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EDA Resolution 2021-01 03-08-2021 CHANHASSEN ECONOMIC DEVELOPMENT AUTHORITY CITY OF CHANHASSEN CARVER AND HENNEPIN COUNTIES STATE OF MINNESOTA RESOLUTION NO.2021-01 RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE DOWNTOWN CHANHASSEN REDEVELOPMENT PROJECT AREA AND A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 12 THEREIN WHEREAS,it has been proposed by the Board of Commissioners(the"Board")of the Chanhassen Economic Development Authority(the"EDA")and the City of Chanhassen(the"City")that the EDA adopt a Modification to the Redevelopment Plan (the "Redevelopment Plan Modification") for the Downtown Chanhassen Redevelopment Project Area(the"Project Area")to establish Tax Increment Financing District No. 12 (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 469.090 to 469.1082 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 EDA has investigated the facts relating to the Plans and has caused the Plans to be prepared;and WHEREAS, the EDA has performed all actions required by law to be performed prior to the adoption of the Plans. The EDA has also requested the City Planning Commission 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 EDA hereby finds that the District is in the public interest and is a "housing district" under Minnesota Statutes, Section 469.174, Subd. 11, and finds that the adoption of the proposed Plans conforms in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State of Minnesota for affordable and high-quality housing and thereby serves a public purpose. 2. The EDA 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. 5. The EDA 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. 1 6. Conditioned upon the approval thereof by the City Council following its public hearing thereon, the Plans, as presented to the EDA on this date,are hereby approved, established and adopted and shall be placed on file in the office of the EDA Executive Director. 7. Upon approval of the Plans by the City Council,the staff,the EDA'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 EDA Executive Director 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 EDA Executive Director is authorized and directed to forward a copy of the Plans to the Carver 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 March 8,2021. gz if Elise an. Chair Y ATTEST: eather Johnston,Interi xecutive Director 2