01-03 HRA Resolution
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Resolution 01-03
March 13, 2001
Commissioner Bakken introduced the following resolution and moved its adoption:
RESOLUTION ADOPTING AMENDMENT NO.3
TO THE TAX INCREMENT FINANCING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 1503
(GOLDEN HILLS)
BE IT RESOLVED by the Commissioners of the Housing and Redevelopment
Authority of the City of Golden Valley, Minnesota, as follows:
1. The Housing and Redevelopment Authority in and for the City of Golden
Valley (the "HRA") has reviewed Amendment No.3 to the Tax Increment Financing
Plan for Tax Increment Financing (Redevelopment) District No. 1503 (Golden Hills),
(the "Tax Increment Plan").
2. Adoption. The Tax Increment Plan is hereby adopted, subject to approval
by the City Council as provided in Section 4, based on the findings in Section 3.
3. FindinQs. The Authority hereby makes the following findings:
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a) The tax increment financing district established pursuant to the Tax
Increment Plan (the "District"), based on the information in the Tax Increment
Plan, representations of the developer, and other information presented to the
HRA, contains the following conditions, which are reasonably distributed
throughout the District: Parcels consisting of at least 70% of the area of the
District are occupied by buildings, streets, utilities, or other improvements, and
more than 50% of the buildings (not including outbuildings) are structurally
substandard to a degree requiring substantial renovation or clearance.
Therefore, the Djstrict qualifies as a "redevelopment district" within the meaning
of Minnesota Statutes, Section 469.174, Subdivision 10.
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b) The proposed development, in the opinion of the HRA, would not
reasonably be expected to occur solely through private investment within the
reasonably foreseeable future and 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 Tax Increment Plan. Therefore, the use of tax increment financing is
deemed necessary since private developers could not economically develop
the project without the proposed subsidy.
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Resolution 01-03 (Con't.)
March 13, 2001
4. Transmittal. The HRA does hereby transmit Tax Increment Plan to the City
Council for approval after the same has been considered by the City CouncH
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 Tax Increment Plan with the Commissioner of
Revenue as required by Minnesota Statutes, Section 469.175, Subdivision 2.
ATTEST:
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Motion for th ado ti n of the foregoing resolution was seconded by Commissioner
Anderson; an up n a vote taken thereon, the following voted in favor thereof:
Anderson, Bak n, Johnson, LeSuer; the following was absent: Micks; and the
following voted against the same: none; whereupon said resolution was declared duly
passed and adopted, signed by the Chair and her signature attested by the Director.