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HomeMy WebLinkAboutResolution - HRA 2023-01 - Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 26 - GTS Housing - 04/04/2023CITY OF EDEN PRAIRIE HENNEPIN COUNTY, MINNESOTA HOUSING AND REDEVELOPMENT AUTHORITY H.R.A. RESOLUTION NO. 2023-01 RESOLUTION ADOPTING A MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 26 -GTS HOUSING 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: Section 1. Recitals. 1.01. The HRA and the City of Eden Prairie (the "City") established Tax Increment Financing District No. 26: GTS Housing ("TIF District No. 26") and adopted the Tax Increment Financing Plan therefor on May 3, 2022. 1.02. The HRA proposes to modify the Tax Increment Financing Plan (the "Modification") for TIF District No. 26, located within Redevelopment Project Area No. 5, all pursuant to and in accordance with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.1794, all inclusive, as amended. Generally, the substantive modification to the Tax Increment Financing Plan for TIF District No. 26 is a delay in receipt of first increment to 2025. 1. 03. The HRA has investigated the facts and has caused the Modification to be prepared. 1.04. The HRA has performed all actions required by law to be performed prior to the adoption of the Modification. Section 2. Findings for the Modification. 2.01. The HRA hereby finds that the Modification is intended and, in the judgment of this HRA, the effect of such actions will be, to provide an impetus for development in the public purpose and accomplish certain objectives as specified in the Modification, which are hereby incorporated herein. 2.02 The HRA reaffirms the findings previously made with respect to TIF District No. 26. 2.03. The Modification is not one of the modifications listed in Minn. Stat. § 469.175, subdivision 4(b) and therefore does not require the notice, discussion, public hearing, and findings required for approval of the original plan. 2.04. The Modification conforms in all respects to the requirements of the Acts and will help fulfill a need to develop an area of the City which is already built up, to provide housing opportunities, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. The HRA believes these benefits directly derive from the tax increment assistance provided under the TIF Plan. A private developer will receive only the assistance needed to make this development financially feasible. As such, any private benefits received by a developer are incidental and do not outweigh the primary public benefits. Section 3. Approval of the Modification; Filing. 3.01. The Modification to the TIF Plan for TIF District No. 26 is hereby approved and shall be placed on file in the office of the Executive Director. Approval of the Modification does not constitute approval of any project or a Development Agreement with any developer. 3.02. The staff of the HRA are authorized to file the Modification with the State Department of Revenue and the Hennepin County Auditor. 3.03. The staff of the HRA, the HRA's advisors and legal counsel are authorized and directed to proceed with the implementation of the 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. ADOPTED by the HRA in and for the City of Eden Prairie this 4th day of April, 2023. Ronald A. Case, Chair ATTEST: