Item Description:
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Authorization to adopt Laws of Minnesota 2025, 1st Special Session, Chapter 13, Article 5, Section 12, as requested by the City of Edina, for the purpose of extending the maximum duration of the 70th & France Tax Increment Financing District (County No. 1221) by ten years to 07/13/2047; Addtl authorization to adopt Laws of Minnesota 2025, 1st Special Session, Chapter 13, Article 5, Section 13, as requested by the City of Edina, for the purpose of extending the maximum duration of the 72nd & France Tax Increment Financing District (County No. 1223) by five years to 07/06/2053
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Resolution:
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BE IT RESOLVED, that having received a request from the City of Edina, the Hennepin County Board of Commissioners hereby adopts Laws of Minnesota 2025, 1st Special Session, Chapter 13, Article 5, Section 12, for the purpose of extending the maximum duration of the 70th & France Tax Increment Financing District (County No. 1221) by ten years, to July 13, 2047; and
BE IT FURTHER RESOLVED, that having received a request from the City of Edina, the Hennepin County Board of Commissioners hereby adopts Laws of Minnesota 2025, 1st Special Session, Chapter 13, Article 5, Section 13, for the purpose of extending the maximum duration of the 72nd & France Tax Increment Financing District (County No. 1223) by five years, to July 6, 2053.
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Background:
On March 22, 2022, the City of Edina established the 15-year 70th & France Tax Increment Financing District, and in 2023, the City of Edina established the 25-year 72nd & France TIF District for the purpose of spurring private investment of four outdated commercial properties along a busy commercial corridor. These districts were certified by the County Auditor on 7/13/2022 and 7/6/2023, respectively.
State law requires TIF authorities to complete expenditures for qualified costs and to have an obligation in place to reimburse those expenditures (such as a pay-as-you-go TIF Note, bonds, etc.) within fi...
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