HomeMy WebLinkAboutResolution - HRA 2011-02 - Modification to Summit Place Project 5 and TIF 15 - 06/14/2011 HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
H.R.A. RESOLUTION NO. 2011-02
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT
PLAN FOR REDEVELOPMENT PROJECT NO. 5, AND ADOPTING A
MODIFIED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 15 THEREFOR
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the
Eden Prairie Housing and Redevelopment Authority (the "HRA") and the City of Eden Prairie
(the "City") that the City adopt a modification to the Redevelopment Plan (the " Redevelopment
Plan Modification") for Redevelopment Project No. 5 (the "Project Area") and modify Tax
Increment Financing District No. 15 and adopt a modified Tax Increment Financing Plan (the
"TIF Plan") therefor (the Redevelopment Plan Modification and the TIF Plan are referred to
collectively herein as the "Modifications"), all pursuant to and in conformity with applicable law,
including Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469.1799,
inclusive, as amended (the "Act"), all as reflected in the Modifications and presented for the
Board's consideration; and
WHEREAS, tax Increment from the TIF District has been used to pay for certain
development costs and provide affordable senior housing units at Summit Place senior campus.
The Modifications will allow the City and HRA to extend the term of the affordability of 43
units from 15 to 25 years, and add five additional affordable units, for a total of 48 affordable
units; and
WHEREAS, the HRA has investigated the facts relating to the Modifications and has
caused the Modifications to be prepared; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to
the adoption of the Modifications, and has also requested that the City Planning Commission
provide for review of and written comment on the Modifications and that the Council schedule a
public hearing on the Modifications upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The HRA hereby finds that the Plans are intended and, in the judgment of this
Board, the effect of such actions will be, to provide an impetus for development in the public
purposes and accomplish certain objectives as specified in the Plans, which are hereby
incorporated herein.
2. The HRA further finds that the Plans 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 provision of affordable housing by a private developer financially feasible.
3. The boundaries of the Project Area and the TIF District are not being expanded.
4. The reasons and facts supporting the findings in this resolution are described in
the Modifications.
5. Conditioned upon the approval thereof by the City Council following its public
hearing thereon, the Modifications are hereby approved in substantially the form presented to the
HRA on this date, subject to revisions that are approved by legal counsel to the extent necessary
in order to comply with the Act.
6. Upon approval of the Modifications by the City Council, the staff, the HRA's
advisors and legal counsel are authorized and directed to proceed with the implementation of the
Modifications 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 Modifications does not constitute approval of any project or a development
agreement with any developer.
7. Upon approval of the Modifications by the City Council,the Executive Director is
authorized and directed to forward a copy of the Modifications to the Minnesota Department of
Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a.
ADOPTED by the Eden Prairie Housing and Redevelopment Authority on June 14`h, 2011.
ancy T -a-Lii air
A'rTEST:
Rick Getschow, Executive Director