15-05 - 09-01 - Modify Highway 55 Redevelopment Project Resolution 15-5 September 1, 2015
Commissioner Fonnest introduced the following resolution and moved its adoption:
RESOLUTION APPROVING A MODIFICATION TO THE REDEVELOPMENT
PLAN FOR HIGHWAY 55 WEST REDEVELOPMENT PROJECT AREA, AND
TAX INCREMENT FINANCING DISTRICT (HOUSING), CORNERSTONE
CREEK, WITHIN HIGHWAY 55 WEST REDEVELOPMENT PROJECT AREA
AND THE TAX INCREMENT FINANCING PLAN THEREFOR
BE IT RESOLVED by the Board of Commissioners (the "Board") of the Housing and
Redevelopment Authority (the "Authority") of the City of Golden Valley, Minnesota (the
"City"), as follows:
WHEREAS, the City and the Authority have previously adopted a redevelopment
plan (the "Project Plan") and redevelopment project under Minnesota Statutes,
Sections 469.001 to 469.047, designated as the Highway 55 West Redevelopment Project
Area (the "Project Area");
WHEREAS, it has been proposed that the Authority approve a modification to the
Project Plan (the "Project Plan Modification") and the Tax Increment Financing Plan (the
"TIF Plan", and together with the Project Plan Modification, the "Plans") for Tax Increment
Financing District (Housing), Cornerstone Creek, within Highway 55 West Redevelopment
Project Area (the "District"); 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");
WHEREAS, the Authority has investigated the facts relating to the Plans and has
caused the Plans to be prepared; and
WHEREAS, the City Council of the City (the "Council'), has scheduled a public
hearing on the Plans to be held on September 1, 2015, in accordance with Minnesota
Statutes, Chapter 469 (the "Public Hearing").
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
Section 1. Adoption. The Plans are 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) (i) the land within the Project Area would not be available for
redevelopment without the financial aid to be sought under the Project
Plan; (ii) the Project Plan, as modified, will afford maximum opportunity,
consistent with the needs of the City as a whole, for the development of
the Project Area by private enterprise; and (iii) that the Project Plan, as
modified, conforms to the general plan for the development of the City as
a whole;
Resolution 15-5 - Continued September 1, 2015
(b) the TIF District is a "housing district" within the meaning of Minnesota
Statutes, Section 469.174, Subdivision 11; and
(c) (i) the proposed redevelopment would not occur solely through private
investment within the reasonably foreseeable future, (ii) the TIF Plan
conforms to the general plan for the development or redevelopment of the
City as a whole, and (iii) 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.
Section 3. Transmittal. The Authority does hereby transmit the Plans 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 Secretary is hereby
authorized and directed to file 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.
teven T. Schmidgall, Cha"
ATTEST:
Marc N vinski, Assist nt 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.