Resolution 541HOPKINS HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF HOPKINS
HENNEPIN COUNTY
STATE OF MINNESOTA
RESOLUTION NO. 541
RESOLUTION APPROVING A MODIFICATION TO TAX INCREMENT FINANCING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 2-11 IN CONNECTION WITH
POOLING FOR AFFORDABLE HOUSING AND INCORPORATION OF SPECIAL
LEGISLATION
Whereas, the City of Hopkins (the "City") previously established Redevelopment Project
No. 1 (the "Project Area") and adopted a Redevelopment Plan therefor, as amended (the
"Redevelopment Plan"). The City and the Hopkins Housing and Redevelopment Authority (the
"Authority") have also established Tax Increment Financing District 2-11 (the "TIF District"), a
redevelopment TIF District, within the Project Area, and adopted a Tax Increment Financing
Plan for the TIF District (the "TIF Plan"), pursuant to Minnesota Statutes, Sections 469.174 to
469.1794, as amended (the "TIF Act");
Whereas, in 2019 the Authority and City were granted special legislation, pursuant to the
Laws of Minnesota 2019, First Special Session, Chapter 6, Article 7, Section 1 (the "Special
Legislation") to allow pooling expenditures for redevelopment in addition to housing.
Whereas, in connection with making an election to authorize certain expenditures for
affordable housing pursuant to Section 469.1763, Subdivision 2(d) of the TIF Act and to
reference the Special Legislation, the Authority desires to amend the TIF Plan for the TIF
District to provide for administrative changes to the budgets set forth therein (the
"Amendments").
Whereas, the Amendments do not increase the total estimated tax increment
expenditures, amount of bonded indebtedness, or capitalized interest, or make any other changes
that would require a new public hearing pursuant to Section 469.175, subd. 4 of the TIF Act.
Now, therefore, be it resolved as follows:
1. Findings for the Ado tion of the Amendments. The Board of Commissioners
finds that the Amendments are intended to carry out the objectives of the Redevelopment Plan
for the Project Area, to create an impetus for the construction of decent, safe and sanitary
housing for persons of low and moderate income by better utilizing blighted, polluted and
underutilized land and enhancing the tax base of the City, and to otherwise promote certain
public purposes and accomplish certain objectives as specified in the Redevelopment Plan, as
modified, and in the Amendments.
The Board of Commissioners hereby ratifies. and confirms the findings made in
connection with the establishment of the TIF District.
2. Election to Authorize Certain Expenditures for Affordable Housing. In
accordance with Section 469.1763, Subdivision 2(d) of the TIF Act, the City and Authority may
elect to increase by up to 10% the permitted amount of expenditures for activities located outside
the geographic area of any tax increment financing district. The Board of Commissioners hereby
elects to authorize utilizing up to 35% of the tax increment from the TIF District, less any
amount utilized for administrative expenses, for such housing expenditures as set forth in the
Amendments. A summary of the modified intended uses for the TIF District is attached as
Exhibit A.
3. Approval of the Amendments. The Amendments are hereby approved in
substantially the form presented to the Authority and on file in the office of the Director of
Planning and Development. Authority staff, advisors and legal counsel are authorized and
directed to proceed with the implementation of the Amendments. Authority staff is hereby
directed to file a copy of this resolution and the Amendments with the Taxpayer Services
Division of Hennepin County, the Office of the State Auditor and the Commissioner of Revenue.
Approved by the Board of Commissioners of the Hopkins Housing and Redevelopment
Authority this 21' day of December, 2021
f
air
Attest:
Secr
City of Hopkins
TIF District 2-11
TIF Plan Budget Summary
Tax Increment
Local Contribution
Interest
TOTAL
Land/Building Acquisition
Site Improvements/Preparation
Construction of Affordable Housing
Public Utilties
Other Qualifying Activities
Administrative Costs (up to 10%)
PROJECT COSTS TOTAL
Interest
PROJECT AND INTEREST COSTS TOTAL
Exhibit A
34,300,000 70,115,000 68,000,000 68,000,000
1,715,000 1,715,000 - -
- - 1,000,000 _ 1,000,000
36,015,000 70,115,000 69,000,000 69,000,000
5,210,000
10,210,000
16,050,000
5,210,000
7,610,000
20,000,000
4,474,000
4,474,000
1,000,000
-
9,500,000
12,000,000
3,521,000
8,521,000
3,450,000
18,415,000
40,315,000
52,500,000
17,600,000
29.800,000
16,500,000
36,015,000
70,115,000
69,000,000
16,050,000
20,000,000
6,900,000
1,000,000
5,100,000
3.450.000
52,500,000
16, 500, 000
69,000,000