23-06 Adopt TIF District Valley Square Redevelopment Project AreaDocuSign Envelope ID: 80A7FO2D-3B7B-4B6D-AO04-26B4D57BEAFE
HRA RESOLUTION NO.23-06
A RESOLUTION ADOPTING A TAX INCREMENT FINANCING PLAN FOR A TAX INCREMENT
(RENEWAL AND RENOVATION) DISTRICT WITHIN VALLEY SQUARE REDEVELOPMENT PROJECT
AREA
WHEREAS, The Housing and Redevelopment Authority in and for the City of Golden Valley
(the "HRA") has been established by the city of Golden Valley (the "City') to promote
development and redevelopment within the community; and
WHEREAS, The HRA has all the powers and authority of a housing and redevelopment
authority under Minnesota Statutes, sections 469.001 through 469.047 (the "HRA Act"); and
WHEREAS, The HRA's goals include recognizing the practical impediments to
development and redevelopment in areas of the community which are fully developed and
offering public assistance when appropriate for projects which advance its goals; and
WHEREAS To promote development and redevelopment of a portion of the community,
the City previously established the Valley Square Redevelopment Project Area and adopted a
Redevelopment Project Plan for same; and
WHEREAS, In response to a redevelopment proposal regarding the properties generally
located east of Wisconsin Avenue North, south and west of Golden Valley Road and north of
Golden Valley Drive, the HRA authorized the preparation of a tax increment financing plan (the
"TIF Plan") for Tax increment Financing (Renewal and Renovation) District within Valley Square
Redevelopment Area (the "TIF District"), which is contained in a document with the same title,
dated May 16, 2023, prepared by Baker Tilly Municipal Advisors, LLC and on file with the HRA.
NOW, THEREFORE, the HRA finds and approves:
Copies of the TIF Plan were transmitted to the board of Independent School District No. 270 and
the board of commissioners of Hennepin County for review and comment and said public bodies
were notified of the public hearing to be held on the TIF Plan by the City on June 20, 2023.
The TIF District qualifies as a renewal and renovation tax increment financing district within the
meaning of Minnesota Statutes, section 469.174, subd. 10a based on the report prepared by LHB
dated March 31, 2023.
The HRA objectives of encouraging development and redevelopment within the Valley Square
Redevelopment Project Area will be advanced by adoption of the TIF Plan.
The TIF Plan is consistent with the City's comprehensive plan, based on the findings of the Golden
Valley Planning Commission on May 22, 2023.
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DocuSign Envelope ID: 80A7F02D-3B7B-4B6D-A004-26B4D57BEAFE
NOW THEREFORE, BE IT RESOLVED, BY THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF GOLDEN VALLEY, MINNESOTA that the TIF Plan is hereby adopted.
NOW THEREFORE, BE IT FURTHER RESOLVED, BY THE HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF GOLDEN VALLEY, MINNESOTA that the HRA requests that the City
hold a public hearing on the TIF Plan pursuant to Minnesota Statutes, section 469.175 and
recommends that the TIF Plan be approved by the City.
Upon approval of the TIF Plan by the City, the HRA's executive director is authorized and
directed to instruct Baker Tilly Municipal Advisors, LLC to request that the original tax capacity of
the property within the TIF District be certified to the HRA by Hennepin County.
Passed by the Housing and Redevelopment Authority of the City of Golden Valley, Minnesota
this day of June 20, 2023.
— DocuSgned by:
Maurice Harris HRA Chair
ATTEST:
FD Sned by:
Timothy J. Cruikshank, HRA Director
GL135-48-880700.vl 2