HomeMy WebLinkAboutIV.A. HEDRA Resolution Approving Hastings TIF 91
HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 2022-____________
RESOLUTION APPROVING MODIFICATION OF DEVELOPMENT DISTRICT NO. 1 (HASTINGS DOWNTOWN REDEVELOPMENT AREA
(THE “PROJECT AREA”), THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 9 (THE “TIF DISTRICT”) WITHIN THE PROJECT AREA, THE ADOPTION OF THE MODIFIED REDEVELOPMENT PLAN FOR THE PROJECT AREA, AND THE ADOPTION OF TAX INCREMENT FINANCING PLAN RELATING TO
THE TIF DISTRICT
BE IT RESOLVED By the Board of Commissioners of the Hastings Economic Development and Redevelopment Authority, Minnesota (“HEDRA"), as follows:
Section 1. Recitals.
1.01. The HEDRA proposes to approve modification of Development District No. 1 (Hastings Downtown Redevelopment Area) (the “Project Area”), the establishment of Tax Increment Financing District No. 9 (the “TIF District”) within the Project Area, the adoption of
the Modified Redevelopment Plan for the Project Area, and the adoption of Tax Increment
Financing Plan relating to the TIF District (the “TIF Plan”), all pursuant to and in accordance with Minnesota Statutes, Sections 469.001 through 469.047, both inclusive, as amended, Minnesota Statutes Sections 469.090 through 469.1081, both inclusive, as amended, and Minnesota Statutes, Sections 469.174 through 469.1794, both inclusive, as amended (collectively, the “Act”).
1.02. The HEDRA staff and consultants have prepared the TIF Plan for consideration by the Board and by the City of Hastings (the “City”). 1.03. The HEDRA and the City have and will perform all actions required by law to be
performed prior to the establishment of the TIF District and the adoption and approval of the
proposed TIF Plan, including, but not limited to, notification of Dakota County and Independent School District No. 200, approval of the Plans by the EDA on the date hereof, and the holding by the City Council of a public hearing upon published notice as required by law.
Section 2. Approval of the Project Area and Redevelopment Plan. 2.01 The HEDRA hereby finds, determines and declares that with respect to the Modified Redevelopment Plan:
(a) That the land in the Project Area would not be made available for
redevelopment without the financial aid to be sought.
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(b) That the Modified Redevelopment Plan will afford maximum opportunity, consistent with the needs of the City as a whole, for the redevelopment of the
Project Area and adjacent areas by private enterprise;
(c) That the Modified Redevelopment Plan conforms to the general plan for the development or redevelopment of the City as a whole, and the anticipated development is in furtherance of long-range plans of the City for that area; and
(d) That the Modified Redevelopment Plan is intended and, in the judgment of
the HEDRA, its effect will be, to promote the public purposes and accomplish the
objectives specified in the Redevelopment Plan for the Redevelopment Project.
2.02 There is hereby established Development District No. 1, the modified boundaries of which are fixed and determined as described in the Redevelopment Plan.
2.03 The Modified Redevelopment Plan for Development District No. 1 is adopted.
Section 3. Approval of the TIF District and TIF Plan; Further Actions. 3.01. The HEDRA hereby finds, declares, and determines that the TIF District is in the public interest and is a housing district as described in Section 469.174, Subd. 10 of the Act and
finds that the TIF Plan conforms in all respects to the requirements of the Act and that the
establishment of the TIF District and adoption of the TIF Plan will help provide increased redevelopment opportunities in the City, and thereby serves a public purpose.
3.02. The HEDRA further finds that the TIF Plan will afford maximum opportunity, consistent with the sound needs for the City as a whole, for the redevelopment of the Project by
private enterprise in that the intent is to provide only that public assistance necessary to make the
private development financially feasible.
2.03. The HEDRA hereby approves the TIF Plan for the TIF District, subject to approval thereof by the City Council following its public hearing thereon.
2.04. Subject to approval of the TIF Plan and establishment of the TIF District by the
City Council, Authority staff and consultants are authorized and directed to proceed with the
implementation of the TIF Plan 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 TIF Plan does not constitute approval of any project or a development agreement with any developer.
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Adopted by the Board of Commissioners of the Hastings Economic Development and
Redevelopment Authority this 10th day of February, 2022.
__________________________________________
President
ATTEST: Executive Director