HRA - 14-05 - 10-14 - expressing intent to modify the tax increment financing plan for highway 55 west tax increment financing district no 1 (renewal and renovation) in order to prepare for the golden villa development proposal Resolution 14-5 October 14, 2014
Commissioner Fonnest introduced the following resolution and moved its adoption:
RESOLUTION EXPRESSING INTENT TO MODIFY THE TAX INCREMENT
FINANCING PLAN FOR HIGHWAY 55 WEST TAX INCREMENT FINANCING
DISTRICT NO. 1 (RENEWAL AND RENOVATION) IN ORDER TO PREPARE
FOR THE GOLDEN VILLA DEVELOPMENT PROPOSAL
WHEREAS, the City of Golden Valley (the City) through its Housing and
Redevelopment Authority (the HRA) established the Highway 55 West Redevelopment
Project Area on October 9, 2012 by Resolution No. 12-05 in order to implement the vision
for the revitalization of this neighborhood; and
WHEREAS, the City through its HRA also approved the Tax Increment Financing
Plan for the Highway 55 West Tax Increment Financing District on October 9, 2012 by
Resolution No. 12-06 in order to prepare the necessary financing to implement the vision
for the revitalization of this neighborhood; and
WHEREAS, a need has been identified in the original Redevelopment Plan for public
infrastructure improvements and blight removal to support housing and economic
development in the city; and an opportunity has arisen within the Highway 55 West
Redevelopment Project Area to pursue those objectives; and
WHEREAS, Golden Villas, LLC is currently proposing to a multi-family apartment
project consisting of 162 units at 9130 and 9220 Olson Memorial Highway, and
WHEREAS, Golden Villas, LLC would remove the blight as identified in the
Redevelopment Plan, and
WHEREAS, Golden Villas will provide additional jobs, and
WHEREAS, Golden Villa would create value that would will require assistance in the
form of the Tax Increment Financing in order to achieve financial feasibility; and
WHEREAS, Golden Villa would create value that would assist in the public
infrastructure improvements needed by the City of Golden Valley, and
NOW THEREFpRE BE IT RESOVED, that subject to approval of the Golden Valley
City Council and the HRA and evidence that tax increment assistance for Golden Villas,
LLC meets the requirements of Minnesota Statutes, Sections 469.174 through 1794 (the
TIF Act), the HRA Board directs staff to commence the process of making the necessary
modifications to the Highway 55 West Tax Increment Financing Plan and schedule the
required public hearings in order for the City and HRA to approve a modification to the Tax
Increment Finance district limited in terms sufficient to meet financial requirements of
Golden Villas, LLC in compliance with the TIF Act.
Resolution 14-5 - Continued October 14, 2014
STATEMENT OF PURPOSE:
This resolution expresses intent to modify a Tax Increment Finance district as needed
subject to City Council and HRA approval and verification of compliance with all provisions
of the TI F Act.
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St ven T Sch idgall, Chair
ATTEST:
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Thomas D. Burt, Exec tive Director
The motion for the adoption of the foregoing resolution was seconded by Commissioner
Harris and upon a vote being taken thereon, the following voted in favor thereof: Clausen,
Fonnest, Harris, and Schmidgall; and the following was absent: Snope, and the following
voted against the same: none, whereupon said resolution was declared duly passed and
adopted, signed by the Chair and his signature attested by the Executive Director.