HomeMy WebLinkAboutResolution - HRA 96-1 - Redevelopment Project Area 4 and TIF District 12 Plan - 02/06/1996 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
RESOLUTION NO. 9 6 - 1 - - -=
A RESOLUTION ADOPTING THE PROJECT PLAN FOR REDEVELOPMENT
PROJECT AREA NO.4 IN THE CITY OF EDEN PRAIRIE AND THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
(QUALIFIED HOUSING)DISTRICT NO. 12
BE IT RESOLVED by the Housing and Redevelopment Authority of the City of Eden
Prairie,Minnesota,as follows:
1. The Housing and Redevelopment Authority of the City of Eden Prairie,Minnesota(the
"Authority")has reviewed the Project Plan for Redevelopment Project Area No.4(the"Project
Plan") and a Tax Increment Financing Plan for Tax Increment Financing(Qualified Housing)
District No. 12 (the"Tax Increment Plan").
2. Adoption. The Project Plan and the Tax Increment Plan are hereby adopted, subject to
approval by the City Council as provided in Section 4,based on the findings in Section 3.
3. Findings. The Authority hereby makes the following findings:
a. The tax increment financing district to be established pursuant to the Tax Increment
Plan(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 1937, as amended,or
similar federal legislation and the regulations promulgated thereunder. As evidence
thereof,the developer represents that the project qualifies for the low-income housing tax
credit under Section 42 of the Internal Revenue Code of 1986,as amended. 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. The income limitations of Section 469.1761 of
the Act are applicable to tenants in the project,because the District is not located in a
targeted area as defined in Minnesota Statutes, Section 462C.02,Subdivision 9, clause (e).
b. The proposed development,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 develop the project without the proposed subsidy.
4. Transmittal. The Authority does hereby transmit the Project Plan and the Tax
Increment 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.
5. Filing. Following approval by the City Council,the Secretary is hereby authorized and
directed to file the Project Plan and the Tax Increment Plan with the Commissioner of Revenue as
required by Minnesota Statutes,Section 469.175, Subdivision 2.
Passed by the Housing and Redevelopment Authority of the City of Eden Prairie,
Minnesota,this 6th day of February, 1996.
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