539 - Resolution Adopting a Modification to the Redevelopment Plan for Redevelopment Project No. 1 Establishing Tax Increment Financing District No. I-6 (325 Blake) Therein and Adopting a Tax Increment Financing Plan Therefor HOPKINS HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF HOPKINS
HENNEPIN COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 539
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT
PLAN FOR REDEVELOPMENT PROJECT NO. 1, ESTABLISHING TAX
INCREMENT FINANCING DISTRICT NO. 1-6 (325 BLAKE) THEREIN AND
ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR.
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the Hopkins
Housing and Redevelopment Authority (the "HRA") and the City of Hopkins (the "City") that the HRA
adopt a Modification to the Redevelopment Plan (the "Redevelopment Plan Modification") for
Redevelopment Project No. 1 (the"Project Area")and establish Tax Increment Financing District No. 1-6
(325 Blake) (the "District") and adopt a Tax Increment Financing Plan (the "TIF Plan") therefor (the
Redevelopment Plan Modification and the TIF Plan are referred to collectively herein as the "Plans"), 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, inclusive,as amended(the "Act"),all as reflected in the Plans
and presented for the Board's consideration; and
WHEREAS, the HRA has investigated the facts relating to the Plans and has caused the Plans to
be prepared; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to the
adoption of the Plans. The HRA has also requested the Council to provide for review of and written
comment on the Plans and that the Council schedule a public hearing on the Plans upon published notice
as required by law.
NOW,THEREFORE,BE IT RESOLVED by the Board as follows:
1. The HRA hereby finds that the District is in the public interest and is a "redevelopment district"
under Minnesota Statutes, Section 469.174, Subd. 10 (a)(1), and finds that the adoption of the
proposed Plans conform in all respects to the requirements of the Act and will help fulfill a need to
develop an area of the State of Minnesota which is already built up and that the adoption of the
proposed Plans will help increase the availability of safe and decent life-cycle housing in the City,
add a high quality development to the City, and preserve and enhance the tax base of the City and
the State and thereby serves a public purpose.
2. The HRA further finds that the Plans will afford maximum opportunity, consistent with the sound
needs for the City as a whole, for the development or redevelopment of the Project Area by private
enterprise in that the intent is to provide only that public assistance necessary to make the private
developments financially feasible.
3. The boundaries of the Project Area are not being expanded.
4. The reasons and facts supporting the findings in this resolution are described in the Plans.
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5. The HRA elects to calculate fiscal disparities for the District in accordance with Minnesota Statutes,
Section 469.177, Subd. 3,clause b,which means the fiscal disparities contribution would be taken
from inside the District.
6. Conditioned upon the approval thereof by the City Council following its public hearing thereon,
the Plans, as presented to the HRA on this date, are hereby approved,established and adopted and
shall be placed on file in the office of the City Clerk.
7. Upon approval of the Plans by the City Council,the staff,the HRA's advisors and legal counsel are
authorized and directed to proceed with the implementation of the Plans and for this purpose to
negotiate,draft,prepare and present to this Board for its consideration all further plans,resolutions,
documents and contracts necessary for this purpose. Approval of the Plans does not constitute
approval of any project or a Development Agreement with any developer.
8. Upon approval of the Plans by the City Council,the Executive Director of the HRA is authorized
and directed to forward a copy of the Plans to the Minnesota Department of Revenue and the Office
of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a.
9. The Executive Director of the HRA is authorized and directed to forward a copy of the Plans to the
Hennepin County Auditor and request that the Auditor certify the original tax capacity of the
District as described in the Plans,all in accordance with Minnesota Statutes 469.177.
Approved by the Board on August 17,2021.
.41
1,P\e' -
ason Gadd,HRA Board Chair
ATTEST:
1
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_chael Mornson, Executive Director
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