HomeMy WebLinkAboutResolution - HRA 2011-05 - Approving Amendment #3 to TIF Plan for TIF District No. 10 - 12/06/2011 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
II.R.A. RESOLUTION NO. 2❑11-05
A RESOLUTION APPROVING AMENDMENT NO. 3 TO THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 10
BE IT RESOLVED by the Board of Commissioners (the "Board") for the Housing and
Redevelopment Authority in and for the City of Eden Prairie, Minnesota (the "Authority"), as
follows:
WHEREAS, the Authority has previously adopted a redevelopment plan (the "Project
Plan") and redevelopment project under Minnesota Statutes, Sections 469.001 to 469.047,
designated as Prairie Village Redevelopment Project Area No. 2 (the "Redevelopment Project")
and 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 Rake 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, it has been proposed that the Authority approve Amendment No. 3 to the
Financing Plan (the "Amended Financing Plan") to increase the budget of the TIF District, and
other conforming changes, all as reflected in the Amended Financing Plan and presented for the
Authority's consideration;
WHEREAS, the Authority has investigated the facts relating to the Amended Financing
Plan and has caused the Amended Financing Plan to be prepared;
WHEREAS, the City Council of the City of Eden Prairie, Minnesota (the "City
Council"'), has scheduled a public hearing on the Amended Financing Plan to be held on
December 6, 2011, in accordance with Minnesota Statutes,Chapter 469 (the"Public Hearing");
NOW,THEREFORE,BE IT RESOLVED by the Board as follows:
Section 1. Adoption. The Amended Financing Plan is hereby adopted based on the
Findings herein, subject to approval by the City Council following the Public Hearing.
Section 2. Findings. The Authority hereby makes the following findings:
(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 1I 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 low 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 Authority, 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 TIF District affords maximum opportunity, consistent with the sounds
needs of the City as a whole, for the development or redevelopment of the proposed
project by private enterprise.
Section 3. Transmittal. The Authority does hereby transmit the Amended Financing
Plan to the City Council for approval after the same have been considered by the City Council
subsequent to the Public Hearing.
Section 4. Fi_. ling, Following approval by the City Council, the Secretary 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 Housing and Redevelopment Authority on December 6, 2011.
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N cy T -Lu ns r
ATTEST: SEAL
Rick Getschow, Executive Director