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Home My WebLink AboutResolution - HRA 2001-03 - Relating to Redevelopment Project 5 and TIF District 13 - 12/04/2001 HOUSING AND REDEVELOPMENT AUTHORITY • IN AND FOR THE CITY OF EDEN PRAIRM ]HENNEPIN COUNTY,NIINNESOTA H.R.A.RESOLUTION NO.2001-03 A RESOLUTION RELATING TO THE AMENDMENT AND MODIFICATION OF THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO.5 INCLUDING TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 13. BE IT RESOLVED by the Board of Commissioners(the"Commissioners")of the Housing and Redevelopment Authority in and for the City of Eden Prairie,Minnesota(the"Authority"), as follows: Section 1. Recitals. 1.01 The Authority by adoption of Resolution HRA 96-3 on December 17, 1996,approved the creation of Redevelopment Project No. 5 and Tax Increment Financing District No. 13 and the adoption of the Redevelopment Plan for Redevelopment Proj ect No.5 ("Redevelopment Plan") and the Tax Increment Financing Plan for Tax Increment Financing District No. 13 ("Tax Increment Financing Plan"), both of which are hereafter referred to as the"Plan." • 1.02 The Redevelopment Plan at Section 1.5 and Exhibit I-A sets forth the estimated costs of the public improvements to be made within the Project Area and financed by tax increments derived from tax increment districts within the Project Area. Since the adoption of the Redevelopment Plan and the Tax Increment Financing Plan, additional tax increment financing districts have been created and established within the Project Area each of which additional tax increment financing districts has included in the tax increment financing plan for each such district,the estimated costs of the public improvements relative to each such district. 1.03 In order to clarify the estimated public improvements costs with respect to Tax Increment Financing District No. 13,it is deemed appropriate,and in the best interest of the City,to amend and modify the Plan. Section 2. Amendment of Plan. The Plan is amended and modified as follows: 2.01. Section 1.5 and Exhibit I-A are deleted in their entirety. 2.02. Section 2.9 is amended to read as follows: "Section 2.9 Estimated Public Improvement Costs. The estimated costs associated with the Tax Increment Financing District are listed on the attached Exhibit I-A-1" 2.03 Nothing contained in this amendment and modification shall—alter or affect the exterior boundaries or substantially alter or affect the • general land uses established in the Redevelopment Plan,or reduce or enlarge the geographic area of the Project or Tax Increment Financing District No. 13; increase the amount of bonded indebtedness to be incurred,including a determination to capitalize interest on the debt or to increase or decrease the amount of interest on the debt to be capitalized;increase the portion of the captured net tax capacity to be retained by the Authority;increase the total estimated tax increment expenditures; or designate additional property to be acquired by the Authority. Section 3. Adoption of First Amendment 3.01 The First Amendment of Redevelopment Plan for Redevelopment Project No. 5 Including Tax Increment Financing Plan for Tax Increment Financing District No. 13 in form and substance as attached hereto is hereby approved and adopted. Section 4. Filing of Amendments 4.01 Upon approval and adoption of the Amendments,the Authority shall cause the Amendments to be filed with the Minnesota Department of Revenue. • ADOPTED by the Housing and Redevelopment Authority in and for the City of Eden Prairie on December 4, 2001. ean L. Harris, Chair ATTEST: Carl J. Julli cutive Director 2 FIRST ANIENDAI ENT OF • REDEVELOPIkIENT PLAN FOR REDEVELOPMENT PROJECT NO. 5 INCLUDING TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 13. The Redevelopment Plan for Redevelopment Project No. 5 including Tax Increment Financing Plan for Tax Increment Financing District No. 13, proposed and adopted by The Housing and Redevelopment Authority in and for the City of Eden Prairie, Minnesota (the "Authority"), and approved by the Council of the City of Eden Prairie on December 27, 1996, is modified and amended as follows: A. Section 1.5 and Exhibit I-A are deleted in their entirety. B. Section 2.9 is amended to read as follows: "Section 2.9 Estimated Public Improvement Costs. The estimated costs associated with the Tax Increment Financing District are listed on the attached Exhibit I-A-1." C. Nothing contained in this amendment and modification shall--alter or affect the exterior boundaries or substantially alter or affect the general land uses established in the Redevelopment Plan, or reduce or enlarge the geographic area of the Project or Tax Increment Financing District No. 13; increase the amount of bonded indebtedness to be incurred, including a determination to capitalize interest on the debt or to increase or decrease the amount of interest on the debt to be capitalized; increase the portion of the captured net tax capacity to be retained by the Authority; increase the total estimated tax increment expenditures; or designate additional property to be acquired by the Authority. Projectedrojec a ctua Revenues and Other Original TIF-Plan Modified TIF-Plan Actual Cash Cash Flow 2-Note • Financing Sources (OFSs) Budget Amount Budget Amount Flow 1-Note ends 2/2023 24. Tax increment revenue 86,513,101 57,025,207 20,657,406 20,657,406 25. Interest on invested funds - - 26. Bond Proceeds 30,000,000 - 27. Loan Proceeds - - 28. Special assessments - - 29. Sales/lease proceeds - - 30. Loan/advance repayments - - 31. Grants - - 32. Other describe -A. Local Cont 4,325,655 14,119 14,119 14,119 B. -C. - - 33. Transfers in(from line 68) - - 34 Total Revenues and OFSs 120,838,756 57,039,326 20,671,525 20,671,525 Expenditures and Other Financing Uses (OFUs) 35. Land/building ac uisition 15,000,000 - - - 36. Site improvements/ -preparation costs 8,450,000 3,500,000 37. Installation of public utilities - - 38. Parking facilites - 6,000,000 39. Streets and sidewalks - - 40. Public park facilities - - 41. Social,recreational,or conference facilities - - 42. Interest reduction payments - - 43. Bond principal payments 30,000,000 - - - 44. Bond interest payments - - 45. Loan principal payments - - 46. Loan/note interest payments 62,917,920 31,039,326 10,452,971 15,280,960 47. Administrative expenses - 100,000 100,000 100,000 48. Other describe - - A.Engineering and consulting fees 2,550,000 500,000 - - B.Pooling for eligiblepurposes* - 15,900,000 10,118,555 5,290,565 C. - - 49. Transfers out(from line 74) - - 50 Total Expenditures and OFUs 118,917,920 57,039,326 20,671,525 20,671,525 *Projected actual cash flows are for discussion purposes only. If realized,pooled TIF may exceed 25°io of total TIF revenues. Any pooling over 251"a of tax increment revenue will need to be spent on qualified housing projects.