HomeMy WebLinkAboutResolution - 2011-105 - Amendment #3 to TIF District 10 - 12/06/2011 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2011-105
A RESOLUTION APPROVING AMENDMENT NO. 3 TO THE TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 10
WHEREAS, the City previously approved a redevelopment plan (the "Project Plan") and
redevelopment project of the Housing and Redevelopment Authority in and for the City of Eden
Prairie (the "Authority"), under Minnesota Statutes, Sections 469.001 to 469.047 (the "Project
Plan"), designated as Prairie Village Redevelopment Project Area No. 2 (the "Redevelopment
Project"); and
WHEREAS,the City previously approved a tax increment financing plan and interest
rate reduction program of the Authority under Minnesota Statutes, Sections 469.174 to 469.1799,
designated as Amended Tax Increment Plan/Interest Rate Reduction Program for Tax Increment
Financing District No. 10 (the"Financing Plan"'). The Financing Plan established Tax Increment
Financing District No. 10 (the"TIF District").
WHEREAS, the Authority is proposing Amendment No. 3 to the Financing Plan (the
"Amended Financing Plan") to increase the budget of the TIF District pursuant to and in
accordance with the Act; and
WHEREAS, the Board of the Authority, on December 6, 2011, adopted the Amended
Financing Plan, subject to approval by this City Council following a public hearing as described
below, and transmitted the Amended Financing Plan to this City Council for consideration; and
WHEREAS, members of the Board of County Commissioners of Hennepin County and
of the Board of Education of Independent School District No. 272 have been given an
opportunity to meet with the City and the Authority and comment on the Amended Financing
Plan. Pursuant to Minnesota Statutes, Section 469.175, subdivision 3, this Council, on
December 6, 2011, conducted a public hearing on the desirability of approving the Amended
Financing Plan. Notice of the public hearing was duly published as required by law in the Eden
Prairie News, the official newspaper of the City, on November 24, 2011. The City and the
Authority have [not] received written comments on the Amended Financing Plan from the
County and the School District after providing the County and the School District boards with
information on the fiscal and economic implications of the Amended Financing Plan not less
than 30 days before the date of the public hearing.
NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF EDEN PRAIRIE,MINNESOTA, AS
FOLLOWS:
Section 1. Approval of Amended Financing Plan. On the basis of the Amended
Financing Plan and the information elicited at the public hearing referred to herein, it is hereby
found,determined and declared that:
(a) The District consists of a"project" as defined in Minnesota Statutes, Section
469.174, subdivision 8, and is a proper tax increment financing district within the
meaning of Section 469.174, subdivision 9. Based on the information in the Amended
Financing Plan and representations of the developer, the District consists of a project
intended for occupancy, in part, by persons or families of low and moderate income, as
defined in chapter 462A, Title 11 of the National Housing Act of 1934, the National
Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the
Housing Act of 1949, as amended, or similar present or future federal, state or municipal
legislation and the regulations promulgated thereunder, and that satisfies the income
limitations of Minnesota Statutes, Section 469.1761. The project to be constructed in the
District consists only of housing for individuals or families of Iow or moderate income,
and no commercial or other uses are contemplated therein. Therefore, the District
qualifies as a "housing district" within the meaning of Minnesota Statutes, Section
469.174, subdivision 11.
(b) The proposed development, in the opinion of the City, would not reasonably
be expected to occur solely through private investment within the reasonably foreseeable
future. Therefore, the use of tax increment financing is deemed necessary.
(c) The Amended Financing Plan conforms to the general plan for the
development or redevelopment of the City as a whole.
(d) The Amended Financing Plan affords maximum opportunity, consistent with
the sound needs of the City as a whole, for the development or redevelopment of the
proposed projects by private enterprise.
(e) Upon review of the Amended Financing Plan, the information elicited at the
public hearing and on the basis of the findings in(a)through (d) above,this Council
hereby approves the Amended Financing Plan.
Section 2. Filing. The City Clerk is hereby authorized and directed to file the Amended
Financing Plan with the Commissioner of Revenue and the Office of the State Auditor as
required by Minnesota Statutes, Section 469.175, subdivision 4a.
ADOPTED by the City Council of Eden Prairie this 6th day of December, 2411.
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ATTEST:
Kat een Porta, City Clerk