85-02 HRA Resolution
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Resolution 85-2
May 14, 1985
Commissioner Johnson introduced the following resolution and moved its adoption:
RESOLUTION ESTABLISHING THE GOLDEN HILLS REDEVELOPMENT TAX
INCREMENT FINANCING DISTRICT PURSUANT TO MINNESOTA STATUTES,
SECTION 273.71 TO 273.78, WITHIN THE BOUNDARIES OF THE
GOLDEN HILLS REDEVELOPMENT DISTRICT ESTABLISHED IN ACCORDANCE
WITH MINNESOTA STATUTES, CHAPTER 462, AND REQUESTING APPROVAL
OF THE TAX INCREMENT FINANCING DISTRICT AND
FINANCING PLAN BY THE CITY COUNCIL OF THE CITY OF GOLDEN VALLEY
WHEREAS, the Board of Commissioners of the Housing and Redevelopment
Authority of the City of Golden Valley (the Authority) and the City Council of
the City of Golden Valley have heretofore established and designated the
boundaries of the Golden Hills Redevelopment District in the City (the Project
Area) in accordance with Minnesota Statutes, Section 462.521; and
WHEREAS, the Authority has determined that certain of the land in the Project
Area is characterizd by poorly platted lots, a lack of proper utilization of
land, inadequate streets and utilities, aging and deteriorating buildings, and
other conditions resulting in the unproductive use of valuable land; and
WHEREAS, the Authority may utilize tax increment financing by establishing a
tax increment financing district in accordance with Minnesota Statutes, 273.71
to 273.78, to assist in the acquisition and preparation of land for development
and the provision of other improvements; and
WHEREAS, the Authority has examined certain of the land in the Project Area
proposed to be included in a tax increment financing district, and has prepared
a tax increment financing plan (the Finance Plan) for the district.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority
that:
(1) A tax increment financing district, to be known as the Golden Hills
Redevelopment Tax Increment Financing District, is hereby established within the
Project Area to include the property legally described in Exhibit A attached
hereto. It is determined that said District constitutes a IIredevelopment
districtll since the conditions described in Minnesota Statutes, Section 273.73,
subd. 10(2), are found to be reasonably distributed throughout the district.
(2) The Finance Plan for the Golden Hills Redevelopment Tax Increment
Financing District, written consistent with and to implement the purposes of
Minnesota Statutes, Sections 273.71 to 273.78, is hereby approved and the
Executive Secretary is hereby directed to file it with the minutes of this
meeting.
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Resolution 85-2 - Continued
May 14, 1985
LEGAL DESCRIPTION OF THE GOLDEN HILLS TAX INCREMENT FINANCING DISTRICT
All the part of Section 4, Township 117, Range 21, and Section 30, Township 29,
Range 24 described as follows:
Beginning at the Southeast corner of the North 1/2 of said Section 4; thence
westerly along the south line thereof to the centerline of Colorado Avenue
South; thence northerly along said centerline to the centerline of Laurel
Avenue; thence easterly along said centerline to the east line of said Section 4
(centerline Turners Crossroad); thence southerly along said east line to its
intersection with the westerly extension of the south line of Lot 1, Block 2,
Spring Green South; thence easterly along the south line of Lots 1 through 4,
Block 2 to the southwest corner of Lot 5, Block 2, Spring Green South; thence
northwesterly along the westerly line of said Lot 5 to the northwest corner
thereof; thence easterly along the north line of said Lot 5 to the northeast
corner thereof; thence southerly along the east line thereof to the southeast
corner of said Lot 5; thence easterly and southeasterly along the south lines of
Lots 6 through 17, Block 2, Spring Green South to the most southerly corner of
said Lot 17; thence southwesterly to the most easterly corner of Lot 18, Block 2
Spring Green South; thence southwesterly along the southeasterly line of said
Lot 18 to the south line thereof; thence westerly along said south line to the
southwest corner of said Lot 18; thence continue westerly along the south line
of RLS. No. 106 to the east li ne of said Sect ion 4; thence northerly along said
east line to the point of beginning.