15-04 - 09-01 - Liberty Crossing TIF Resolution 15-4 September 1, 2015
Commissioner Snope introduced the following resolution and moved its adoption:
RESOLUTION APPROVING TAX INCREMENT FINANCING DISTRICT
(REDEVELOPMENT), LIBERTY CROSSING AND THE
TAX INCREMENT FINANCING PLAN THEREFOR
WHEREAS, the Board of Commissioners (the "Board") of the Housing and
Redevelopment Authority of the City of Golden Valley, Minnesota (the "Authority"), as
follows:
WHEREAS, it has been proposed that the Authority approve the Tax Increment
Financing Plan (the "TIF Plan") for Tax Increment Financing District (Redevelopment),
Liberty Crossing, (the "District"), within the Winnetka & Medicine Lake Road
Redevelopment Project Area; all pursuant to and in conformity with applicable law,
including Minnesota Statutes, Sections 469.174 to 469.1794, all inclusive, as amended (the
"Act"
WHEREAS, the Authority has investigated the facts relating to the TIF Plan and has
caused the TIF Plan to be prepared; and
WHEREAS, the City Council of the City (the "Council"), has scheduled a public
hearing on the TIF Plan to be held on September 1, 2015, in accordance with Minnesota
Statutes, Chapter 469 (the "Public Hearing").
WHEREAS, all persons present were given the opportunity to be heard;
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
Section 1. Adoption. The TIF Plan is hereby adopted based on the findings herein,
subject to approval by the Council following the Public Hearing.
Section 2. Findings. The Authority hereby makes the following findings:
(a) the TIF District is a "redevelopment district" within the meaning of
Minnesota Statutes, Section 469.174, Subdivision 10(a)(1); and
(b) (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 TIF Plan conforms to the general plan for the development or
redevelopment of the City as a whole, and (iv) the TIF Plan 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.
Resolution 15-4 - Continued September 1, 2015
Section 3. Transmittal. The Authority does hereby transmit the TIF Plan to the
Council for approval after the same have been considered by the Council subsequent to
the Public Hearing.
Section 4. Filing. Following approval by the Council, the City Clerk is hereby
authorized and directed to file the TIF Plan with the Commissioner of the Minnesota
Department of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes
469.175, Subd. 4a.
11 -
Steven T. Schmidgall, Chair
ATTEST:
Marc Nevinski, Assistant HRA Director
The motion for the adoption of the foregoing resolution was seconded by Commissioner
Fonnest, upon a vote being taken thereon, the following voted in favor thereof: Schmidgall,
Fonnest, Harris and Snope; the following was absent: Clausen 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 Assistant HRA Director.