It has been proposed by the Board and the
City of Eden Prairie (the "City")that the City adopt a modification to the Tax Increment Financing Plan
(the"TIF Plan Modification")for Tax Increment Financing District No. 14 within Redevelopment Project
No. 5, all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections
469.001 to 469.047, and Sections 469.174 to 469.1794, inclusive, as amended(the "Act"), all as reflected
in the TIF Plan Modification and presented for the Board's consideration; and
WHEREAS, the HRA has investigated the facts relating to the TIF Plan Modification and has
caused the TIF Plan Modification to be prepared; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to the
adoption of the TIF Plan Modification, and has also requested that the City schedule a public hearing on
the TIF Plan Modification upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The HRA hereby finds that the TIF Plan Modification is intended and, in the judgment of
this Board, the effect of such actions will be to provide an impetus for development for public purposes
and accomplish certain objectives as specified in the TIF Plan Modification, which is hereby incorporated
herein.
2. The HRA further finds that 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 TIF
Plan Modification.
5. Conditioned upon the approval thereof by the City Council following its public hearing
thereon,the TIF Plan Modification is hereby approved in substantially the form presented to the HRA on
this date.
6. Upon approval of the TIF Plan Modification by the City Council, the staff, the HRA's
advisors and legal counsel are authorized and directed to proceed with the implementation of the TIF Plan
Modification and, for this purpose, to negotiate, draft, prepare and present to this Board for its
consideration all further plans, resolutions, documents and contracts necessary for this purpose. Approval
of the TIF Plan Modification does not constitute approval of any project or a development agreement with
any developer.
7. Upon approval of the TIF Plan Modification by the City Council, the Executive Director
is authorized and directed to forward a copy of the TIF Plan Modification to the Minnesota Department of
Revenue, the Office of the State Auditor, and Hennepin County pursuant to Minnesota Statutes 469.175,
Subd. 4a.
ADOPTED by the Housing and Redevelopment Authority in and for the City of Eden Prairie
this 19th day of July, 2016.
N c ra- ens, C14air
ATTEST:
L
Ric Getschow, Executive birector
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