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15-71 - 09-01 - Liberty Crossing Redevelopment and TIF Resolution 15-71 September 1, 2015 Council Member Fonnest introduced the following resolution and moved its adoption: RESOLUTION ADOPTING THE REDEVELOPMENT PLAN FOR WINNETKA & MEDICINE LAKE ROAD REDEVELOPMENT PROJECT AREA; AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT (REDEVELOPMENT), LIBERTY CROSSING, WITHIN WINNETKA & MEDICINE LAKE ROAD REDEVELOPMENT PROJECT AREA AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR Be It Resolved, by the City Council (the "Council") of the City of Golden Valley, Minnesota (the "City"), as follows: Section 1. Recitals 1.01. The Housing and Redevelopment Authority (the "Authority") has previously adopted a redevelopment plan (the "Project Plan") and redevelopment project under Minnesota Statutes, Sections 469.001 to 469.047, designated as Winnetka & Medicine Lake Road Redevelopment Project Area (the "Project Area"). The Project Plan has been transmitted to the planning agency of the City, which has determined that the Project Plan conforms to the general plan for the development of the City. It has been proposed that the City adopt the Project Plan and establish Tax Increment Financing District (Redevelopment), Liberty Crossing, (the "District") within Winnetka & Medicine Lake Road Redevelopment Project Area and adopt a TIF Plan (the "TIF Plan") therefor (the Project Plan 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 469.1794, all inclusive, as amended (the "Act"), all as reflected in the Plans, and presented for the Council's consideration. 1.02. The Authority and the City have investigated the facts relating to the Plans and have caused the Plans to be prepared. 1.03. The Authority and the City have performed all actions required by law to be performed prior to the establishment of the Project Area and the District and the adoption and approval of the proposed Plans, including, but not limited to, notification of Hennepin County and Independent School District No. 281 having taxing jurisdiction over the property to be included in the District, a review of and written comment on the Plans by the City Planning Commission, approval of the Plans by the Authority on July 14, 2015, and the holding of a public hearing upon published notice as required by law. 1.04. Certain written reports (the "Reports") relating to the Plans and to the activities contemplated therein have heretofore been prepared by staff and consultants and submitted to the Council and/or made a part of the City files and proceedings on the Plans. The Reports include data, information and/or substantiation constituting or relating to the basis for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. Section 2. Findings for the Adoption and Approval of the Project Plan. On the basis of the proposed Project Plan and the information elicited from consultation with the planning Resolution 15-71 - continued September 1, 2015 agency and at the public hearing referred to in Section 1.03, it is hereby found, determined and declared: 2.01. The Project Plan proposes that the City undertake certain redevelopment activities for the purpose of encouraging the redevelopment of properties in the Project Area. 2.02. The land in the Project Area would not be made available for development without the financial aid to be sought since private development could not economically develop the Project Area without the proposed development activities. 2.03. The Project Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of the District by private enterprise. The redevelopment activities contemplated in the Project Plan would help to retard blight in the Project Area and provide an increase in employment and housing opportunities in the City and enhance the tax base of the City and overlapping taxing jurisdictions. 2.04. The redevelopment activities proposed by the Project Plan conform to the general plan for the development or redevelopment of the City as a whole. The development activities are compatible with the City's zoning ordinances and other related regulations and encourage efficient use of existing infrastructure as set forth in the City's Land Use Plan. 2.05. The Project Plan provides an outline for the development or redevelopment of the Project Area and is sufficiently complete to indicate its relationship to definite local objectives as to appropriate land uses and to indicate general land uses and general standards of development or redevelopment. Section 3. Findings for the Establishment of Tax Increment Financing District (Redevelopment), Liberty Crossing Winnetka & Medicine Lake Road Redevelopment Project Area 3.01. The Council hereby finds that the District is in the public interest and is a "redevelopment district" under Minnesota Statutes, Section 469.174, Subd. 10(a)(1) of the Act. 3.02. The Council further finds that (i) the proposed redevelopment would not occur solely through private investment within the reasonably foreseeable future, (ii) the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the District permitted by the TIF Plan, (iii) the Plans conform to the general plan for the development or redevelopment of the City as a whole, and (iv) the Plans will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development or redevelopment of the District by private enterprise. 3.03. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set forth the reasons and supporting facts for each determination in writing, in Section E and Section J of the TIF Plan for the District. Resolution 15-71 - continued September 1, 2015 Section 4. Public Purpose 4.01. The adoption of the Plans conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the City which is already built up, to provide employment opportunities, to improve the tax base and to improve the general economy of the State and thereby serves a public purpose. For the reasons described in Section 3 above, the City believes these benefits directly derive from the tax increment assistance provided under the TIF Plan. A private developer will receive only the assistance needed to make this development financially feasible. As such, any private benefits received by a developer are incidental and do not outweigh the primary public benefits. Section 5. Approval and Adoption of the Plans 5.01. The Plans, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Manager. 5.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Plans and to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. 5.03. The Auditor of Hennepin County is requested to certify the original net tax capacity of the District, as described in the Plans, and to certify in each year thereafter the amount by which the original net tax capacity has increased or decreased; and the Authority is authorized and directed to forthwith transmit this request to the County Auditor in such form and content as the Auditor may specify, together with a list of all properties within the District, for which building permits have been issued during the 18 months immediately preceding the adoption of this resolution. 5.04. The City Manager is further authorized and directed to file a copy of the Plans with the Commissioner of the Minnesota Department of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a. Shepard M. Harris, a or ATTEST: Kristine A. Luedke, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member Schmidgall and upon a vote being taken thereon, the following voted in favor thereof: Harris, Snope, Fonnest and Schmidgall and the following voted against the same: Clausen whereupon said resolution was declared duly passed and adopted, signed by the Mayor and his signature attested by the City Clerk.