HomeMy WebLinkAboutResolution - HRA 2006-01 - Prairie Village Redevelopment Project Area 2, TIF District 10, Amended TIF Plan and Project Management Agreement - 07/18/2006 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
HOUSING AND REDEVELOPMENT AUTHORITY
H.R.A. RESOLUTION NO. 2006-01
RESOLUTION RELATING TO PRAIRIE VILLAGE REDEVELOPMENT
PROJECT AREA NO. 2 AND TAX INCREMENT FINANCING DISTRICT
NO. 10; ADOPTING THE AMENDED TAX INCREMENT FINANCING
PLAN THEREFOR AND AN AMENDED PROJECT MANAGEMENT
AGREEMENT RELATING THERETO
BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of
Eden Prairie, Minnesota, as follows:
Section 1. Recitals.
1.01. The Housing and Redevelopment Authority in and for the City of Eden
Prairie,Minnesota(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 Rate Reduction Program for Tax
Increment Financing District No. 10 (the"Financing Plan"). The Financing Plan
established Tax Increment Financing District No. 10 (the"District").
1.02. The Authority has previously entered into the Amended and Restated
Project Management Agreement dated as of October 1, 1989,by and between the
Authority and Prairie Village Limited Partnership (the"Agreement"), and to carry out the
purposes of the Financing Plan,proposes to enter into Amendment No. 2, dated as of July
1, 2005 (as so amended, the"Agreement Amendment").
Section 2. Adoption of Amended Financing Plan. The Amended Financing Plan is
hereby adopted, subject to approval by the City Council as provided in Section 4,based on the
findings in Section 3.
Section 3. Findings. The Authority hereby makes the following findings:
a) the District,based on the information in the Tax Increment Plan and representations
of the developer, 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 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 continued use of the development as a housing district, in the opinion of the
Authority, would not reasonably be expected to occur solely through private investment
within the reasonable foreseeable future and, therefore, the use of tax increment
financing is deemed necessary since private developers could not economically
maintain the project without the proposed subsidy.
Section 4. Transmittal. The Authority does hereby transmit the Amended Financing
Plan to the Eden Prairie City Council for approval after the same has been considered by the
Council subsequent to a public hearing to be held in accordance with Minnesota Statutes,
Chapter 469.
Section 5. Filing. Following approval by the City Council, the Secretary is hereby
authorized and directed to file the Financing Plan with the Commissioner of Revenue as required
by Minnesota Statutes, Section 469.175, subdivision 4a.
Section 6. Adoption of Agreement Amendment. The Authority hereby adopts and
approves the Agreement Amendment in substantially the form presented to and on file with the
Authority as of this date and directs the Chair of the Authority to execute the Agreement
Amendment and documents related thereto upon approval by the Council of the Financing Plan
and filing of the Financing Plan as provided in Section 5 hereof.
Adopted by the Housing and Redevelopment Authority in and for the City of Eden
Prairie, Minnesota, this 18th day of July, 2006.
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ATTEST: SEAL
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