HomeMy WebLinkAboutResolution - HRA 2006-06 - Modification to Redevelopment Plan Project Area 5, Establish Town Center Phase 1 TIF District - 12/19/2006 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
HOUSING AND REDEVELOPMENT AUTHORITY
H.R.A. RESOLUTION NO. 2006-06
RESOLUTION RECOMMENDING A MODIFICATION TO THE REDEVELOPMENT PLAN
FOR REDEVELOPMENT PROJECT AREA NO.5,ESTABLISHING THE TOWN CENTER
PHASE ONE TAX INCREMENT FINANCING DISTRICT THEREIN AND ADOPTING A
TAX INCREMENT FINANCING PLAN THEREFOR.
WHEREAS, it has been recommended by the Board of Commissioners (the "Board") of the Housing and
Redevelopment Authority in and for the City of Eden Prairie (the "HRA") that the City adopt a Modification to the
Redevelopment Plan for Redevelopment Project Area No.5 (the"Redevelopment Plan Modification")and establish the
Town Center Phase One Tax Increment Financing District(the"District')and adopt a Tax Increment Financing Plan(the
"TIF Plan")therefor(the Redevelopment Plan Modification and the TIF Plan are referred to collectively herein as the
"Plans"), 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 Program and Plan
and presented for the Board's consideration; and
WHEREAS,the HRA and the City have investigated the facts relating to the Plans and have caused the Plans to
be prepared; and
WHEREAS,the HRA anticipates that expenditures may be required to be made for certain public development
costs of the project contemplated in the Plans,including administrative expenses,prior to receipt of tax increment from
the District as projected in the Plans, and the HRA desires to fund such expenditures through and advance or loan of
money from other available funds of the HRA; and
WHEREAS, the HRA and the City have performed all actions required by law to be performed prior to the
adoption of the Plans. The City has also requested the City Planning Commission to provide for review of and written
comment on the Plans and that the Council scheduled a public hearing on the Plans upon published notice as required by
law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The HRA hereby finds that the District is in the public interest and is a"redevelopment district"under
Minnesota Statutes, Section 469.174, Subd. 10 (a), and finds that the adoption of the proposed Plans conform in all
respects to the requirements of the Act and will help fulfill a need to develop an area of the State of Minnesota which is
already built up and that the adoption of the proposed Plans will help provide employment opportunities,improve the tax
base and improve the general economy of the State and thereby serves a public purpose.
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 private developments financially feasible.
3. The HRA hereby authorizes the loan of money to finance expenditures of the project contemplated in the
Plan, pursuant to Minnesota Statutes Section 469.176, Subdivision 4, and the Plans, from available funds of the HRA
(the "Loan"). The principal amount of the Loan shall not exceed $1,000,000, at an interest rate of %, which
rate does not exceed the greater of the rates specified under Minnesota Statutes, Sections 270C.40 or 549.09, as of the
date hereof. The Loan may remain outstanding for the maximum duration of the District as provided in the resolution
establishing the District and pursuant to the Act, but principal and interest shall be due and payable in full prior to
decertification of the District. The Loan is subject to prepayment, in whole or in part, at any time.
4. The Plans,as presented to the HRA on this date,are hereby approved and recommended to be established
and adopted by the City Council. The HRA staff is authorized to negotiate a Development Agreement to achieve the
objectives of the Plans, to be presented to this Board for approval at a later date.
Approved by the Board of Commissioners of the Housing and Redevelopment Authority in and for the City of Eden
Prairie this 19th day of December, 2006.
Nancy Tyra-Lukas, Chairperson
ATTEST:
SEAL
Scott H. Neal, Executi e Director