HomeMy WebLinkAboutResolution - HRA 2022-08 - Modification of Tax Increment Financing District No. 14 within Project Area No. 5 - 12/06/2022CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
HOUSING AND REDEVELOPMENT AUTHORITY
H.R.A. RESOLUTION NO. 2022-08
A RESOLUTION ADOPTING A MODIFICATION TO THE TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 14 WITHIN
REDEVELOPMENT PROJECT NO. 5
BE IT RESOLVED by the Board of Commissioners (the "Board") of the Housing and
Redevelopment Authority in and for the City of Eden Prairie (the "HRA") as follows:
1. Recitals.
1. 01. The Board of Commissioners (the "Board") of the Housing and Redevelopment
Authority in and for the City of Eden Prairie (the "HRA") has established Redevelopment Project
No. 5 (the "Project Area") and adopted the Redevelopment Plan therefor.
1.02. The HRA and the City of Eden Prairie ("City") established Tax Increment
Financing District No. 14: Edenvale Townhomes ("TIF District No. 14") within the Project Area
and adopted the Tax Increment Financing Plan therefor on August 5, 1997, modifications to which
were adopted on April 17, 2007 and July 19, 2016 (the "TIF Plan").
1.03. It has been proposed by the Board and the City that the City adopt a modification
to the TIF 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.
1.04. The reason for the TIF Plan Modification is to reflect actual increment collected to
date and expected to be collected through the term of TIF District No. 14 and to align the budget
with actual expenditures.
1.05. The HRA has investigated the facts relating to the TIF Plan Modification and has
caused the TIF Plan Modification to be prepared.
1.06. 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.
2. Findings for the Modification. 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.
2.02. 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.
2.03. The boundaries of the Project Area are not being expanded.
2.04. The reasons and facts supporting the findings in this resolution are described in
the TIF Plan Modification.
3. Approval and Adoption of TIF Plan Modification.
3.01. 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.
3.02. 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 fmiher 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.
3.03. 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 HRA in and for the City of Eden Prairie this 6111 day of December 2022.
Ronald A. Case, Chair
ATTEST:
Rick Getschow, Executive Director