HomeMy WebLinkAboutResolution - HRA 2018-04 - Adopt Modification Plan for TIF District 18 - 12/04/2018 EDEN PRAIRIE HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
H.R.A.RESOLUTION NO.2018-04
RESOLUTION ADOPTING A MODIFICATION TO THE TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 18
WITHIN REDEVELOPMENT PROJECT AREA NO. 5
WHEREAS, it has been proposed by the Board of Commissioners(the"Board")of the Eden Prairie
Housing and Redevelopment Authority(the"HRA")and the City of Eden Prairie(the"City") that the HRA
adopt a Modification to the Tax Increment Financing Plan (the "Modification") for Tax Increment
Financing District No. 18 (the "District"), 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 Modification and presented for the Board's consideration; and
WHEREAS, the HRA has investigated the facts relating to the Modification and has caused the
Modification to be prepared; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to the
adoption of the Modification. The HRA has also requested the City Council schedule a public hearing on
the Modification upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The HRA hereby reaffirms that the District as modified herein is in the public interest and
is a "housing district" under Minnesota Statutes, Section 469.174, Subd. 11 and finds that the adoption of
the proposed Modification conforms in all respects to the requirements of the Act and will help fulfill a
need to develop an area of the State of Minnesota for affordable and high-quality housing and thereby
serves a public purpose.
2. The HRA further affirms that the Modification 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. Conditioned upon the approval thereof by the City Council following its public hearing
thereon,the Modification, as presented to the HRA on this date, is hereby approved, modified and adopted
and shall be placed on file in the office of the City Clerk.
4. Upon approval of the Modification by the City Council,the staff,the HRA's advisors and
legal counsel are authorized and directed to proceed with the implementation of the Modification and for
this purpose to negotiate, draft, prepare and present to this Board for its consideration all further plans,
resolutions, documents and contracts necessary for this purpose. Approval of the Modification does not
constitute approval of any project or a Development Agreement with any developer.
5. Upon approval of the Modification by the City Council, the City Clerk is authorized and
directed to forward a copy of the Modification to the Minnesota Department of Revenue and Office of the
State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a.
6. The City Clerk is authorized and directed to forward a copy of the Modification to the
Hennepin Auditor and request that the Auditor certify the original tax capacity of the District as described
in the Modification, all in accordance with Minnesota Statutes 469.177.
Approved by the Board of Commissioners of the Eden Prairie Housing and Redevelopment
Authority this 4'day of December, 2018.
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ATTEST: SEAL
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Rick Getschow, Executive Director